We published two previous posts, the first discussing potential scenarios that Swiss individuals and entities, including foreign subsidiaries located in Switzerland, could be facing should new sanctions target certain Russian Federation individuals and entities, and the second focusing on the amendments to the Ordinance instituting measures in connection with the situation in Ukraine taking effect on February 28, 2022 (the “Original Ordinance”).… Continue Reading
Posts Tagged: economic sanctions
Western countries have primarily responded to Russian aggression by utilizing financial tools against the Kremlin, President Putin, and Russian organizations and individuals connected to Putin. Since 9/11, economic sanctions have increasingly become a tactic of first resort against both state and non-state actors.… Continue Reading
The United States, the European Union, Canada, and the UK announced coordinated sanctions against Russia this weekend. The sanctions are designed mainly to block major banks from the SWIFT financial network and isolate families close to President Vladimir Putin.… Continue Reading
Earlier this year the Treasury Department’s Office of Foreign Assets Control published A Framework for OFAC Compliance Commitments. It describes essential components of a sanctions compliance program (management commitment, risk assessment, internal controls, testing and auditing, and training).… Continue Reading
For companies that are serious about being proactive and that see compliance as a competitive advantage rather than a box-ticking exercise, we believe several lessons can be drawn from our background in helping organizations see around unexpected corners — whether those be geopolitical in nature, compliance related or high-stakes security and risk.… Continue Reading
French banks Societe Generale and Credit Agricole are being investigated by U.S. authorities for alleged money laundering and economic sanction breaches involving Iran, Cuba and Sudan.
The U.S. Treasury and Justice Departments, the Manhattan district attorney’s office and the New York Department of Financial Services are conducting the investigations, the Wall Street Journal reported on Friday.… Continue Reading