Taxation: Council revises its EU list of non-cooperative jurisdictions The Council today adopted revised conclusions on the EU list of non-cooperative jurisdictions for tax purposes. In addition to the 8 jurisdictions that were already listed, the EU also decided to include the following jurisdictions in its list of non-cooperative […]
31 Jan 2020 Alert on Fraudulent Website Hong Kong Interbank Clearing Limited (HKICL) would like to alert members of the public of a fraudulent website impersonating HKICL’s official website: https://interbanksettlementshk.com/ The HKICL has no connection with the fraudulent website. To ensure safety and security, members of the public are strongly […]
You may have noticed that the Export Control section of the Events page has disappeared. Not my bad – the Export Control Organization, which provides the bulk of these events, has not scheduled anything new. I will poke around and see if BIS in the United States has anything coming […]
PRESS RELEASES Treasury Developing New Authorities to Target Turkey for Any Potential Human Rights Abuses or Destabilizing Actions in Syria October 11, 2019 Impending Presidential E.O. Will Authorize Treasury to Sanction Turkish Government Agencies and Officials Washington – Given Turkey’s ongoing military offensive in northeastern Syria, President Donald J. Trump intends to […]
At the Cambridge International Symposium on Economic Crime in Cambridge, UK. Starts the night of the 1st with a reception, then full days from the 2nd to the 7th (like, 8 AM to 7 PM, followed by dinner with speakers and networking), then some Chatham House Rules sessions on the […]
Watch it here – it’s 39 minutes long. It’s nice to have some context from time to time, although it’s not directly related to the nuts and bolts of financial crime compliance.
Leadership must increase focus on money laundering rules The managers of the financial companies generally do not have enough focus on what they have to do to prevent companies being used for money laundering or terrorist financing. This is the conclusion of the Danish FSA on the basis of 55 money […]
RISK ASSESSMENT Risks in sanctions compliance are potential threats or vulnerabilities that, if ignored or not properly handled, can lead to violations of OFAC’s regulations and negatively affect an organization’s reputation and business. OFAC recommends that organizations take a risk-based approach when designing or updating an SCP. One of the […]
MANAGEMENT COMMITMENT Senior Management’s commitment to, and support of, an organization’s risk-based SCP is one of the most important factors in determining its success. This support is essential in ensuring the SCP receives adequate resources and is fully integrated into the organization’s daily operations, and also helps legitimize the program, […]
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers and enforces U.S. economic and trade sanctions programs against targeted foreign governments, individuals, groups, and entities in accordance with national security and foreign policy goals and objectives. OFAC strongly encourages organizations subject to U.S. jurisdiction, as well […]
