Sanctions and Money Laundering

POTENTIAL SANCTIONS IMPOSITION PURSUANT TO US ADMINISTRATION’S ANNOUNCED NEW STRATEGY ON IRAN

President Trump has repeatedly criticised the ‘Iran deal’, referring to it as an ‘embarrassment’ for the United States. On 13 October 2017, he laid out new strategies his administration is taking concerning Iran. In a speech delivered at the White … Continue reading

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OFSI publishes quick guide to financial sanctions

On 4 October 2017, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) published a quick guide for UK businesses, with the aim of helping them understand and comply with financial sanctions. The guide is intended to help explain what financial … Continue reading

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Corporate Crime monthly update – September 2017

Welcome to the September 2017 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each … Continue reading

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Filed under Corporate Crime, Herbert Smith Freehills, Regulatory Reform, Sanctions and Money Laundering

TRUMP ADMINISTRATION IMPLEMENTS SECTORAL SANCTIONS TARGETING VENEZUELA

On August 24, 2017, President Trump issued a new Executive Order targeting the current Venezuela regime.  The next day, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced the implementation of broad new “sectoral” sanctions applicable … Continue reading

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NEW SANCTIONS REPORTING REQUIREMENTS FOR NON-FINANCIAL SECTOR BUSINESSES

With effect from 8 August, the Government has introduced significant new reporting requirements in relation to EU asset freeze regimes. Previously, only businesses in the financial sector were subject to the obligations, found in UK financial sanctions instruments, to report … Continue reading

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Filed under Corporate Crime, Sanctions and Money Laundering, UK

UK GOVERNMENT PUBLISHES RESPONSE ON THE LEGAL FRAMEWORK FOR SANCTIONS POST-BREXIT

On 2 August 2017, the UK Government published its response to the public consultation on the UK’s future legal framework for imposing and implementing sanctions after the UK’s exit from the European Union (see our previous blog post). The response … Continue reading

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Filed under Europe, Sanctions and Money Laundering, UK

US PRESIDENT SIGNS IRAN, NORTH KOREA AND RUSSIA SANCTIONS BILL – WITH TWO SIGNING STATEMENTS

H.R. 3364 (the “Countering America’s Adversaries Through Sanctions Act”) overwhelmingly passed the House and Senate and has now been signed into law by the US President, albeit with two partly critical signing statements (here and here). The law represents significant … Continue reading

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US PRESIDENT RECERTIFIES IRAN NUCLEAR DEAL AND EXTENDS REVIEW OF SUDAN SANCTIONS

Iran Nuclear Deal Recertified with New Sanctions Imposed On July 17, the US President certified Iranian compliance with the Iran nuclear deal, the Joint Comprehensive Plan of Action (JCPOA). Under the JCPOA, Iran is reducing its nuclear capacity in exchange … Continue reading

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US to reinstate certain actions against Cuba

On June 16, 2017, President Trump announced a policy framework for the re-imposition of certain US sanctions with respect to Cuba. In particular, the United States' new policy will restore certain restrictions with respect to American investments in the Cuban … Continue reading

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US Senate votes to impose new sanctions on Iran

The US Senate has voted to impose an array of new sanctions with respect to Iran, related to Iran's alleged activity concerning its ballistic missile program, international terrorism, and arms supply and training. The bill serves as a reminder that, … Continue reading

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