General Information

Final reminder: frozen assets reporting 2019

OFSI is conducting its annual frozen assets review. If you hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person you are required to submit a report to the Treasury’s OFSI by Friday 11 October 2019.

Your report should include details of all funds or economic resources frozen in the UK as well as those overseas where these funds or economic resources are subject to UK financial sanctions legislation. Your report to OFSI should include the value of all such assets as of close of business on Monday 30 September 2019.

All completed reports should be emailed to ofsi@hmtreasury.gov.uk using the template on the GOV.UK website.

Please ensure that any changes to previous frozen asset reporting submissions are clearly identified and explained.

If you have already submitted your return, or have no information to report, please ignore this email.

Link:

OFSI Notice

Earlier this month, the US Government Accountability Office (GAO) issued a report entitled “Economic Sanctions: Agencies Assess Impacts on Targets, and Studies Suggest Several Factors Contribute to Sanctions’ Effectiveness.” (Whew!)

Here’s the lead “What GAO Found” section”:

The Departments of the Treasury (Treasury), State (State), and Commerce (Commerce) each undertake efforts to assess the impacts of specific sanctions on the targets of those sanctions. For example, Treasury and State both analyze or compile information on sanctions programs’ impacts, such as on a target country’s economy. In addition, Commerce assesses prospective impacts of some sanctions on targeted countries and others. According to Treasury and State officials, the agencies also use Intelligence Community assessments to gauge sanctions’ impacts. However, agency officials cited several difficulties in assessing sanctions’ effectiveness in meeting broader U.S. policy goals, including challenges in isolating the effect of sanctions from other factors as well as evolving foreign policy goals. According to Treasury, State, and Commerce officials, their agencies have not conducted such assessments on their own. However, they stated that agency assessments of sanctions’ impacts often contribute to broader interagency discussions that examine the effectiveness of sanctions in achieving policy goals.

The academic studies GAO reviewed suggest that several factors have contributed to more-effective sanctions. Studies examining factors that contribute to the effectiveness of sanctions in changing targeted countries’ behavior provided evidence that sanctions have been more effective when (1) they were implemented through an international organization (e.g., the United Nations) or (2) the targeted countries had some existing dependency on, or relationship with, the United States, such as a trade or military relationship. In addition, studies examining factors that increased sanctions’ economic impact provided evidence that the impact has generally been higher when the sanctions were more comprehensive in scope or severity, or—similar to the findings on effectiveness in changing behavior—were imposed through an international organization. Sanctions may also have unintended consequences for targeted countries, such as negative impacts on human rights or public health. In some studies, larger economic impacts were associated with more unintended consequences.

It’s not a bad read – confirms a lot of common wisdom, But, it does make you think – then why do we have all these programs that are unlikely to bear fruit?

Link:

GAO Report

The next Export Control Symposium will take place in Birmingham on Tuesday 26 November 2019

This event is for companies with fewer than 250 employees. Cost per delegate is £150.

Please note that places are limited and will be allocated on a first-come, first-served basis.

Read more agenda details and complete the online application form:

EXPORT CONTROL SYMPOSIUM BIRMINGHAM 2019

 

For general export control queries please contact our Helpline on 020 7215 4594or exportcontrol.help@trade.gov.uk

 

Business Awareness Unit  Export Control Joint Unit

Invitation to special meeting on money laundering and technological challenges and opportunities

The meeting focuses on how technology can help with the process of onboarding customers.

The meeting will be held on October 11, 2019, at 14-16, at the Danish Financial Supervisory Authority, Århusgade 110, 2100 Copenhagen Ø. 

Registration

Please send to fintech@ftnet.dk stating your name and company by October 8, 2019 . The Financial Supervisory Authority may be required to limit the number of participants per year. organization / company.  

Background 

As part of the FSA’s fintech initiatives, we created the Fintech Forum in 2017. This spring, the FSA evaluated the format of the Fintech Forum. A need was identified to hold special meetings, which should focus on a specific topic and with the possibility of involving a wider circle of stakeholders. Against this background, the Danish FSA has decided to hold special meetings in addition to the regular meetings of the Fintech Forum. At the last meeting of the Fintech Forum, members expressed a desire for a special meeting focusing on fintech and money laundering. The Financial Supervisory Authority thus invites special meetings on challenges and opportunities by using technology for customer knowledge procedures .

Agenda 

1. Welcome and introduction by the Danish Financial Supervisory Authority

2. What are the challenges and opportunities of using technology for customer awareness procedures?

  • Presentation by Tobias Jørgensen, e-net 

  • Presentation by Jonas Kjær Leed, Lunar Way 

  • Presentation by Christian Visti Larsen, NewBanking  

3. Panel debate on the challenges and opportunities of using technology for customer knowledge procedures

This should include: it is discussed whether there are challenges that the sector can solve itself or whether the Danish Financial Supervisory Authority can / should help to solve them.

Read the one-page background on the initiative

Link:

Finanstilsynet notice

UNCLASSIFIED

 

Dear subscribers

 

Defence Export Controls (DEC) is delivering an outreach program at the University of Western Australia on Thursday 3 October 2019. DFAT will be providing an overview of Australia’s sanctions regimes as part of the whole of government session. This event is targeted at exporters of defence and strategic goods, and others across the defence industry.

 

If you would like to participate, please click on the link to register your attendance below.

 

Date: Thursday 3 October 2019

Location: University of Western Australia – please see Eventbrite for exact location (click on the link below)

Registration: https://www.eventbrite.com.au/e/defence-export-controls-outreach-perth-3-october-2019-tickets-66528323005?aff=ebdssbdestsearch

 

We will advise subscribers of details of further outreach sessions for 2019 and for 2020 once arrangements have been finalised.

 

Kind regards

 

Sanctions Section

The Export Control Joint Unit has published the latest edition of the Export Control Training Bulletin. This edition has details of courses from September to December 2019.

The new edition is in HTML format, to make the contents searchable online. We have also published the bulletin as a PDF, for you to download and print as a booklet if you wish. See the Export Control Training Bulletin publication page.

The publication page also features the booking form.

For general export control queries please contact our Helpline on 020 7215 4594 or email: exportcontrol.help@trade.gov.uk

 

Business Awareness Unit  Export Control Joint Unit

The Events page will be updated shortly.

Links:

Export Control Training Bulletin (September-December 2019) – HTML, PDF

Dear subscribers

 

Defence Export Controls (DEC) is delivering an outreach program at the Queensland University of Technology on 24 September 2019. DFAT will be providing an overview of Australia’s sanctions regimes as part of the whole of government session. If you would like to participate, please click on the link to register your attendance below.

 

Date: Tuesday 24 September 2019

Location: Queensland University of Technology – please see Eventbrite for exact location (click on the link below)

Registration: https://www.eventbrite.com.au/e/defence-export-controls-outreach-brisbane-24-september-2019-tickets-66529745259

 

We will advise subscribers of details of further outreach sessions for 2019 once arrangements have been finalised.