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Last week's major developments in sanctions - July 3rd to July 7th, 2023

Monday, July 3

  • OFSI updated its Russia Guidance to reflect the recent prohibition on the provision of Legal advisory services to Russia. (Here)

  • Do not forget to file an Annual Blocked Property Report by the end of September if you had blocked assets this year (the cut-off is June 30, 2023). (OFAC's Reminder)

Tuesday, July 4

  • France imposed asset-freezing sanctions on one individual under its autonomous counter-terrorism sanctions regime. (Here)

  • OFSI extended its Syria General License (General Licence INT/2023/2711256) by six months through February 14, 2024. (Here)

Wednesday, July 5

  • There was no major development on this day.

Thursday, July 6

  • OFSI imposed asset-freezing sanctions on eight individuals and five entities in Iran that are responsible for human rights abuses. The UK's Foreign Secretary also announced that the UK will add new designations grounds under its Iran Sanctions Regime to target the following activities: (here, press release)

    1. The Iranian regime’s activities undermining peace, stability, and security in the Middle East and internationally;

    2. The use and spread of weapons or weapons technologies from Iran;

    3. The Iranian regime’s undermining of democracy, respect for the rule of law, and good governance; and,

    4. Other hostile activities towards the UK and our partners emanating from the Iranian regime, including threats to our people, property, or security.

Friday, July 7

  • There was no major development on this day.

Recommendation of the Week

  • The Association of Certified Financial Crime Specialists is hosting an online day-long free webinar on Web3, Crypto, and Fintech Compliance Virtual Symposium. Check it out here and sign up if interested.


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