OFAC issues press release for a Finding of Violation
Pursuant to the North Korea Sanctions and Policy Enhancement Act of 2016’s requirement that the Secretary of the Treasury determine whether North Korea is a jurisdiction of primary money laundering concern, on May 27, 2016, the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) found that the Democratic People’s Republic of Korea (“DPRK” or “North Korea”)
On March 2, in the wake of recent nuclear and ballistic missile tests, the United Nations Security Council adopted a far-reaching sanctions resolution against the Democratic People’s Republic of North Korea. UN Security Council Resolution 2270 targets Pyongyang’s nuclear weapons and ballistic missile programs with a set of sanctions that the U.S. proclaimed the strongest imposed by the Security Council in two decades.
On 15 June 2015, the Council of the European Union (“Council”) adopted its position on the draft Proposal for a Regulation of the European Parliament and of the Council on the protection of individuals with regard to the processing of personal data and on the free movement of such data (“Draft Regulation”). This article discusses
As part of the historic shift in U.S. policy toward Cuba announced on 17 December 2014, President Obama instructed the Secretary of State to launch a review of Cuba’s designation as a state sponsor of terrorism (SSOT), and to prepare a report within six months regarding Cuba’s support for international terrorism.
On 1 April 2015, President Obama signed an Executive Order authorizing the imposition of sanctions on individuals and entities determined to be responsible for or complicit in malicious cyber-enabled activities constituting a significant threat to the national security, foreign policy, or economic health or financial stability of the United States.
On 8 March 2015, President Obama signed Executive Order 13692 (the Order) imposing targeted sanctions against persons in Venezuela.
Through a broad exercise of presidential authority, President Obama announced today sweeping changes to current U.S. policies regarding Cuba, including significant revisions to current economic sanctions and export controls currently restricting trade, travel, and financial transactions with Cuba. The President also announced the initiation of steps toward restoring diplomatic relations with Cuba and formally lifting
On 24 November 2014, the P5+1 countries (China, France, Germany, the Russian Federation, the United Kingdom, and the United States) agreed with Iran to continue negotiations regarding Iran’s nuclear-related activities and to extend the Joint Plan of Action (JPOA) that suspended a limited number of economic sanctions against Iran. The JPOA originally went into effect
The United States has imposed new economic sanctions and export restrictions related to the situation in the Ukraine, and the European Union has announced its intent to implement additional measures. The U.S. measures do not impose territorial sanctions against Russia but continue the approach of targeting designated parties and prohibiting certain activities. In a shift
On Friday, 11 April 2014, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) designated an additional seven individuals in Ukraine as being subject to U.S. sanctions. The following persons were designated: Aleksei Mikhailovich Chaliy, Mikhail Grigorevich Malyshev, Valery Kirillovich Medvedev, Rustam Ilmirovich Temirgaliev, Sergey Pavlovich Tsekov, Yuriy Gennadievych Zherebtsov, and Pyotr Anatoliyovych Zima.
The Department of Commerce’s move was announced on 25 March 2014 on the website of the Bureau of Industry and Security (BIS), which administers the export licensing process for items on the Export Administration Regulations (EAR) Commerce Control List. The notice reads, “Since March 1, 2014, BIS has placed a hold on the issuance of
There has been further escalation of EU and U.S. sanctions resulting from the events in Ukraine, including new designations and the issuance of a new Executive Order on 20 March 2014 that provides additional legal basis for future designations and a new EU Regulation that adds 12 persons to the list of natural and legal
The European Union (EU) and the United States (U.S.) have now both taken targeted action to address the evolving situation in Ukraine. These measures do not impose restrictions on Ukraine or Russia, either territorially as countries or on their governments as a whole. However, new designations imposed on 17 March by the U.S. and the
On 23 November 2013 the United States, United Kingdom, Germany, France, Russia, and China facilitated by the European Union (the P5+1), reached an interim agreement with Iran (Iran Agreement or Agreement). While this agreement may ease sanctions in certain limited areas in the future, the provisions of the Agreement must be implemented by the United
The National Development and Reform Commission (“NDRC“) has started 2013 with a bang. On 4 January 2013, it announced that it had imposed sanctions of close to USD 56 million on six liquid crystal display (“LCD“) makers from Korea and Taiwan, accusing the companies of illegal price-fixing. These sanctions set an absolute record for antitrust
On September 25 the European Union (EU) further strengthened its economic sanctions regime targeting the Syrian Government by making additional substantive changes to the EU measures. The new measures, as set out in Council Regulation 867/2012, include: (i) a requirement that all aircraft and vessels transporting cargo to Syria shall be subject to additional pre-arrival
The EU is prepared to take yet another landmark step to open European markets to Myanmar/Burma following its political, social and labor reforms. The European Commission has adopted a proposal to restore Myanmar/Burma to the “Everything But Arms” preferential trade regime. The European Commission’s proposal will provide duty-free and quota-free access to the European market for all products, except
President Obama announced on Thursday, May 17, that “the United States will ease its bans on the exportation of financial services and new investment in Burma.” In a related statement, Secretary of State Clinton indicated that “[t]he United States will issue a general license that will enable American businesses to invest across the economy, allow citizens access to
The European Union has formally authorized the one-year suspension of most of the restrictive measures imposed against Myanmar/Burma. The EU’s May 14, 2012 regulation gives full legal effect (until April 30, 2013) to the suspension of sanctions (on which we previously reported), and means that only an embargo on arms and equipment that could be used against
The European Union (EU) has strengthened its sanctions against the Syrian regime of President Bashar al-Assad due to the “gravity of the situation” and ongoing human rights violations by the regime. The new sanctions, which take effect on May 15, add three new individuals and two new entities to the initial EU asset freeze announced on January 18, 2012. The EU
President Obama has signed an Executive Order expanding the U.S. Treasury Department’s authority to regulate the conduct of certain foreign entities even when they are not physically or financially present in the United States. The May 1 Order targets foreign entities that (1) have violated, attempted to violate, conspired to violate, or caused a violation
The EU has acted on its earlier promise to respond to the reform efforts in Myanmar/Burma, and suspended all sanctions against the country, with the exception of the existing arms embargo. Approximately 500 Burmese individuals and over 800 companies in forestry, steel and iron, and extractive industries will no longer be subject to a freezing
The United States and European Union have continued to impose or propose additional sanctions and restrictive measures targeting certain dealings with Iran or with designated persons and entities. These developments include: (1) a recent decision by the Council of the European Union (EU) to require financial messaging providers to discontinue communication services to certain Iranian financial institutions, which