EU proposal pushes tighter rules on Dual-use technologies

2 augustus 2016

The European Union (“EU”) is expected to propose tighter rules on the export of dual-use technologies. This is revealed in a leaked document proposing changes to Council Regulation (EC) No 428/2009 (the “Dual-use Regulation”). The document, first obtained by the independent European media platform, Euractiv, shows that the EU could introduce new export controls for cyber-surveillance technologies when it publishes amendments to the Dual-use Regulation later this year in September.

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DNB publiceert Q&A Sanctiewet voor schadeverzekeraars

21 juli 2016

De afgelopen jaren heeft De Nederlandsche Bank ("DNB") de naleving van de Sanctiewet 1977 stevig onder de loep genomen. Zo was dit in 2015 een specifiek toezichtsthema van DNB en heeft DNB een cross-sectoraal themaonderzoek uitgevoerd, waarbij de naleving van de Sanctiewet 1977 door onder andere de verzekeringsbranche is bekeken. Daaruit is in maart 2016 gebleken dat verzekeraars in de ogen van DNB nog altijd onvoldoende doen om de naleving van de Sanctiewet 1977 te waarborgen. Dit terwijl volgens DNB een juiste …

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New NY Compliance Legislation imposes duty to certify, subject to Board accountability

15 juli 2016

On 30 June 2016, the New York State Department of Financial Services (the “Department”) issued new rules, imposing additional compliance monitoring and certification requirements on financial institutions and, interestingly on their boards and senior management.

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New EU rules to tackle terrorism financing, tax avoidance and money laundering

12 juli 2016

On 5 July 2016, the European Commission (the “Commission”), adopted a proposal to further reinforce EU rules on anti-money laundering to counter terrorist financing and increase transparency about who really owns companies and trusts.

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EU agrees on framework to stop trade in conflict minerals

23 juni 2016

On 15 June 2016, the European Union (the “EU”) has agreed on a framework to stop the financing of armed groups through trade in conflict minerals. The proposed EU regulation will build upon the OECD Due Diligence Guidance for responsible mineral sourcing. The legislation will apply to many of the metals and minerals imported into the EU and it will cover metals and minerals that are used in everyday products, such as tin, tantalum, tungsten and gold.

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EU lifts Liberia sanctions regime

22 juni 2016

On 20 June 2016, the European Union (the "EU") has lifted its arms embargo on Liberia, thereby terminating the remainder of the EU Liberia sanctions regime. The termination follows the earlier lifting of EU asset freezes and travel bans on Liberia in October 2015. The EU decision of 20 June implements the UN Security Council Resolution 2288 (2016) to lift its sanctions against Liberia on 25 May 2016.

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EU has extended sanctions against Crimea and Sevastopol

22 juni 2016

On 17 June 2016, the Council extended the restrictive measures in response to the illegal annexation of Crimea and Sevastopol by Russia until 23 June 2017. These sanctions date back to 2014 and prohibit:

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