SANCTIONS

AML / KYC

UK to Designate Wagner Group as Terrorist Organisation

By Sanday Chongo Kabange | 07/09/2023

The draft order to proscribe Wagner Group is expected to pass in Parliament and come into force on 13 September.

Sanctions

FCA Unveils Findings from Sanctions System Testing in Financial Sector

By Manesh Samtani | 07/09/2023

The FCA used a “new analytics-based tool” developed in-house that tests how effective firms are at identifying sanctioned individuals and entities.

Sanctions

Bangladesh Banks Directed to Stop Transacting With Myanmar State Banks

By Editors | 07/09/2023

Citing US sanctions, Bangladesh Bank instructed banks to stop transacting with Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank.

Sanctions

China to Launch New State Investment Fund for Chip Sector

By Editors | 06/09/2023

The new fund will have a fundraising target of CNY 300 billion, a fifth of which will come from the Ministry of Finance.

Sanctions

Risky Business: Southeast Asia’s Continued Trade with Russia

By Gary Somerville | 03/09/2023

Close associations with Russia’s defence industry expose Southeast Asian countries to sanctions risk, say RUSI’s Gary Somerville and Jack Crawford.

Sanctions

US, Korea, Japan Announce New DRPK Sanctions

By Editors | 01/09/2023

The three countries pledged to continue working together to counter North Korea’s destabilising activities, including weapons development and cyber attacks.

Enforcement

UK Discloses Russia Sanctions Breach by Wise Payments

By Editors | 01/09/2023

The disclosure is meant to act as a form of censure and deterrent, while also providing compliance lessons. No monetary penalty was imposed.

AML / KYC

MAS Issues Additional Guidance on Managing Sanctions Risk

By Manesh Samtani | 31/08/2023

The guidance covers board and senior management responsibilities and the use of look-back reviews of past transactions.

Sanctions

US, China Open Communication Channels on Export Controls

By Editors | 30/08/2023

US and Chinese officials agreed to establish a new “export control enforcement information exchange” mechanism and a “commercial issues working group”.