June Sanctions News
Continuing our monthly Sanctions news series, we bring you significant developments in June. Our service empowers Compliance Officers and Chief Compliance Officers to keep up with Sanctions landscape changes at the designation level and, most importantly, to understand the intentions and objectives behind such measures. Keeping up with the latest developments can bring long-term benefits to an organization.
In June, there were noteworthy events globally that impacted sanctions compliance. We summarize all the relevant events and provide links to primary sources for more in-depth research, so you can stay ahead and mitigate risks to your business operations.
In June, we have seen the following events:
01 June 2023
Four organizations were subject to asset freeze sanctions by OFAC because they allegedly profited from and fueled the violence in Sudan. Four General Licenses were given concurrently by OFAC as part of its freshly launched Sudan program. (source)
Canada established new sanctions against individuals assisting Russia in Moldova. (source)
02 June 2023
An IT company in Iran, one of its affiliates in the UAE, and two of its senior employees were all subject to asset-freezing restrictions by OFAC due to their involvement in internet filtering in Iran. OFAC also gave a wind-down general license in connection with the recently recognized organizations. (source)
05 June 2023
EU expands sanctions connected to Ukraine to businesspeople's families. (source)
10 June 2023
Canada announces Additional Sanctions in Retaliation for the Theft of Cultural Items from Ukraine and the Seizure of a Russian Cargo Aircraft. (source)
14 June 2023
The OFAC issued general licenses for Syria (21B), Venezuela (39B), and Iran (N2). These new General Licenses are valid until June 14th, 2024, and they replicate the transactions allowed under the previous GLs. (source)
15 June 2023
France, under its autonomous counter-terrorism sanctions regime, imposed asset-freezing sanctions on one individual. (source)
19 June 2023
Canada amended its sanctions regulations to implement the UN sanctions to incorporate Resolution 2664 (2022) on December 9, 2022, which asked the member states to include carve-outs for certain humanitarian activities. (source)
27 June 2023
OFAC Sanctioned Illicit Gold Companies Funding Wagner Forces and Wagner Group Facilitator. (source)
Stay informed and ahead of the curve in the dynamic world of sanctions.
As a Compliance Officer or Chief Compliance Officer, understanding the latest sanction developments is key to mitigating the risk of non-compliance in your organization.
Don't miss out on our monthly update articles, summarizing the most noteworthy events in sanctions with links to primary sources for further research.
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