Featured Cuba

U.S. considers returning Cuba to list of state sponsors of terrorism – source

The United States is considering returning Cuba to its list of state sponsors of terrorism, a senior Trump administration official told Reuters on Thursday, a move that would mark another major blow to increasingly tense relations between Washington and Havana. There is a “convincing case” that Cuba should be placed… Read More

Biomin America Fined for Alleged Sanctions Violations

The U.S. division of a global maker of animal feed additives reached a settlement with the Treasury Department over possible sanctions violations—a case that underscores the importance of maintaining a compliance program and seeking guidance from regulators. Biomin America, which agreed to pay about $258,000 in the settlement, and its… Read More

Banks deal with heightened sanctions risks, compliance hiccups amid pandemic

Banks face longer transaction processing times and possible sanction violations as the coronavirus crisis puts pressure on their compliance control functions, experts warn. Customers’ rapidly changing supply chains are a growing concerns for banks. As lockdown measures are causing logistical challenges, businesses must increasingly change third-party providers at short notice,… Read More
30th April 2020
At times it can seem as if Swedbank’s recent history has been taken from the plot of a Nordic noir novel. There is a procedural bleakness to the Swedish bank’s money laundering scandal and a complexity to it all that does little to resolve the moral ambiguities of institutional malfeasance. Read More
14th April 2020
British American Tobacco is under criminal investigation by regulators in the United States over suspected sanctions-busting. The Department of Justice and the Office of Foreign Assets Control, a financial intelligence and enforcement agency that is part of the Treasury department, are investigating “suspicions of breach of sanctions”. It is not… Read More
27th March 2020
AP — Eight countries under unilateral sanctions, mainly from the United States and European Union, urged U.N. Secretary-General Antonio Guterres on Thursday to request the immediate and complete lifting of those measures to enable the nations to respond to the coronavirus pandemic. In a joint letter obtained by The Associated Press,… Read More
24th March 2020
AP — From Caracas to Tehran, officials are calling on the Trump administration to ease crippling economic sanctions they contend are contributing to the growing death toll caused by the coronavirus pandemic. The idea has gained support from prominent leftists in the U.S., including Democratic presidential candidate Bernie Sanders, who… Read More
27th February 2020
The Trump administration’s campaign of “maximum pressure” on Cuba has hit the country so hard that foreign companies refuse to sell planes to the island’s government and ships refuse to dock at its ports, the Cuban minister of transportation says. In a remarkably candid appearance on Cuban television Tuesday night,… Read More
6th February 2020
Britain’s Metro Bank has hired a law firm to help it investigate payments routed through the bank that breached U.S. sanctions, a regulatory filing showed. One Metro bank customer was subject to U.S. sanctions on Cuba, while another received payments from Iran, the bank said. The Evening Standard newspaper reported… Read More
3rd January 2020
The United States imposed sanctions on Thursday on Cuba’s defense minister, accusing him of human rights violations and supporting socialist Venezuelan President Nicolas Maduro, Secretary of State Mike Pompeo said in a statement. Washington blacklisted Leopoldo Cintra Frias, minister of the Revolutionary Armed Forces of Cuba (MINFAR), and his children,… Read More
13th December 2019
There is no dispute that the Foreign Corrupt Practices Act grants the Department of Justice and the Securities and Exchange Commission broad jurisdiction to enforce the statute’s prohibition against bribery of foreign government officials. But in a recent FCPA action against Quad/Graphics Inc. (Quad), the SEC seems to have used… Read More
20th November 2019
Five years after agreeing to pay a record fine for sanctions violations, BNP Paribas S.A. has made structural changes to its compliance division—an effort to strengthen the independence of the bank’s compliance function and improve ethical culture. The efforts have included setting compliance as an independent function that… Read More
18th November 2019
President Trump’s increasing reliance on economic sanctions to solve foreign policy problems is fueling concern that the United States is abusing its financial power and prompting some governments to seek ways to evade American measures. In recent months, the United States has increased pressure on Iran and Venezuela, dangled the… Read More