This email draws your attention to a Notice relating to Syria which was published today on GOV.UK. Council Regulation (EU) No 36/2012 imposing financial sanctions against Syria has been amended. Identifying information for 18 individuals listed in the Annex to the Notice has been amended and three other individuals have been delisted. The Notice can […]
Read MoreAssad’s Uncle Under Investigation in France
Assad’s uncle under investigation in France – source | Reuters A French judge has placed an uncle of Syrian President Bashar al-Assad under formal investigation on suspicion of tax fraud and money-laundering, a source close to the case said on Tuesday. Suspected of having acquired his wealth in France illegally, Rifaat al-Assad, a political opponent […]
Read MorePanama Papers, Seychelles’ and Syria – FSA plan to investigate allegations of IBC misconduct
The Seychelles Financial Services Authority (FSA) says it is concerned about the information contained in financial documents leaked from Panama-based law firm Mossack Fonseca. The FSA said this week that it will examine the issue and soon establish a course of action to take. “The FSA is concerned vis-à-vis the content of these publications, especially […]
Read MoreSanctions: accounts held by non-designated persons may be frozen where there is reasonable suspicion that they are controlled by designated persons
A – Overview The significant threats posed to the world by terrorism are reflected in the increasingly onerous obligations placed upon banks requiring, amongst other things, a high degree of scrutiny of the activity on customer accounts to avoid breaching any sanctions regime in place. A failure to take required steps can amount to a […]
Read MoreHmicho judgment offers guidance on ownership and control in sanctions
On 19 June 2015 the High Court handed down its judgment in Elaine Hmicho v Barclays Bank PLC [2015] EWHC 1757 (QB). This is an important judgment for all financial institutions to be aware of as it provides useful guidance in relation to the concepts of ownership and control in the context of international sanctions. […]
Read MoreSanctions: accounts held by non-designated persons may be frozen where there is reasonable suspicion that they are controlled by designated persons
A – Overview The significant threats posed to the world by terrorism are reflected in the increasingly onerous obligations placed upon banks requiring, amongst other things, a high degree of scrutiny of the activity on customer accounts to avoid breaching any sanctions regime in place. A failure to take required steps can amount to a […]
Read MoreFour British jihadists face UN sanctions
Four high-profile UK jihadists fighting or recruiting for Islamic State militants in Syria are to be subjected to UN sanctions – at the UK’s request. The UN’s updated sanctions list named the four as Omar Hussain from High Wycombe, Nasser Muthana from Cardiff, Aqsa Mahmood from Glasgow and Sally-Anne Jones from Chatham in Kent. They […]
Read MoreAs Assad Butchered His People, This London Firm Helped His Banks Trade
The London office of Reed Business Information sold critical data that helped sanctioned banks funding chemical and nuclear weapons in Syria and Iran make complex international transactions. A BuzzFeed News Investigation unravels the web. The Middle East salesman had been wrestling with his conscience for more than a month when the barrel bombs broke and […]
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