Day: June 14, 2022

US IMPORTER GUIDANCE AND IMPLEMENTATION OF UYGHUR FORCED LABOR PREVENTION ACT REBUTTABLE PRESUMPTION

On 14 June, KPMG reported that US Customs and Border Protection (CBP) has released guidance to importers to prepare for the implementation of the Uyghur Forced Labor Prevention Act rebuttable presumption that goes into effect on 21 June.

https://home.kpmg/us/en/home/insights/2022/06/tnf-us-importer-guidance-implementation-uyghur-forced-labor-prevention-act-rebuttable-presumption.html

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Which Ports are Receiving the Most Russian Fossil Fuel Shipments?

https://www.visualcapitalist.com/mapped-which-ports-are-receiving-the-most-russian-fossil-fuel-shipments/

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OFAC NEW RUSSIA SANCTIONS GENERAL LICENSE AND FAQ

On 14 June, OFAC issued a new General License 8C authorising transactions related to energy and involving specified Russian financial institutions.  It has also issued several FAQ related to the License.

https://home.treasury.gov/system/files/126/russia_gl8c.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/updated/2022-06-14

https://home.kpmg/us/en/home/insights/2022/06/tnf-us-publication-russia-related-general-license-amended-faqs.html

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UK AMENDS 6 ENTRIES ON THE ISIL/AL-QAIDA SANCTIONS LIST

On 14 June, HM Treasury issued a Notice saying that 6 existing entries on the sanctions list, in the light of the UN amending its list on 27 May.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1082654/Notice_ISIL__Da_esh__and_Al-Qaida_140622.pdf

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EUROPEAN BANKING AUTHORITY PUBLISHES GUIDELINES ON ROLE AND RESPONSIBILITIES OF THE AML/CFT COMPLIANCE OFFICER

On 14 June, the EBA published its Guidelines specifying the role and responsibilities of the AML/CFT compliance officer and of the management body of credit or financial institutions. These Guidelines aim to ensure a common interpretation and adequate implementation of AML/CFT internal governance arrangements across the EU in line with the requirements of the EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. 

https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Guidelines/2022/EBA-GL-2022-05%20GLs%20on%20AML%20compliance%20officers/1035126/Guidelines%20on%20AMLCFT%20compliance%20officers.pdf

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