In the latest edition of our Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments.
In the United States, several government agencies – the Department of Justice, the Department of Commerce’s Bureau of Industry and Security (BIS), and the Department of the Treasury’s Office of Foreign Assets Control (OFAC) – issued a joint compliance note. The note focuses on voluntary self-disclosure policies concerning U.S. sanctions, export controls, and national security laws. It offers guidance to businesses, encouraging them to come forward and disclose potential violations responsibly.
Shifting to Europe, the European Securities and Markets Authority (ESMA) has withdrawn third-country recognition from three UAE-based central counterparties, namely the Dubai Commodities Clearing Corporation, Dubai Clear LLC, and Nasdaq Dubai Ltd. This decision came after the European Commission added the UAE to its AML (Anti-Money Laundering) blacklist. The move reflects the European Union’s efforts to tackle money laundering and other financial crimes. Also, the European Council adopted a regulation that renews and expands the temporary trade liberalization measures with Moldova until 24 July 2024. These measures continue to cover all seven agricultural products for which exports from Moldova into the EU are not yet fully liberalized. The regulation aims to foster trade relations and facilitate economic growth between Moldova and the EU.
Additionally, the Isle of Man Financial Services Authority updated its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) guidance for the Real Estate sector and the Funds Industry. This update aligns with international standards following the publication of the Financial Action Task Force (FATF) Risk-based guidance.