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You don’t have to be a member…

The EU today announced that the following countries will also abide by its strengthened sanctions against North Korea enacted on February 18th: Croatia Macedonia Montenegro Iceland Serbia Albania Liechtenstein Norway Moldova Armenia Mr. Watchlist may have missed a few – the language is a little flowery (there are references to […]

Singapore does its paperwork

A small change for life insurers in Singapore – if they report a suspicious item to the STRO (Suspicious Transaction Reporting Office, Singapore’s FIU and part of their polic force), the regulations now state that the company has to retain the record of the filing and all the documentation and […]

Word of the day: entity

When OFAC refers to an “entity”, what do they mean? Well, it’s not the same thing as “entity” from the dictionary… Dictionary.com includes the following definition: being or existence, especially when considered as distinct, independent or self-contained Executive Order 13224, for example, makes it plain, from OFAC’s point of view: […]

OFAC Enforcement Action: EGL, Inc.

Another day, another fine… EGL, Inc. provided freight forwarding services to Cuba between 2005 and 2008 in violation of the Cuban Assets Control Regulation (CACR), and 10 times to Iran in 2008 in violation of what is now called the Iranian Transactions and Sanctions Regulations (ITSR). The company self-disclosed the […]

March 4, 2013: Two HMT Updates

On Monday, Her Majesty’s Treasury issued two terrorism-related updates to its sanctions lists. The first notice implements Commission Implementing Regulation (EU) No 180/2013, and adds the following 3 individuals to the sanctions list: 1. AG GHALI,Iyad DOB: –/–/1954. POB: Abeibara, Kidal region, Mali Nationality: Malian Address: Mali . Other Information: […]

EU publishes sanctions factsheet

Today, the EU issued a 3-page factsheet on its sanction regime. Nice summary – here are some highlights: EU sanctions are not punitive, but designed to bring about a change in policy or activity by the target country, entities or individuals. Measures are therefore always targeted at such policies or […]

OSFI advises of FATF deficient jurisdictions

OSFI today issued a multi-page document about FATF’s current assessment of anti-money laundering controls in countries with current or previous deficiencies. It is useful when implementing AML controls to take the source and/or destination of business transactions into account. Where controls are lax, the likelihood of fraud and money laundering […]

One addition to DFAT’s Consolidated List

The UN added the following name to its terrorism sanctions… TI.N.166.13. Name: 1: AHMED SHAH 2: NOORZAI 3: OBAIDULLAH 4: na Name (original script): احمد شاه نورزی عبيداالله Title: Mullah Designation: na DOB: a) 1 Jan. 1985 b) 1981 POB: Quetta, Pakistan Good quality a.k.a.: a) Mullah Ahmed Shah Noorzai […]