30th September 2016
On the occasion of Myanmar’s State Counselor Aung San Suu Kyi’s recent visit to the United States (U.S.), President Obama announced that executive sanctions on Myanmar would soon be lifted. This will grant Myanmar greater access to the U.S. market and encourage U.S. companies to invest in the country. Trade between… Read More
27th September 2016
The United States Justice Department has filed criminal charges against a Chinese executive, accusing her, the company she owns and several of her colleagues of violating American sanctions meant to choke off funding to North Korean companies that help Pyongyang develop nuclear weapons. Read More
26th September 2016
Momentum is growing on Capitol Hill for new sanctions against supporters of Syrian President Bashar al-Assad’s regime, as many lawmakers’ patience with the Obama administration’s approach wears thin following the collapse of the latest cease-fire agreement. President Barack Obama has opposed stepping up sanctions. House Speaker Paul Ryan (R., Wis.)… Read More
21st September 2016
The European Union will from now on be able to freeze assets and impose travel bans on people associated with the Islamic State (IS) and Al-Qaida jihadist groups, even if they are not on UN blacklists. The move, agreed by the Council on Tuesday (20 September), is primarily targeted against… Read More
19th September 2016
The U.S. decision to lift trade sanctions against Myanmar has been welcomed by local economists and businessmen, who say it will remove a major constraint on international trade with the impoverished country and boost growth across its economy. Political analysts and activists said the decision also puts a greater responsibility… Read More
In this exclusive Of Counsel piece, Katherine Toomey, Partner at Lewis Baach PLLC outlines the recent OFAC actions against ordinary (non-bank) companies and discusses how companies should approach the development of a compliance culture. Read More
13th September 2016
Iran’s difficulties in re-entering the world financial system have been laid bare in a row over whether local banks should refuse to deal with the sanctioned but still very powerful Revolutionary Guards. The Financial Action Task Force (FATF) agreed a deal with the Central Bank of Iran (CBI) in June to suspend certain financial restrictions on Tehran as part… Read More
7th September 2016
The State, Justice and Treasury Department revealed the payment was made from a so-called Judgment Fund. Read More
31st August 2016
Today, the U.S. Department of the Treasury released a Joint Fact Sheet on Foreign Correspondent Banking developed with the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency that outlines supervisory and enforcement processes with respect to… Read More
30th August 2016
EU sanctions on Russia over the conflict in Ukraine should stay in place as long the situation on the ground does not improve, Lithuania's foreign minister said on Monday, dismissing calls from EU's rotating president Slovakia for them to be lifted, according to Reuters. Read More