Sanctions Top-5 for the week ending 2 July 2021

Here are five things that happened this week in the world of economic sanctions that I think you should know about.

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  1. The US Office of Foreign Assets Control (OFAC) named 22 individuals in Myanmar as Specially Designated Nationals (SDNs) under Executive Order 14014. The individuals, who are said to be connected to the military regime, include three members of the State Administrative Council (SAC).
  2. In related news, Switzerland’s State Secretariat for Economic Affairs announced sanctions against eight individuals and four entities in Myanmar, The targets include the country’s attorney general, several ministers, and four military-owned entities.
  3. OFAC named one individual in Nigeria as a Specially Designated Global Terrorist (SDGT) under Executive Order 13224. According to a State Department news release, the individual plays a leadership role in the Islamic State of Iraq and Syria in the Greater Sahara (ISIS-GS) in Mali.
  4. OFAC removed two Iranian individuals from the SDN List (unrelated to negotiations over the Joint Comprehensive Plan of Action (JCPOA)). OFAC sanctioned the individuals pursuant to Executive Order 13882 in September 2020 alleging connections to Iran’s nuclear program. (Big congrats to Erich Ferrari and his team who sought the delisting on behalf of their clients.)
  5. Say farewell to 31 CFR part 520 (and good riddance). OFAC officially revoked the International Criminal Court-Related Sanctions Regulations following President Biden’s termination of Executive Order 13928 on 1 April 2021.

Comments

Happy Fourth of July, everyone in the States!

By my count, OFAC has named a little more than 40% of Myanmar’s SAC as SDNs under Executive Order 14014. As previously mentioned, OFAC designated SAC and four of its members as SDNs in May 2021, as well as numerous individuals associated with the military-led governing body. (Want to know more? There’s still time to sign up for tomorrow’s webinar hosted by Dow Jones Risk & Compliance featuring Gem Conn, Kevin Cahill, and me. Click here for details and to register.)

It’s day two of the Asia AML/CFT 3rd Annual Summit 2021 hosted by Fintelekt. I will be talking about recent sanctions developments at 1:30 p.m. Hong Kong time on Thursday. Registration is free. Click here for all the details.

Like the Top-5? Contact me to talk about tailored sanctions briefings for your team. Did I miss something? Send me a message or comment on LinkedIn.

(The views expressed are my own and do not constitute legal advice. Photo from Vladislav Reshetnyak.)

US attorney in Hong Kong specializing in economic sanctions, financial crimes. Sign up for emails: http://eepurl.com/cVhTXf LinkedIn at: http://goo.gl/KX1jER