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Last week's major developments in sanctions - March 13th to March 17th, 2023

Monday, March 13

  • In an administrative move, the EU Council decided to prolong the restrictive measures targeting those responsible for undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine for another six months, until 15 September 2023. (The Decision, press release)

Tuesday, March 14

  • FATF published Countering Ransomware Financing report which analyses the methods that criminals use to carry out their ransomware attacks and how payments are made and laundered. It also proposes a number of actions that countries can take to disrupt ransomware-related money laundering more effectively. Furthermore, it provides a list of potential risk indicators that can help public and private sector entities identify suspicious activities related to ransomware. (Here)

  • The UK's High Court issued a sanctions-related judgment in which the court did not accept the plaintiff's challenge to its listing under the UK's sanctions regime. To read more, read this client alert published by Peters & Peters Solicitors LLP.

Wednesday, March 15

  • OFAC imposed asset-freeze sanctions on three individuals in Bosnia and Herzegovina pursuant to its Balkans-related sanctions program. (Here, the Department of State press release)

  • The Justice Department announced a coordinated international takedown of ChipMixer, a darknet cryptocurrency mixing service responsible for laundering more than $3 billion worth of cryptocurrency, between 2017 and the present, in furtherance of, among other activities, ransomware, darknet market, fraud, cryptocurrency heists, and other hacking schemes. (Here)

  • OFSI updates its enforcement and monetary penalties for breaches of financial sanctions guidance. (Here)

Thursday, March 16

  • There was no major development on this day.

Friday, March 17

  • There was no major development on this day.

The Recommendation of the Week

  • The European Parliamentary Research Service published a report about the EU sanctions on Russia. You can find it here.


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