The World Bank Group has placed a 15-month debarment on Shanghai-based Sieyuan Electric relating to fraudulent practices under the Inter-Zonal Transmission Hub Project.
Sanctions
Posted inRegulatory Enforcement
UniCredit Group Banks to pay $1.3B for sanctions violations
UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department of Justice announced.
Posted inRegulatory Enforcement
Standard Chartered Bank to pay $1.1B for sanctions violations
Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.
Posted inRisk Management
Descartes, Kharon partner on sanctions risk intelligence
Software as a service (SaaS) solutions provider Descartes Systems Group has integrated research company Kharon’s sanctions ownership data into its screening solution.
Posted inAccounting & Auditing
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.”
Posted inRegulatory Enforcement
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.
Posted inEurope
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.
Posted inEurope
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.
Posted inRegulatory Enforcement
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.
