Day: May 11, 2022

On 11 May, OFAC issued revised FAQ concerning prohibitions related to certain accounting, trust and corporate formation, and management consulting services; what is meant by the terms “credit rating services” and “auditing services; and what is meant by the terms “accounting,” “trust and corporate formation services,” and “management consulting” sectors of the Russian Federation economy.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220511_33

https://home.kpmg/us/en/home/insights/2022/05/tnf-united-states-updates-russia-related-faqs.html

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A news release from the Electronic Transactions Association (ETA) and other bodies on 11 May advised of the release of a set of best practices for AML/CFT compliance programmes.  It is said that the Best Practices reflect the MSB industry’s commitment to ensuring a safe and compliant environment for providing non-bank financial services amid rapidly evolving threats to the US financial system.

https://www.prnewswire.com/news-releases/leading-msb-industry-associations-unveil-anti-money-laundering-best-practices-301544792.html

https://c212.net/c/link/?t=0&l=en&o=3532246-1&h=2438088042&u=https%3A%2F%2Fwww.electran.org%2Fwp-content%2Fuploads%2FMSB-Best-Practices-v29-5.6.22-FINAL.pdf&a=Best+Practices+for+U.S.+Money+Services+Businesses%3A+Anti-Money+Laundering+and+Counter-Financing+of+Terrorism+(AML%2FCFT)+Compliance+Programs.

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On 9 May, an article from Irish law firm Matheson sets out to explain what it is, its uses and legal challenges.

https://www.matheson.com/insights/detail/what-is-blockchain-and-what-are-the-legal-challenges

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On 11 May, the European Commission has published a consolidated list of travel bans.  The tool shows who is subject to a travel ban under sanctions measures, and therefore are prevented from travelling to the EU. 

https://www.sanctionsmap.eu/

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