Deciphering Multi-Faceted Venezuelan Sanctions –Top Ten Practical Tips to Stay Compliant

January 24, 2018
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

The recently imposed Venezuelan sanctions issued by the U.S., the E.U., and Canada have placed heavy burdens on sanctions compliance programs. This has made it much more difficult for companies and financial institutions who engage in business with the troubled South American nation to stay compliant.

Not only are these new sanctions on Venezuela detailed, multilateral, multi-faceted, and yet to be properly defined, but designated entities (or those businesses connected to them) are not always easily identifiable.

Many compliance suites are having trouble navigating these muddy waters.

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The Complexities of Dealing with Iranian Business Counterparts – Tips and Practicalities

January 8, 2018

Since the implementation of the Joint Comprehensive Plan of Action, or JCPOA, in early 2016, the international community’s plan to slowly ease sanctions against Iran has led to banks and financial institutions becoming increasingly unsure about which transactions are allowed and which are still too risky to undertake. As such, compliance officers and other professionals have had to navigate extremely treacherous waters. (more…)

Between a rock and a hard place: How to ensure sanction compliance when operating a facility in a sanctions-targeted country

June 13, 2017
By Simon Hirsbrunner and Alice Lauterjung

The recently reported resignation of cement manufacturer LafargeHolcim’s CEO has thrown a spotlight on the risks of operating commercial activities in countries targeted by economic sanctions. [1] Without drawing any conclusions on the legal qualification of LafargeHolcim’s conduct in the specific circumstances, the following provides an overview of the principal issues at stake in this case. (more…)

Turkey Imposes Sanctions Against The Netherlands Amid Intensifying Diplomatic Dispute

March 14, 2017

On March 14, the Turkish government has announced diplomatic sanctions against the Netherlands. The sanctions, which suspend “high-level relations and all planned meetings “with the Netherlands, are the result of an intensifying diplomatic dispute between the two countries. The sanctions also include: a cancellation of permission for diplomatic flights by Dutch officials as well as a ban on the Dutch ambassador entering Ankara, until the Dutch government adheres to Turkish demands. (more…)

Russian ‘Mirror Trading’ Case Reveals Five Long-Running Compliance Failures at Deutsche Bank

March 9, 2017
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

On January 30, 2017, the New York State Department of Financial Services (DFS), NY’s financial watchdog, as well as the Financial Conduct Authority (FCA), financial services regulator in the UK,ordered Deutsche Bank to pay $425 million and £163 million, respectively, for violations of anti-money laundering regulations and continual, wide spread compliance failures. The so-called ‘mirror trading” scheme, involving the German lender’s Moscow, London and New York offices,resulted in $10 billion being transferred out of Russia. (more…)