US Treasury publishes new Myanmar sanctions regulations

On Friday 28 May, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued the Burma Sanctions Regulations (the Regulations) in relation to the implementation of Executive Order 14014, “Blocking Property with Respect to the Situation in Burma.” The Regulations, which come into effect on 1 June, 2021, provide a framework, consistent … Read more

UK Introduces Global Anti-Corruption Sanctions

On 26 April 2021, the United Kingdom introduced new unilateral sanctions against 22 individuals accused of involvement in significant corruption cases in Russia, South Africa, South Sudan and throughout Latin America. The Global Anti-Corruption Sanctions Regulations 2021 (the “Anti-Corruption Regulations”), made pursuant to the Sanctions and Anti-Money Laundering Act 2018 (“SAMLA”) (our full briefing on SAMLA is available here), are … Read more

Biden Lifts ICC Sanctions, US Moves Closer to Iran Deal

The Biden Administration has announced several significant decisions over the past few days. On April 1, President Biden signed Executive Order 14022 (the “EO 14022”), terminating the national emergency declared in Executive Order 13928, dated on June 11, 2020 (“EO 13928”). EO 14022 reverses EO 13928, which blocked the property of certain persons associated with … Read more

Myanmar sanctions tracker

We continue to closely monitor the international response to the political situation in Myanmar and are providing regular updates in relation to sanctions and other developments that may impact international businesses with interests or operations in Myanmar. For further information on the current situation, please get in touch with one of our key contacts below. … Read more

OFSI updates its guidance on the imposition of monetary penalties

The Office of Financial Sanctions Implementation (“OFSI”) published an updated version of its “Monetary penalties for breaches of financial sanctions – guidance” (the “Guidance”) on 10 March 2021. The updated Guidance comes into force on 1 April 2021. Any breaches reported to OFSI after this date will be dealt with under the new guidance. OFSI … Read more

Biden Administration Rescinds Re-Imposition of UN Sanctions, Calls for Renewed JCPOA Negotiations with Iran

On February 18, 2021, the Biden Administration rescinded the United States’ re-imposition of United Nations sanctions against Iran, which were lifted as part of the Iran nuclear deal known as the Joint Comprehensive Plan of Action (“JCPOA”). The rescission is another step in the Biden Administration’s continuing efforts to have the United States re-join the … Read more

Myanmar Sanctions Tracker

We are closely monitoring the international response to the evolving political situation in Myanmar and will be providing regular updates in relation to sanctions and other developments that may impact international businesses with interests or operations in Myanmar. For further information on the current situation, please get in touch with one of our key contacts … Read more

Update on Recent Developments in Myanmar

Political developments in Myanmar this week raise the prospect of the possible reintroduction of sanctions against the country. International businesses with operations or investments in Myanmar should be aware of the potential for sanctions or other measures to be implemented at short notice and consider how their business may be impacted and the steps that … Read more

Upcoming Webinar: Sanctions Under the New Administration

The Herbert Smith Freehills global sanctions team invites you to join them for a webinar, to discuss: potential US sanctions implications of the impending change of Administration with respect to Venezuela, China and Russia-related sanctions, as well as the prospects for increased general emphasis on human rights and anti-corruption issues in US sanctions and trade … Read more