It was reported last month that Iraq had signed an agreement to import natural gas from Iran for power generation. This briefing considers the potential sanctions issues which may arise for companies involved with Iraqi power plants supplied by this pipeline and, in particular the risk of contravening the EU restrictions on dealing with Iranian […]

Good Afternoon On 15 July, Dr Vince Cable, Secretary of State for Business, Innovation and Skills, announced the launch of the Transparency & Trust discussion paper. This sets out a number of proposals aimed at addressing opaque ownership structures and improving the accountability of company directors. The proposed reforms seek to promote growth by improving […]

The Financial Action Task Force (FATF) has published an updated best practices paper on targeted financial sanctions relating to terrorism and terrorist financing. FATF recommendation 6 requires countries to implement the targeted financial sanction regimes to comply with the UN Security Council Resolutions (UNSCRs) relating to the prevention and suppression of terrorism and terrorist financing. […]

Governor Andrew M. Cuomo has announced that the Bank of Tokyo Mitsubishi-UFJ (BTMU) has agreed to pay $250 million to the New York State Department of Financial Services (DFS) for allegedly handling financial transactions involving countries and entities subject to international sanctions and removing details of international transactions. DFS alleges that BTMU conducted nearly 28,000 […]

The European Union’s sanctions against the Syrian regime has been extended until 1 June 2014. The Sanctions impose EU wide asset freezes and travel bans on 179 persons and 54 entities. Measures supplement existing export and import bans, an oil embargo and restrictions on investments, financial activity and the transport sector. At the same time, the […]

Over recent months, international sanctions and export controls have 
featured heavily in the news; the recent escalation of tension in the Korean peninsula, the ongoing conflict in Syria and Iran’s continued attempts to develop nuclear weapons are all examples of international situations where sanctions or trade controls are in force. Even though these are examples […]

THE REPUTATIONAL RISK FOR LAW-ABIDING AND WELL-MEANING COMPANIES – On 5 February 2012 President Obama signed an Executive Order to further the US Administration’s Iran Sanctions Program that blocks (i.e., “freezes”) all property of the Government of Iran as well as all property of Iranian financial institutions, including the Central Bank of Iran. This builds […]

 HSBC MIDDLE EAST (HBME): INVESTIGATION (P.10/2013) – COMMENTS Presented to the States on 5th March 2013 by the Chief Minister. These comments are presented by the Chief Minister, but are brought with the agreement of the Minister for Economic Development. http://www.statesassembly.gov.je/AssemblyPropositions/2013/P.010-2013Com.pdf 1. Proposition P.10/2013 of Deputy G.P. Southern of St. Helier asks the States to […]