SANCTIONS

Enforcement

OFAC Fines German Firm for Conspiracy to Violate Iran Sanctions

By Editors | 04/12/2024

OFAC said Aiotec GmbH conspired over four years to cause a US company to buy and ship an entire polypropylene plant from Australia to Iran.

Sanctions

US Sanctions 14 Entities, 21 ‘Shadow Fleet’ Vessels Used by Iran

By Editors | 04/12/2024

The vessels targeted mostly have Panama or Cook Islands flags. The entities targeted are based in China, India, Hong Kong, and six other countries.

Sanctions

OFAC Announces Magnitsky Sanctions Targeting Former Uzbekistan Officials

By Editors | 04/12/2024

The three former officials were involved in human trafficking and physical and sexual violence against children at a state-run orphanage.

AML / KYC

UK FCA Finalises Updates to Financial Crime Guide

By Editors | 04/12/2024

The financial crime guide is updated to provide additional guidance on sanctions, proliferation financing, transaction monitoring and cryptoassets.

Enforcement

Former CEO Pleads Guilty to Violating US Export Controls

By Editors | 03/12/2024

The former CEO of a freight forwarding company made over 1,000 shipments to Chinese companies on the Entity List that were dealing with North Korea.

Sanctions

US Targets China Chip Production With New Export Controls

By Editors | 03/12/2024

The controls aim to further impair China’s ability to procure and produce technology for its military modernisation, WMD programmes, and ability to repress human rights.

Sanctions

BRICS Nations Face ‘100% Tariffs’ if They Move Away from USD

By Editors | 02/12/2024

President-elect Trump said the BRICS nations will face “100% Tariffs” if they create a new BRICS currency or back any other currency to replace the US dollar.

Sanctions

Iran Launch of CBDC to Combat Sanctions is ‘Imminent’ – Report

By Editors | 02/12/2024

The Central Bank of Iran also recently launched a SWIFT alternative, the “ACU-MIR” system, which is enabling transactions with countries such as India and Pakistan.

Fintech / Regtech

UK Launches AI Security Research Lab to Defend Against Cyber Threats

By Thisanka Siripala | 02/12/2024

The Lab will seek collaboration with the Five Eyes members to defend against the use of AI for malicious purposes, including attempts by Russia and North Korea.