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Last week's major developments in sanctions - May 6th, 2024, to May 10th, 2024

Monday, May 6
  • France imposed asset-freezing sanctions against three individuals and seven entities under its autonomous sanctions regime. (Here)

  • OFAC removed Sberbank (Switzerland) AG from its SSI list. (Here) For context, the owners of the bank in Switzerland agreed to sell the bank to Geneva-based m3 Groupe Holding SA back in September 2022. (Here)

  • The U.S. Department of State imposed visa restrictions (a type of sanctions) on executives of several Colombian transportation companies moving migrants by sea. (Here)

  • OFAC launched its new Sanctions List Service (SLS). The new service is intended to provide a better user experience. (Here)

Tuesday, May 7

Wednesday, May 8
  • FinCEN issued a new advisory on Iran-backed terrorist organizations. The Advisory highlights how certain terrorist organizations receive support from Iran and describes several typologies these terrorist organizations use to illicitly access or circumvent the international financial system to raise, move, and spend funds. It introduces a new key term, IRANTF-2024-A001, for SARs filed in relation to this advisory. (Here)

  • OFAC issued an interim final rule amending parts of the Reporting, Procedures, and Penalties Regulations. (Here) To know more see this post: Amir Fadavi on LinkedIn: Revised sections of 31cfr501

Thursday, May 9
  • BIS added 37 entities to the Entity List. 22 of those entities were added for their participation in the People’s Republic of China’s (PRC) quantum technology advancements and for acquiring or attempting to acquire U.S.-origin items to enhance the PRC’s quantum capabilities. Four entities were added for acquiring or attempting to acquire U.S.-origin items to be used by the PRC’s military for its unmanned aerial systems (UAS). Eleven entities were added under the destination of PRC for their involvement in China's High Altitude Balloon program. (Federal Register Notice, press release)

Friday, May 10
  • OFAC issued a new general license which extended the authorization for transactions involving Petróleos de Venezuela, S.A. (PdVSA) necessary for the limited maintenance of essential operations in Venezuela or the wind-down of operations in Venezuela for certain entities. (Here)

Recommendation for the week


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