- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-06-12T02:35:00
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management (TPRM) & Oversight Summit held in Atlanta on June 3-4.
Kristy Grant-Hart, founder and chief executive officer at Spark Compliance Consulting, kicked off the discussion with panelists Joshua Reynolds, head of solutions consulting at GAN Integrity, and Faith Graham, head of governance and TPRM at the World Bank, by breaking down the robust sanctions risk landscape.
Whether it be extended statute of limitations for sanctions violations, increased global scrutiny toward popular social media app TikTok, separate legislation to thwart Iranian petroleum allegedly being funneled through China, or the illicit trafficking of synthetic opioid fentanyl, Grant-Hart said there’s a reason sanctions compliance is considered the new Foreign Corrupt Practices Act.
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U.S. Customs and Border Protection will make it a priority to check shipments of aluminum, polyvinyl chloride, and seafood from China and elsewhere in the region for links to forced labor, according to an updated Uyghur Forced Labor Prevention Act enforcement strategy.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
The U.S. Department of Homeland Security added three China-based entities across the seafood, aluminum, and footwear industries to the Uyghur Forced Labor Prevention Act Entity List.
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
