OFAC Imposes Blocking Sanctions on PdVSA

Authors: Susannah Cogman, Partner, London; Daniel Hudson, Partner, London; Jonathan Cross, Counsel, New York; Geng Li, Associate, New York; and Christopher Milazzo, Associate, New York. On January 28, 2019, the US Department of the Treasury’s Office of Foreign Assets Control… Read more

US OFAC issues guidance on sanctions compliance services

New guidance issued by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) clarifies that U.S. attorneys, compliance personnel, and others are not prohibited from providing services related to compliance with U.S. sanctions laws, even where sanctions would otherwise… Read more

US further eases sanctions against Cuba

On 14 October 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) again announced significant amendments to the Cuban Assets Control Regulations (CACR) and… Read more

Market abuse update – July 2016

The Market Abuse Regulation (MAR) and the Criminal Sanctions (Market Abuse) Directive came into application in Europe on 3 July 2016.  Various outstanding pieces of secondary legislation were published in the Official Journal shortly before then, and further material has… Read more

Market abuse update – April 2016

This will be our last quarterly Market Abuse update before 3 July 2016, the date when both the new Market Abuse Regulation and the Criminal Sanctions (Market Abuse) Directive come into application across Europe. Some significant pieces of the regulatory… Read more

OFAC issues regulations implementing new sanctions targeting Hizballah

On 15 April 2016, the US Department of the Treasury’s Office of Foreign Assets Control ("OFAC") issued regulations to implement the Hizballah International Financing Prevention Act of 2015, authorizing secondary sanctions against foreign financial institutions ("FFIs") that facilitate or conduct… Read more

Corporate Crime Monthly Update March 2016

Welcome to the March 2016 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 jurisdiction, please… Read more

The EU Securities Financing Transactions Regulation

The Securities Financing Transactions Regulation (SFTR) entered into force on 12 January 2016.  The SFTR has a broad scope with extraterritorial and retrospective reach, and impacts on both EU and non-EU financial and non-financial counterparties.  All firms involved in securities… Read more

Corporate Crime Monthly Update October 2015

Welcome to the October 2015 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… Read more

Trans-Pacific Partnership – agreement reached 

After many hours of intense negotiation, agreement has been reached on the landmark Trans-Pacific Partnership (TPP) concluding a final lengthy round of negotiations in Atlanta, USA on 5 October 2015 (Washington DC time). The full text of the agreement (constituting… Read more

Corporate Crime Monthly Update September 2015

Welcome to the September 2015 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… Read more

US Continues to Liberalize Trade Relations with Cuba

The US has taken further steps towards normal trade relations with Cuba by amending the Cuban Assets Control Regulations in order to relax US sanctions against Cuba. These actions follow other important milestones achieved since US President Barack Obama and… Read more

US: DOJ prioritizes prosecution of individuals

The US Department of Justice ("DOJ"), in a memorandum issued to all federal prosecutors on Wednesday September 9, 2015, directed prosecutors to focus on seeking accountability from culpable individuals in their investigations of corporate wrongdoing.  Additionally, the memorandum emphasized that… Read more

Market Abuse update – August 2015

The second quarter of 2015 saw continued regulatory focus on market and benchmark misconduct: the FCA and the US regulators imposed a series of record-breaking fines.  The FCA's latest Board minutes refer to a strong pipeline of expected cases, and… Read more

FIFA racketeering indictment could cause concern for banks

The US Department of Justice's FIFA indictment may require certain banks to review any of their FIFA-related transactions, as well as test their compliance policies and procedures relating to compliance with know-your-customer and anti-money laundering laws.  The indictment says the facilities of 26… Read more

Market abuse update – April 2015

2014 was marked by record fines for benchmark manipulation globally, criminal prosecutions for insider trading and market manipulation, and the first publication of warning notices.  The start of 2015 has seen some notable cases in the UK, US and Australia,… Read more

Corporate Crime Monthly Update February 2015

Welcome to the February 2015 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 jurisdiction/region, please… Read more

Big Four settle disclosure case with SEC

The SEC's administrative court approved a settlement between the SEC and the Chinese affiliates of PwC, Ernst & Young, KPMG, BDO and Deloitte, fining each $500,000 for not having complied with an SEC disclosure order.  ... Read more