An individual and Alliance to pay USD10,000 for violating US Cuba sanctions regime

17 januari 2017

The Office of Foreign Assets Control (“OFAC”) has fined an individual acting in his personal capacity and Alliance, on whose behalf the individual also acted, for USD10,000 in connection with a violation of the US Cuba sanctions regime.

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US expels 35 Russian diplomats and imposes additional sanctions

30 december 2016

On 29 December 2016, the US imposed additional sanctions on Russia in response to its alleged cyber-enabled activities aimed to interfere with the US elections earlier this year. The White House stated that:

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Iran requests meeting of E3+3 to discuss JCPOA after US sanctions extention

22 december 2016

Iran's Foreign Minister Mohammad Zarif has formally submitted a request with Europe’s foreign policy chief Federica Mogherini for a meeting of the E3+3 commission (Iran, the US, Britain, China, France, Germany and Russia) that oversees the nuclear deal with world powers, to complain about United States' symbolical renewal of its Iran Sanctions Act earlier this month. The United States Congress voted earlier this month in favour of a renewal of the Iran Sanctions Act for another 10 years. This renewal merely …

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OFAC publishes updated guidance on JCPOA snapback

20 december 2016

The US Treasury Department’s Office of Foreign Assets Control (the "OFAC"), has updated its frequently-asked-questions document on the JCPOA nuclear deal with Iran and the consequences in case of a JCPOA snapback.

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Intesa Sanpaolo S.p.A. to pay USD235 million in fines for repeated sanctions and AML violations

16 december 2016

Intesa Sanpaolo SpA ("Intesa Sanpaolo"), Italy's largest retail bank, has agreed to pay a USD235 million fine to the New York State Department of Financial Services (the "DFS") for sanctions and anti-money laundering violations identified by the DFS dating back to 2002. According to the DFS, Intesa Sanpaolo mismanaged its transaction monitoring system, repeatedly processed suspicious transactions involving shell companies and deliberately concealed information from the DFS. The bank is also said to have trained …

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Additional UN sanctions on North Korea

1 december 2016

On 30 November 2016, the UN Security Council imposed additional sanctions on North Korea following its nuclear test on 9 September 2016.

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EU de-lists key Iranian bank Bank Saderat and its UK plc

31 oktober 2016

On 22 October 2016, key Iranian bank, Bank Saderat, and its UK plc were de-listed from the EU sanctions list against Iran (Regulation (EU) 267/2012). Bank Saderat was not supposed to be de-listed under the JCPOA until "Transition Day", 20 October 2023. However, pursuant to a judgment of the General Court of the European Union dated 5 February 2013, which was upheld by the EU Court of Justice on 21 April 2016, the bank had to be de-listed. Meanwhile, the EU Council decided to re-list the bank for dealing with …

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