News
Legal Challenges Loom for Targeted Sanctions in Europe
By Brian Orsak
printFor a professional athlete or movie star, having their faces on a collectible card might seem like a good thing, but ask a former client of economic sanctions lawyer Jeremy Carver if it was. The client's likeness ended up in a deck of cards issued by the U.S. State Department celebrating the 55 most wanted Iraqis under Saddam Hussein. Then a funny thing happened. The client was arrested and later exonerated after 18 months of interrogation and a stint in Abu Ghraib prison. When he was released, he rejoined his family abroad and decided to make a fresh start by...
TO READ THE FULL STORY
Related News
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
The financial clearing subsidiary of Deutsche Börse AG will pay the U.S. Treasury Department's sanctions enforcer $152 million for holding money in New York-based accounts on behalf of Iran's central bank.
The chairman of a Senate committee vowed Thursday to block additional sanctions against Iran in an effort to protect last month's multilateral accord to suspend portions of the country's nuclear program.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
The U.S. House of Representatives Wednesday approved legislation that would limit White House-granted waivers to nations that purchase oil from Iran under a 2011 sanctions law.
The U.S. Treasury Department has picked replacements for two recently vacated senior-level positions involved with the drafting of economic sanctions and anti-money laundering policies, according to an official.
High-profile sanctions cases are spurring large banks and third-party software vendors to improve how they identify when counterparts and clients secretly act on behalf of blacklisted entities, say compliance experts.
U.S. lawmakers will introduce sanctions legislation targeting North Korea's use of criminal proceeds and third-country banks that finance its nuclear program, members of the House Foreign Affairs Committee said Tuesday.
U.S. House lawmakers are working to introduce a new round of comprehensive sanctions against Iran by March in an effort to curtail the country's alleged nuclear weapons program, say sources.
U.K. lawmakers plan to quickly pass legislation to reverse a high court decision Wednesday that disallowed the freezing of funds belonging to suspected terrorist financiers under United Nations sanctions.
The establishment of an ombudsman to review when individuals and organizations sanctioned for terror ties can be removed from U.N. blacklists may not translate into fewer designees, say analysts.
Compliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday.
At least two cases making their way through U.S. federal courts are challenging the U.S. Treasury Department's power to sanction individuals and organizations.
An EU decision Thursday to strike down a United Nations terror designation will mean more legal challenges by organizations accused of terror ties, say analysts.
The European Union High Court Wednesday struck down an EU decision to follow United Nations orders freezing the assets of a Saudi businessman and a charity based in Sweden suspected of funneling funds to terrorist groups.