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Sanctions Monthly Update – October 5, 2021

Course Duration: 10 minutes
Course Points: 10

Fintelekt Academy presents the Monthly Sanctions Update for September 2021 by Nicholas W. Turner, International sanctions lawyer and Of Counsel at Steptoe & Johnson LLP.

In a power-packed ten minute video, Nick provides a round-up of key developments in economic sanctions and his own commentary around:

  • reports that the National People’s Congress in China will not move forward in the near future with a proposal to incorporate elements of the PRC Anti-Foreign Sanctions Law into Hong Kong Law
  • two general licenses (14 and 15) issued by OFAC in relation to Afghanistan
  • OFAC’s update to a guidance on ransomware payments and the associated sanctions risk
  • the Executive Order in relation to Ethiopia threatening sanctions against elements of the local and national governments, and groups engaged in conflict
  • OFAC enforcement actions in the month of September involving financial institutions.

Expert Speak: Panel Discussion on Suspicious Transaction Reporting for Life Insurance and Reinsurance

Course Duration: 92 minutes
Course Points: 90

This panel discussion took place at the conference AML/CFT Controls in the Insurance Sector, held virtually from September 28-29, 2021. This panel was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services. The panelists included Chaitanya Shukla, Additional Director, Financial Intelligence Unit, India, Nicholas Turner, Of Counsel, Steptoe & Johnson, Hong Kong, Jane Lee, Senior Business Solutions Consultant, LexisNexis Risk Solutions, Singapore, Phong Le, Head of Risk, Compliance & AML, Novaland Group, Vietnam and Nithi Genesan, Director of Compliance, Argus Global, Singapore.

Sanctions Monthly Update – September 1, 2021

Course Duration: 10 minutes
Course Points: 10

In this month’s Sanctions Update, international sanctions lawyer Nicholas W. Turner, Of Counsel, Steptoe & Johnson LLP summarises the latest developments around economic sanctions in August, including:

  1. Updates on developments in Afghanistan
  2. Postponing of measures to incorporate the Anti-Foreign Sanctions Law into the Hong Kong law
  3. Belarus-related co-ordinated sanctions
  4. Potential developments in Australia following an announcement by the Ministry of Foreign Affairs
  5. Two OFAC settlements targeting foreign financial institutions operating in the UK and Romania

Sanctions Monthly Update – August 5, 2021

Course Duration: 7 minutes
Course Points: 5

International sanctions lawyer Nicholas W. Turner, Of Counsel, Steptoe & Johnson LLC provides a round-up of the latest developments around economic sanctions in July and early August.

In this monthly update, as of August 4, 2021, Nick covers:

  1. The developments around the US-China relationship, especially relating to Hong Kong
  2. New sanctions by the US government in Cuba under the Global Magnitsky Act
  3. SDNs designated in Syria and Myanmar in July by the OFAC
  4. Key learnings from two settlements issued by the OFAC in July relating to a Swedish manufacturer and an online payments company in the US.

Expert Speak: Nicholas Turner, Steptoe & Johnson LLP

Course Duration: 31 minutes
Course Points: 30

Nicholas Turner, Of Counsel, Steptoe & Johnson LLP speaks about Economic Sanctions in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Sanctions Monthly Update – July 12, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in June and early July 2021.

Updates covered by Nick:

  • Passage of the Anti-Foreign Sanctions Law by the National People’s Congress Standing Committee in China
  • US government package on Xinjiang related measures focused on the solar industry and Withhold Release Order issued by the Customs and Border Protection
  • Updates on coordinated sanction on Belarus including sectoral sanctions imposed by the European Union
  • New set of sanctions imposed by the UK, European Union, Switzerland and the US on Myanmar
  • General licenses issued by OFAC in June for Covid-19 relief specifically in Venezuela, Iran and Syria

Sanctions Monthly Update – June 4, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in May 2021.

Updates covered by Nick:

  • Amendment to Executive Order 13959 around Communist Chinese Military Companies (CCMCs)
  • Co-ordinated action from the US and European Union expected against Belarus
  • The State Administrative Council (SAC) of Myanmar and 16 related individuals sanctioned by OFAC
  • Report issued by the US Treasury Department under section 5B of the Hong Kong Autonomy Act
  • Opinion from the Advocate General of the EU Court of Justice on the interpretation of the EU Blocking Statute in the context of US secondary sanctions on Iran

Webinar: Effective Implementation of Targeted Financial Sanctions in Zambia

Course Duration: 72 minutes
Course Points: 70

Fintelekt Advisory Services and the Financial Intelligence Centre, Zambia hosted a webinar on Effective Implementation of Targeted Financial Sanctions on May 20, 2021.

The webinar was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services and the speakers were Diphat Tembo, Director – Compliance and Prevention Department, Financial Intelligence Centre, Zambia, Nicholas W. Turner, Of Counsel, Steptoe & Johnson and Brent Estrella, Group Head & Chief Compliance Officer, Rizal Commercial Banking Corporation.

The webinar was designed as an educational and awareness generation initiative for reporting entities in Zambia. In order to comply with, and effectively implement the domestic regulations around targeted financial sanctions, as well as help the country to stay compliant with international standards, reporting entities in Zambia must stay current on financial sanctions and be able to understand the impact of these sanctions to their present compliance program.

The webinar speakers brought the following issues to the fore:

– Improving awareness on the obligations around targeted financial sanctions in Zambia
– Understanding the challenges faced by reporting entities in implementing the requirements on targeted financial sanctions
– Best practices around screening
– The importance of employee training to detect potential offences
– How reporting entities are misused and what type of services or products are most vulnerable for the purpose of the potential breach, non-implementation or evasion of targeted financial sanctions
– Examples of indicators to identify risks linked to terrorism and proliferation financing

Participants from Zambia who attended this webinar live are entitled to receive a participation certificate. If you have already registered on Fintelekt Academy, the certificate will be sent to your registered email id on or before Friday, May 28, 2021.

Expert Speak: Nicholas Turner, Steptoe & Johnson

Course Duration: 23 minutes
Course Points: 20

The Philippines is exposed to targeted sanctions risks from specially designated nationals (SDNs) blocking sanctions for specific terrorist groups operating in the Philippines, and comprehensive sanctions risks from Iran, North Korea and Cuba in particular due to trade relationships with these countries. In this regard, the speaker talked about the importance of having KYC controls, verifying beneficial owners and having effective name screening and re-screening in place. Intermediaries must, in addition,
review shipping documents, track vessels and consider red flag indicators.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Sanctions Monthly Update – May 6, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in April and the first week of May 2021. 

Learn about:

  • Preliminary injunction in favour of Chinese company Luokung Technology
  • Russia-related sanctions package under Executive Order 14024 and Directive 1
  • Sanctions on Myanmar military entities
  • UK government’s Anti-Corruption Sanctions Regime
  • Recent OFAC sanctions enforcement cases
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