‘Panama Papers’ leak highlights the need for firms to review compliance structures and client relations

By: Anna Sayre, reporter SanctionsAlert.com 
Date: June 8, 2016

On April 3, 2016, an unprecedented 11.5m files were leaked from the database of one of the world’s biggest offshore law firms based in Panama: Mossack Fonseca. These documents were quickly named the Panama Papers and expose a myriad of secretive offshore structures used by individuals and companies worldwide. Reporters at the International Consortium of Investigative Journalists (ICIJ), the news team to which the papers were leaked, found that some of Mossack Fonseca’s shell corporations were used for purposes such as apparent fraud and tax evasion, as well as conducting implicating numerous international economic sanctions regimes. (more…)

Multiple agencies dealing with lifted Vietnam arms embargo underscores complex compliance

By: Anna Sayre, reporter SanctionsAlert.com 
Date: June 2, 2016

Trade between the US and Vietnam has grown exponentially within the last two decades. US exports to Vietnam increased by 23 percent in 2015 alone, and Vietnam is now the biggest Southeast Asian exporter of goods to the US. Effective May 23, 2016, the US government lifted its historical 50-year arms embargo against Vietnam, further opening the door to increased trade between the two countries. With relations continuing to improve, the importance of becoming more familiar with the nuances of relevant US sanctions regulations and how they relate to trade dealings with Vietnam has been underscored. (more…)

Multiple agencies dealing with lifted Vietnam arms embargo underscores complex compliance

By: Anna Sayre, reporter SanctionsAlert.com 
Date: June 2, 2016

Trade between the US and Vietnam has grown exponentially within the last two decades. US exports to Vietnam increased by 23 percent in 2015 alone, and Vietnam is now the biggest Southeast Asian exporter of goods to the US. Effective May 23, 2016, the US government lifted its historical 50-year arms embargo against Vietnam, further opening the door to increased trade between the two countries. With relations continuing to improve, the importance of becoming more familiar with the nuances of relevant US sanctions regulations and how they relate to trade dealings with Vietnam has been underscored. (more…)

Iran “Implementation Day” creates new sanctions compliance challenges

By: Anna Sayre, reporter SanctionsAlert.com 
Date: May 20, 2016

On January 16, 2016, the U.S. and the European Union implemented a plan to reduce sanctions against Iran. Now known as “Implementation Day,” it follows the Joint Comprehensive Plan of Action (JCPOA), of July 14, 2015 among the US, Russia, China, France, the UK, Germany (known as “P5+1”) and Iran. Under the JCPOA, the Iranian government agrees to significantly reduce its nuclear program in exchange for a relative easing of sanctions imposed by the United Nations, EU, and United States. (more…)