On 7 March, Superyacht News carried an article featuring comments that that the current sanctions are ‘freezing orders’ not “confiscation orders”, citing French law it says that owners could be construed as committing a criminal offence if they intend, for example, to hide or divest the goods under sanctions, or otherwise breach the sanctions – or seeking remove the assets from the jurisdiction (by sailing it away).
Day: March 7, 2022
OFAC ADDS KATIBAT AL TAWHID WAL JIHAD TO ITS ISIL/AL-QAIDA SANCTIONS LIST
On 7 March, OFAC added this organisation, a militant Jihadist group. It was founded in Jordan in 1999, to its sanctions lists. The US State Department says that the group operates primarily in Idlib Province, Syria and cooperates with other designated terrorist groups. In addition to engaging in terrorist activities in Syria, it has also been responsible for conducting external attacks, such as the Saint Petersburg metro attack in April 2017 which killed 14 passengers and injured 50 others, as well as a suicide car bombing of the Chinese Embassy in Bishkek, Kyrgyzstan in August 2016 which wounded 3 people.
https://www.state.gov/terrorist-designation-of-katibat-al-tawhid-wal-jihad/
https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220307
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FinCEN PROVIDES FINANCIAL INSTITUTIONS WITH RED FLAGS ON POTENTIAL RUSSIAN SANCTIONS EVASION ATTEMPTS
On 7 March, a news release from FinCEN advised that it had released an Alert advising all financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other US-imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine. The Alert provides examples of red flags to assist in identifying suspected sanctions evasion activity and reminds financial institutions of their reporting obligations under the Bank Secrecy Act.
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UN REMOVES 7 NAMES FROM ITS IRAQ SANCTIONS LIST AND 2 NAMES FROM ITS ISIL/AL-QAIDA LIST
On 3 March, the UN published 2 news releases advising of changes to its sanctions lists.
https://www.un.org/press/en/2022/sc14817.doc.htm
https://www.un.org/press/en/2022/sc14818.doc.htm
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KENYA TO BAN CHINESE COMPANY OVER GEOTHERMAL WELLS TENDER FRAUD
On 7 March, the Nation reported that a Chinese company is set to be banned from State tenders in Kenya for falsifying a bank document to secure a multibillion-shilling contract to drill geothermal wells. The Ethics and Anti-Corruption Commission (EACC) said investigations established that Hong Kong Offshore Oilfield Supply and Logistics (HOOSL) had forged a $5.85 million (Sh667 million) performance bond from the Industrial and Commercial Bank of China.
raytodd.blog 