Sanctions
New, tough regulator to oversee U.K. audit
The U.K. Financial Reporting Council will soon be replaced by a new regulator acting on recommendations from Sir John Kingman of the London Stock Exchange. The government hopes to ensure the United Kingdom going forward has “a world-class audit and accounting regulator.”
Huawei sues U.S. gov. for ‘unconstitutional sales restrictions’
Controversial tech giant Huawei has filed a complaint in a U.S. federal court that challenges the constitutionality of government restrictions on its products.
E3 moves to circumvent U.S. sanctions on Iran
The E3 has set up a special trade channel designed to allow companies in the European Union to circumvent U.S. sanctions in an effort to continue humanitarian trade with Iran.
New system opens up EU business trade with Iran
The United Kingdom, Germany, and France have created a new payments system to allow European businesses to trade with Iran without falling foul of U.S. sanctions.
U.S. Treasury sanctions Petroleos de Venezuela
The Department of the Treasury’s Office of Foreign Assets Control has designated Venezuelan state-owned oil company Petroleos de Venezuela under Executive Order 13850 for operating in the oil sector of the Venezuelan economy.
Treasury lifts sanctions on Rusal, En+, ESE
The U.S. Department of Treasury announced that it has lifted sanctions on three companies controlled by Russian oligarch Oleg Deripaska: power company EuroSibEnergo, aluminum producer UC Rusal, and Rusal’s parent company, En+ Group. Following this news, En+ Group announced an overhaul of its board of directors.
Huawei Technologies and U.S. affiliate indicted for theft of trade secrets, wire fraud
In court documents unsealed Jan. 28, a grand jury this month returned a 10-count indictment by two affiliates of Chinese telecommunications conglomerate Huawei Technologies for theft of trade secrets, wire fraud, and obstruction of justice.
Waters builds new agenda for Financial Services Committee
With new leadership, Rep. Maxine Waters (D-Calif.), the House Financial Services Committee is setting its agenda for the new session of Congress.
Leveraging data and technology for sanctions compliance: OFAC’s ’50 Percent Rule’
Complying with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) regulations on sanctions against foreign entities requires much more than checking a list of restricted companies and individuals.