Jamie Schafer, co-chair of the regulatory compliance and disputes practice at Ashurst Perkins Coie in Washington, D.C., explains why compliance teams must be involved at strategic and product level and where to expect new risks to emerge.
Sanctions
Posted inSanctions
U.S. continues to dominate sanctions penalties, but EU and U.K. penalties are increasing
Sanctions regimes in the U.S., U.K. and EU are evolving rapidly, causing continual changes, and the penalties for failure – civil and criminal – are potentially huge. Multiple inconsistent sanctions lists and increased focus on supply chains and third-party entities are making compliance for global organizations a full-time headache.
Posted inSanctions
FCA calls out good and poor practices in sanctions reporting
Financial firms have made progress in preventing sanctions breaches, but serious gaps in governance and compliance remain, which are likely to result in keener regulatory scrutiny and potentially more penalties in the future, say experts.
Posted inSanctions
Sanctions penalty for Scottish energy company marks ‘new era’ of sanctions enforcement
A Scottish energy company has become the first to be named by the U.K. customs and excise authority for breaching Russian sanctions rules.
Posted inCryptocurrency and Digital Assets
U.K.’s sanctions on cryptocurrency exchanges signal new focus on illicit digital financing
Cryptocurrency exchanges believed to be financing Russia’s war in Ukraine have been sanctioned by the U.K. government in the first attempt to prevent evasion via “dark networks.”
Posted inRegulatory Enforcement
Sabre Corp subsidiary fined $1.3 million for U.K. sanctions circumvention
The U.K.’s sanctions office has imposed its largest penalty for circumventing Russian sanctions since the war in Ukraine began in 2022.
Posted inTop Stories
Bosch receives first declination under DOJ’s new policy for self-reporting misconduct
The Department of Justice (DOJ) won’t prosecute German-based Robert Bosch GmbH (Bosch) for export violations under the Criminal Division’s Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP). It is the first corporate declination under the CEP, which credits self-disclosure and self-remediation. The CEP, issued in March, credits corporations that self-disclose misconduct, cooperate with the DOJ investigation […]
Posted inSanctions
U.S. ramps up penalties to criminal level for those dealing with sanctioned Brazilian groups
Two Brazilian groups, Comando Vermelho and Primeiro Comando da Capital, will be designated as Foreign Terrorist Organizations by the U.S. State Department, beginning today. Any person who knowingly engages in financial transactions with the group risks criminal liability.
Posted inSanctions
Indian company pays OFAC $275M over alleged Iranian sanctions violations
An Indian company has agreed to pay $275 million to settle allegations that it purchased Iranian liquefied petroleum gas in violation of U.S. sanctions, the U.S. Department of the Treasury’s Office of Foreign Assets Control announced Monday.
Posted inSanctions
EU’s 20th Russian Sanctions Package extends compliance to third parties and anti-circumvention measures
The EU has intensified its focus on sanctions circumvention and the supply of Russian oil in a clear signal that the energy crisis caused by the closure of the Strait of Hormuz will not weaken its efforts to sever Russian cashflows.
