On December 11, 2023, the UK’s Department for Business & Trade (“DBT”) published a General Trade Licence of indefinite duration concerning measures related to third-country processed iron and steel, pursuant to The Russia (Sanctions) (EU Exit) Regulations 2019 (the “Russia
International Compliance Blog
The International Compliance Blog, published by Steptoe LLP, focuses on developments in international sanctions, export controls, and anti-money laundering regulations. It covers topics such as US and UK sanctions regimes, enforcement actions, regulatory proposals affecting financial institutions and investment advisers, and guidance on compliance risks related to global trade and financial transactions. The blog also discusses government policies on export controls, voluntary self-disclosure programs, and the impact of sanctions on specific sectors like oil shipping and financial markets. It serves as a resource for understanding compliance obligations and enforcement trends in the context of international economic sanctions and regulatory frameworks.
Latest from International Compliance Blog - Page 4
UK Issues New Package of Russia Financial and Trade Sanctions
On December 14, 2023, the UK government issued new Russia sanctions legislation under The Russia (Sanctions) (EU Exit) (Amendment) (No.4) Regulations 2023 (“Amendment No. 4”) and The Russia (Sanctions) (EU Exit) (Amendment) (No.5) Regulations 2023 (“Amendment No. 5”). The new…
New UK Iran Sanctions Regime Comes into Force
On December 14, 2023, a new UK Iran sanctions regime originally announced in July 2023 came into effect as The Iran (Sanctions) Regulations 2023 (“New Iran Regulations”) and The Iran (Human Rights) (EU Exit) Regulations 2019 (“Iran Human Rights Regulations”)…
UK Publishes Red Alert on Sanctions Evasion, Makes New Designations, and Announces the Creation of Trade Sanctions Civil Enforcement Body
On December 6, 2023, the UK’s National Economic Crime Centre (“NECC”) issued a red alert concerning the export of high-risk goods that Russia is using on the battlefield in Ukraine. The red alert outlines sanctions evasion red flags for the…
FinCEN Proposed Rule Targets Digital Asset Mixers
On October 19, 2023, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rulemaking (NPRM) that would implement new recordkeeping and reporting requirements on domestic financial institutions and domestic financial agencies, related…
DOJ Announces “Safe Harbor” Policy for Mergers & Acquisitions
On October 4, 2023, Deputy Attorney General Lisa O. Monaco, the second-ranking official in the US Department of Justice (“DOJ” or the “Department”), announced a new Safe Harbor Policy for Voluntary Self-Disclosures (“VSDs”) made in connection with mergers and acquisitions…
U.S. Government Issues New Russia-related Sanctions Designations and Export Controls Guidance
On September 14, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the Department of State, and the Department of Commerce’s Bureau of Industry and Security (“BIS”) announced new sanctions designations and export control guidance related…
UK Publishes Guidance on the Scope of Sanctions Targeting Russian Iron and Steel Products Processed in Third Countries
On September 8, 2023, the UK Departments for Business and Trade and International Trade jointly published guidance on the scope of the sanctions on certain Russian iron and steel products processed in a third country that will come into effect…
FCA Publishes Findings of its Assessment of UK Financial Services Firms’ Sanctions Systems and Controls
On September 6, 2023, the Financial Conduct Authority (“FCA”), the UK regulator for financial services firms and markets, published a review of its assessment of sanctions systems and controls in place at financial services firms in the UK. The review…
UK High Court Rejects First Delisting Challenge Under the UK’s Russia Sanctions Regime
On August 18, 2023, the UK High Court issued a judgment in the first sanctions designation challenge pursuant to the UK’s Russia sanctions regime under Section 38 of the Sanctions and Anti-Money Laundering Act 2018 (“SAMLA”). The challenge was brought…