On February 5, 2023, the UK ban imposed by Part 5, Chapter 4IA of The Russia (Sanctions) (EU Exit) Regulations 2019, as amended (“Russia Regulations”), on the maritime transportation of certain Russian oil products and related services came into effect.
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 8
DOJ’s New Corporate Enforcement Policy for the Criminal Division and its Impact on Cases handled by other Divisions
In this blog post, we provide an overview of the updates to the Criminal Division’s Corporate Enforcement Policy (CEP) and discuss the impact of these changes on the corporate enforcement policies for criminal violations of sanctions and export controls, criminal…
In Unprecedented Action FinCEN Identifies Virtual Currency Exchange as Primary Money Laundering Concern
On January 18, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order identifying the virtual currency exchange Bitzlato Limited (Bitzlato) as a “primary money laundering concern” in connection with Russian illicit finance. The order,…
BIS Extends Advanced Computing and Semiconductor Rules to Macau
On January 17, 2023, the US Department of Commerce’s Bureau of Industry and Security (BIS) issued an interim final rule (the “January 17 rule”), expanding its recent China-focused export controls, related to advanced computing and semiconductors, to Macau. These controls,…
US Treasury Implements Humanitarian Authorizations Across Sanctions Programs to Comply with UN Resolution
On December 20, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued or amended general licenses (GLs) and FAQs to implement United Nations Security Council Resolution (UNSCR) 2664, which establishes humanitarian carveouts across UN sanctions…
New Sanctions Authority for Theft of U.S. Trade Secrets by Foreign Persons
On January 5, 2023, President Biden signed into law the Protecting American Intellectual Property Act of 2022 (the Act). The Act requires periodic reports to Congress identifying any “foreign persons” who are found to have engaged in significant theft of…
Proposed Rule Lays Out Who Will Have Access to New Corporate Beneficial Ownership Information
By Evan Abrams & Dave Stetson
On December 16, FinCEN issued a notice of proposed rulemaking (NPRM) entitled “Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities.” The NPRM is intended to implement the Corporate Transparency Act (CTA) and, in particular, to…
UK Introduces New Wave of Russia Financial and Trade Sanctions
On December 15, 2022, The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (“Amendment 17”) were laid before parliament. Amendment 17 revises existing restrictions on dealing with securities, money market instruments, loans and credit to prohibit new investments in…
Department of Justice KleptoCapture Task Force – Director Andrew Adams Shares Observations on Current Efforts and Expected Developments
The Department of Justice (DOJ) “KleptoCapture” Task Force (the “Task Force”), launched shortly after Russia’s invasion of Ukraine earlier this year, is characterized by DOJ as a key part of the current Administration’s broader anti-corruption initiative. The role of the…
Price Cap Coalition Selects Level for Cap on Price of Seaborne Russian-Origin Crude Oil
On December 2, 2022, the G7, EU, and Australia (Price Cap Coalition) jointly agreed upon a cap on the price of seaborne Russian-origin crude oil at USD 60 per barrel as of December 5, 2022. The cap is subject to…