October Sanctions News
Continuing our monthly Sanctions news series, we bring you significant developments in October. 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 October, there were noteworthy events globally that impacted sanctions compliance. We summarize all the relevant circumstances and provide links to primary sources for more in-depth research so you can stay ahead and mitigate risks to your business operations.
In October, we have seen the following events:
The Office of Foreign Assets Control (OFAC) froze the assets of 14 people and 14 organizations engaged in the global spread of illegal drugs. Among those sanctioned was a network based in China that produced and distributed massive amounts of the drug precursors for fentanyl, methamphetamine, and MDMA. (Source)
The EU updated the Nicaraguan sanctions list by providing new or additional reasons for restrictions previously placed in 2021 and 2022. On the same date, the EU amended its Iran-related sanctions to include one Iranian entity designated in 2012. Through these measures, the EU renewed and expanded its sanctions targeting human rights abuses, democratic backsliding in Nicaragua, and restrictions on Iran. (Source 1) (Source 2)
The UK’s Office of Financial Sanctions Implementation (OFSI) published updated guidance on the implementation of the Russia (Sanctions) (EU Exit) Regulations 2019, including a new FAQ addressing circumstances where a UK financial institution receives funds indirectly from or via a designated bank. (Source)
The United Nations Security Council Committee established under resolution 1970 (2011) concerning Libya decided that one individual is no longer subject to the travel ban measure imposed according to paragraph 15 of resolution 1970 (2011).
Canada imposed sanctions against nine Moldovan individuals who are associated with influential oligarchs. Also sanctioned six television stations that have had their operating licenses revoked by Moldova’s Commission for Exceptional Situations. (Source)
Australia reimposed targeted financial sanctions and travel bans on 19 Iranian individuals and 57 entities for their role in Iran’s nuclear and missile programs. (Source)
The United Nations Security Council authorized the renewal for one year of the sanctions regime on Haiti, continuing a targeted arms embargo, travel ban, and asset freeze established in October 2022. (Source)
The Council of the European Union adopted a decision prolonging existing restrictive measures against ISIL/Da'esh, Al-Qaeda, and natural and legal persons, groups, undertakings, and entities associated with them for a further year until 31 October 2024. (Source)
The United Nations Security Council established, according to the resolution 1533 of the Democratic Republic of Congo Sanctions Committee, the addition to its Sanctions List of individuals and entities subject to the measures imposed by the Security Council and adopted under Chapter VII of the Charter of the United Nations. (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 vital to mitigating the risk of non-compliance in your organization.
Take advantage of our monthly update articles, summarizing the most noteworthy events in sanctions with links to primary sources for further research.
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