Bahraini Gov alleges Future Bank assisted Iran in $7bn sanctions evasion

Bank.jpgFollowing a government audit, the Bahraini government has stated that it has discovered documents which reveal a $7 billion scheme, orchestrated by the Persian-Gulf bank ‘Future Bank’ (closed in 2015), which ultimately assisted Iran in the evasion of international sanctions between 2004 and 2015. The documents are alleged to reveal how the bank had routinely altered financial documents (including a practice known as ‘wire-stripping’) to mask illicit transactions between Iran and a number of foreign partners.

11th ACI Conference on Economic Sanctions Enforcement & Compliance

The American Conference Institute is holding its 11th Conference on Economic Sanctions Enforcement & Compliance on April 25-26, 2018 at the Westin DC City Center in Washington, DC.  It includes:

  • Keynote address from OFAC Director John Smith.
  • Sessions on Russia, Iran, Venezuela, Cuba and North Korea.
  • Audience polling sessions to test knowledge and hear from regulators including OFAC, DOJ, BIS, and HM Treasury.
  • International experts to discuss the latest trends and compliance challenges facing companies in a variety of industries including banking, technology, oil/gas, retail, automotive and insurance.

A 10% discount is available to EU Sanctions readers with the code D10-999-EUSB18 and group discounts are available for 3 or more people. Go to AmericanConference.com/EconomicSanctionsDC for more details or to register online.

2 London sanctions conferences coming up…

conference-1Maya Lester QC of this blog is speaking at these 2 sanctions events coming up in London, details on links below:

  1. 6th C5 Conference on International Dispute Resolution involving Russian and CIS Parties 26 – 27 January 2017 | “Update on Russia sanctions: What’s in the Pipeline” at 10:00 AM on 27 January.
  2. 3rd AML, Financial Crime, and Sanctions Forum | 31 January – 1 February 2017 | “Recent Legal Developments in International Sanctions” at 9:50am on 1 February.

 

Estonia introduces Magnitsky-style sanctions on human rights violators

estonia-2-government-buildingEstonia’s Parliament has voted to introduce sanctions on foreign people determined to be guilty of human rights abuses, under similar provisions as are in force in the US under the Magnitsky Act.  The new sanctions would prevent the entry into Estonia of anyone found to have taken part in human rights abuses that resulted in the “death or serious damage to the health of a person” or their “unfounded conviction…for criminal offence on political motives”.

Earlier this month, it was reported that MPs in the UK are set to vote on similar sanctions on human rights violators (see previous blog).  The US Congress voted this month to extend the scope of the Magnitsky Act, which currently applies only to Russian citizens, to encompass human rights violators globally.

2nd Asia Pacific Summit on sanctions compliance & enforcement

The ACI is hosting its 2nd Asia Pacific Summit on Economic Sanctions Compliance and Enforcement on November 17, 2016 in Singapore. Lawyers from the USA, UK, Myanmar, Singapore, Hong Kong, Singapore will address topics including:

  • Iran: What is and is not allowed for companies and their subsidiaries and a practical review of Geneal License H, I, G
  • Russia/Ukaraine: review of current restrictions and how to apply the 50% rule
  • Myanmar: how to protect your company amid new business opportunities
  • Facilitation Risks: What is “facilitation” and how to minimize risks stemming from intermediaries, distributors, financing and shipments
  • Case Studies: Inside ZTE, Huawei, Barclays and others

Sanctions compliance officers and counsels from HSBC, GE, OCBC, Hitachi, Maersk Line, Vista Outdoor (US) will be present.  You can register and save an extra 10% off when you use code P10-999-ESB17. Visit www.AmericanConference.com/SanctionsSingapore for more details and to register online.

2nd Asia Pacific Summit on sanctions compliance & enforcement

The American Conference Institute is holding its 2nd Asia Pacific Summit on Economic Sanctions Compliance and Enforcement on 17 November 2016 at InterContinental Singapore, Singapore.

The conference hosts experts from around the globe, including the United States, Hong Kong, and Singapore, to discuss the latest trends and compliance challenges facing companies in a variety of industries.  It also offers the chance to network and share knowledge with colleagues from the worlds of banking, manufacturing, government, law, and more.

Group discounts are available for 3 or more people. www.AmericanConference.com/SanctionsSingapore for more details or to register online.  A 10% discount is available to EU Sanctions readers with the code P10-999-ESB17.