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Last week's major developments in sanctions - July 1st, 2024, to July 5th, 2024

Monday, July 1
  • OFAC imposed blocking sanctions on three individuals related to Sinaloa Cartel under its Counter-Narcotics sanctions program. (Here, and the Department of the Treasury's Press Release)

  • OFSI issued General License INT/2024/4881897 which allows those designated by the OFSI to pay their dues (including taxes) to the revenue authorities in the UK. (Here)

  • BIS published an updated version of Don’t Let This Happen to You!, a summary of case examples highlighting BIS criminal and administrative enforcement efforts. (Here)

Tuesday, July 2
  • The EU Commission published frequently asked questions on vessels targeted as part of the 14th EU sanctions package. (Here)

  • BIS added six entities in China, South Africa, the UAE, and the United Kingdom to its Entity List. (Here)

Wednesday, July 3
  • OFSI issued General License INT/2024/4907888 which allows for the processing of payments related to visa applications made by sanctioned persons. (Here)

  • OFSI also issued General License INT/2024/4919848 for sale, divestment and transfer of financial instruments held by the NSD and payment of safe keeping fees to the NSD. (Here)

  • In line with the recent update to OFAC's advisory for foreign financial institutions which largely expanded the scope of "secondary" sanctions against Russia, OFAC added the following language,"Secondary sanctions risk: See Section 11 of Executive Order 14024," to hundreds of SDN and SSI entries that had been added to the SDN list with [RUSSIA-EO14024] tag. (Here)

Thursday, July 4
  • No major development happened on this day.

Friday, July 5
  • OFAC published OFAC Guidance: Production Submission Standards. It encourages persons providing responses to administrative subpoenas, requests for information, disclosures, and especially for submissions that may entail voluminous documentation to follow the Guidance. (Here)

Recommendation for the week
  • Sanctions Expert Tool is out. Last week we published the first web version of the tool and you can try it here: Sanctions Expert Tool. We love to receive your feedback as we are improving the tool. Next on our roadmap is the mobile version and API documentation for the tool.


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