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Indonesian Company Breaches US Sanctions on North Korea, Pays $2.6 Million

By Sadie Brown, OCCRP, 19 January 2021 OCCRP — An Indonesia-based global cigarette paper supplier agreed to pay nearly US$2.6 million in fines for conspiracy to commit bank fraud and violating U.S. sanctions on North Korea, according to official statements. PT Bukit Muria Jaya (BMJ) admitted to… Read More

EU sets out plans to limit US dollar reliance, reduce sanctions risks

The European Union has set out plans to strengthen the international role of the euro, as its seeks to erode the dominance on the U.S. dollar and lessen the bloc’s vulnerability to financial risks, including U.S. sanctions. The plan includes measures to help protect against currency shocks, and allow greater… Read More

As Illicit Shipping Becomes More Prevalent, How Banks Can Best Respond

The maritime sanction compliance advisories published by the United Nations Security Council Panel of Experts for North Korea, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) in May 2020 and the UKs Office of Financial Sanctions Implementation (OFSI) in July 2020, have all added to the growing… Read More

10th December 2020

Trump Set Record Sanctions Use That Biden Is Likely to Maintain

The Trump administration has imposed sanctions at a record-shattering pace of about three times a day during the president’s time in office: a slew of measures targeting companies, individuals and even oil tankers tied to Iran, North Korea, China, Venezuela and Russia. President-elect Joe Biden’s team is promising a top-to-bottom… Read More

9th December 2020

U.S. Steps Up Pressure on China Over North Korean Coal Exports

The U.S. on Tuesday blacklisted several Chinese companies for allegedly helping North Korea export its coal, part of a renewed effort by the Trump administration to stem critical revenue sources for Kim Jong Un’s regime. The Treasury Department sanctioned six companies, including four Chinese firms and four… Read More

2nd December 2020

U.S. accuses China of ‘flagrant’ North Korea sanctions violations, offers $5 million reward

The United States accused China on Tuesday of “flagrant violation” of its obligation to enforce international sanctions on North Korea and offered rewards of up to $5 million for information about sanctions evasions. Deputy Assistant Secretary for North Korea Alex Wong accused China of seeking to undo a United Nations… Read More

13th November 2020

Biden faces choice on Trump’s economic sanctions

Among the foreign-policy challenges facing President-elect Joe Biden will be the question of what to do with an array of punitive economic sanctions that have been President Trump’s primary tool for confronting U.S. rivals. Mr. Trump in nearly four years has issued 3,577 sanctions designations, imposing such penalties at a… Read More

2nd November 2020

The EU tiptoes into cyber sanctions regimes

The EU has now imposed its first cyber sanctions regime targeting Russian, North Korean and Chinese actors deemed responsible for cyber attacks against EU member states. In recent months, the US has also pursued similar sanctions and indictments against Russian, North Korean and Chinese actors. Indeed,… Read More

2nd November 2020

Use of sanctions as U.S. foreign-policy tool would likely continue under Biden

Economic and trade sanctions have become a top U.S. foreign-policy tool for the Trump administration, and that would be unlikely to change under his Democratic challenger, Joe Biden. Yet, with the coronavirus pandemic and the economic fallout taking center stage of the election season, Mr. Biden hasn’t said much about… Read More

26th October 2020

Global dirty money watchdog revamps rules to battle weapons financing – U.S.

A global dirty money watchdog on Friday agreed to revamp its standards to beef up monitoring of financing aimed at evading U.S. and United Nations sanctions and proliferating weapons of mass destruction, the U.S. Treasury Department said. Endorsement of the new standards by the Financial Action Task Force (FATF) at… Read More

26th October 2020

Anti-money laundering agency keeps Pakistan on watch list

A global anti-money laundering watchdog kept Pakistan on its monitoring list asking the South Asian nation to improve controls on terrorist financing while lauding authorities for recent progress. The Financial Action Task Force strongly urged Pakistan to complete its action plan by February, following a three-day meeting. Pakistan has largely… Read More

1st October 2020

From smuggled coal to art: How North Korea dodges sanctions to build up nuclear arsenal

North Korea has successfully miniaturised its nuclear weapons, continues to build ballistic missiles and is using a range of ingenious means to dodge sanctions, from smuggled coal and art to dispatching workers overseas, according to the United Nations. The new UN report by monitoring experts appointed by the Security Council… Read More

30th September 2020

UK Foreign Minister ‘carefully considering’ options for sanctions against Hong Kong officials

Britain’s Foreign Minister Dominic Raab has confirmed that his government is open to the possibility of imposing sanctions against officials involved in Hong Kong’s affairs under its Global Human Rights (GHR) regime. In a letter to an MP this month, Raab condemned the disqualification of 12 pro-democracy hopefuls from standing… Read More

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