Notable language included in the U.K.’s regulations for its new Office of Trade Sanctions Implementation (see 2409130015) allows the agency to share information about possible violations with “any other regulatory body,” including those outside the U.K., Akin said in a client alert. The law firm said it expects to see OTSI “working closely with a range of sanctions coordinators globally to ensure trade sanctions operate effectively in cross-border matters.”
The Office of Foreign Assets Control this week sanctioned five Colombian nationals and two Mexican businesses for ties to illegal drug trade.
The Office of Foreign Assets Control this week issued more guidance about its new Russia-related information technology and software services restrictions that took effect Sept. 12 (see 2409120033). One FAQ addresses questions about certain authorized services, and the other two address questions about the scope of the exclusions under the restrictions.
Companies should continue to expect an “aggressive” U.S. sanctions enforcement landscape heading into next year, and should consider increasing the amount of due diligence they undertake if they haven’t already, panelists said during an event last week about sanctions compliance.
The Office of Foreign Assets Control this week sanctioned five entities and one person involved with Russian and North Korean efforts to set up illegal payments mechanisms and help the countries evade sanctions. The designations target MRB Bank, based in the Russia-occupied Georgian region of South Ossetia, along with Russia-based TSMRBank, OOO; Russian Financial Corporation Bank JS; Stroytreyd LLC and Timer Bank, AO. OFAC also sanctioned Dmitry Yuryevich Nikulin, vice president of TSMRBank.
The U.S. and Canada this week sanctioned various Iranian government officials responsible for violence against the Iranian people, targeting members of the Islamic Revolutionary Guard Corps, officials with Iran’s Prisons Organization, and others responsible for suppressing protesters within the country or Iranians overseas.
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After initially facing scrutiny for helping to facilitate Russia-related transactions, Cypriot banks have made significant progress in improving their compliance programs in recent months and are now adhering to all U.S. sanctions rules, the country’s top banking industry officials said this week. They also said they face hurdles implementing some of the sanctions, including potential legal challenges from customers.
The Office of Foreign Assets Control last week issued a reminder to industry to file annual reports on blocked property by Sept. 30. Holders of blocked property must provide the agency "with a comprehensive list of all blocked property held as of June 30 of the current year by September 30," OFAC said.
The Office of Foreign Assets Control last week added two Russian nationals and three Russian entities to its Specially Designated Nationals List and issued a new general license.