Monday, February 7th
- The U.S. Department of State publicized the inclusion of the former Honduran President on the United States' Corrupt and Undemocratic Actors list. The listed individuals will not be granted visas (a type of sanctions). (Here)
Tuesday, February 8th
- OFAC issued the Ethiopia Sanctions Regulations following the issuance of E.O. 14046 back in September of 2021. (Here)
- Everyone is talking inflation! OFAC is no exception. OFAC adjusted the maximum amount of the civil monetary penalties that may be imposed by the agency. (Here)
- There was a press release published by the EU Council which led some to believe the Burundi sanction regime of the EU was repealed. However, the press release just mentioned the lifting of some of the restrictions which had suspended direct financial assistance to the Burundian administration or institutions. (Here) The Burundi Sanctions regime established by Council Decision (CFSP) 2015/1763 is still in force.
- The U.S. Department of State imposed travel bans (a type of sanctions) against some current or former Somali officials who are believed to be responsible for undermining the democratic process in the country. (Here)
Wednesday, February 9th
- No Major development on this day.
Thursday, February 10th
- The UK's Parliament passed the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022
which expanded the designations powers of the UK government. (Press release)
Friday, February 11th
- The U.S. President issued an E.O. and blocked the funds belonging to the Afghanistan Central Bank (Da Afghanistan Bank). It is said that part of the blocked fund will be used for sending humanitarian aid to Afghanistan and another part will be used to pay the facilities of the victims of 9/11 terrorist attacks. The U.S. government already filed a statement of interest in an ongoing proceeding before SDNY in this respect. (More to come on this.)
Recommendation of the week
- This week's recommendation is more AML focused: The Department of the Treasury last week issued a study on illicit finance in the high-value art market. In it, the Treasury examined art market participants and sectors of the high-value art market that may present money laundering and terrorist financing risks to the U.S. financial system, and identified efforts that government agencies, regulators, and market participants could undertake to further mitigate the laundering of illicit proceeds through the high-value art market in the United States. (Here)