Course Duration: 10 minutes
Course Points: 10
Fintelekt Academy presents the Monthly Sanctions Update as on 7th July 2022 by Peter Piatetsky, CEO and Co-Founder, Castellum.AI.
Sanctions over the past month continue to be dominated by the global response to Russia’s invasion of Ukraine. Countries across the globe are stepping up co-ordination to not only enforce sanctions on Russia, but also identify and freeze assets.
Some of the key developments in the last month include:
- REPO Task Force released a statement announcing USD 30 billion in frozen assets globally to enforce sanctions.
- OFAC has reinforced its commitment to sanctions enforcement and investigating attempts at sanctions evasion.
- The Terrorist Finance Targetting Center (TFTC) member states designated 16 entities and individuals involved in regional terrorism.
- The UK’s Office of Financial Sanctions Implementation (OFSI) can now impose civil monetary penalties on a “strict civil liability basis”.
- The European Union adopted 6th package of sanctions against Russia, which included an import ban for seaborne Russian crude oil.
- The Financial Action Task Force (FATF) limited Russia’s membership as a result of it’s invasion of Ukraine.