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Sanctions In Action

Collected government notices relating to sanctions around the world. If your government department issues an RSS feed of sanctions notices, please let us know so that we can add it to this section.

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Any business that does business in or via the USA, including doing business in US Dollars is subject to US sanctions law. The USA frequently punishes foreign businesses which it says has breached its sanctions law. While the media focus is usually on action against UK and EU banks, the simple fact is that successful actions have been brought against, even, individuals buying and selling goods via eBay. So, when the US Treasury says "this is how to design your compliance system," it makes a great deal of sense to pay attention. Yesterday, that's what it said. So pay attention.

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The USA's Office of Foreign Assets Control has reached an agreement with a company from Connecticut over "apparent violations" of US sanctions against Iran.

Hang on... "apparent violations"? And the company has agreed to pay? It's time to abandon the linguistic and legal pussyfooting around.

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PleaseBeInformed.Com is published by Vortex Centrum Limited, part of The Anti Money Laundering Network group of companies. We began life as a money laundering risk management consultancy in the mid 1990s. Since then, we have expanded to include a wide range of information services, training and education.

We have created crowd-sourced databases of financial crime risk information under the banner GlobalKYC. The business model is to include only facts, with no opinion or comment. Information is entered by its originator, not by a third party. It is therefore unfiltered information directly from the source.

GlobalKYC is the only publicly-accessible worldwide register of certain types of Court or Administrative Order and Crypto-Asset Accounts which are used by criminals.

This page relates to the Crypto-Asset Accounts section and explains how you can become a contributor.

On 2 July, 2018, OFAC issued a recent action notice [ https://www.treasury.gov/resou... ] notifying persons holding property blocked pursuant to OFAC sanctions regulations published in Chapter V of Title 31 of the Code of Federal Regulations of the requirement, as outlined in 31 C.F.R. 501.603, to provide OFAC with a comprehensive report on all blocked property held as of June 30 of the current year by 30 September.

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Sanctions have long been a political tool for the USA and they work in many different ways. Chinese telecoms giant ZTE has found itself almost a proxy in the USA's battle with Iran but there are other complexities, too. The result is that President Trump is finding that politics has far more nuance than he thought. The place where he's chosen to try to remove nuance is sanctions. Anyone who still thinks that Trump can't throw out rule-books that have been used for years is flying in the face of the evidence. It would be unwise to bet against him getting the result he wants this time.

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Let it be clear from the beginning that I am not talking about trade finance.

The international shipping scenery is characterized by the presence of numerous intermediaries that offer different services to vessels that cross international waters and stop in international ports.

Andreea Tampu is a Certified Compliance Officer with a bank in Romania

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