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Sanctions experts issue maritime trade guidance as banks grapple with OFAC demands

A trio of banking, sanctions and shipping organisations has issued practical guidance for lenders facing increasingly tough restrictions on maritime trade, following banking industry concerns over how best to tackle illicit activity. The guidance, published today by the Association of Certified Sanctions Specialists, the Institute of International Banking Law & Practice (IIBLP) and IHS Markit, . ....

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Banks face compliance 'nightmare' over looming Russia sanctions

The imposition of US and European sanctions on Russia could create an unprecedented compliance headache for financial institutions, legal professionals are warning. Western governments continue to threaten Russia with restrictions on trade and financial flows if it embarks on military action against neighbouring Ukraine. The Kremlin denies it plans to launch an attack, but has . ....

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Sojitz fined by US over rogue employees' Iran trade transactions

Japanese trading conglomerate Sojitz has been hit with a multi-million dollar fine by US authorities after wayward employees secretly traded Iranian-origin goods in violation of economic sanctions on the country. Sojitz’s Hong Kong subsidiary agreed to pay US$5.2mn to settle allegations by the US sanctions enforcement agency, the Office of Foreign Assets Control (OFAC), that . ....

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New ZB CEO spells out plans - The Zimbabwe Mail

New ZB CEO spells out plans - The Zimbabwe Mail
thezimbabwemail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thezimbabwemail.com Daily Mail and Mail on Sunday newspapers.

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A new administration: US sanctions trends for 2021 | Global Trade Review (GTR)

A raft of new US sanctions guidance and designations made 2020 a challenging year for banks involved in trade finance, yet the overall value of financial penalties handed out was low.
GTR speaks to legal experts about recent enforcement trends, the challenges facing trade finance lenders, and the likely impact of the incoming Biden administration.
The total value of settlements and fines paid to the Office of Foreign Assets Control (OFAC), the US’ fearsome sanctions regulator, was US$23.6mn last year – a substantial drop from 2019’s figure of nearly US$1.3bn.
But according to Evelyn Sheehan, a lawyer at Kobre & Kim and a former Department of Justice prosecutor, financial institutions and trading companies should not interpret that as a policy decision to relax enforcement. ....

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