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Sanctions In Action

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.


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


The news headlines scream about attacks on UK banks by the USA's law enforcement agencies and regulators enforcing the USA's sanctions policies. But while the focus of attention has been on Standard Chartered, HSBC and others, there is a much bigger pool of targets. Any business that has any form of footprint in the USA, or which transacts in US dollars, faces risks that are similar to those so heavily publicised in relation to banks. Nigel Morris-Cotterill, Head, The Anti Money Laundering Network, explains how this affects businesses all over the world.