Day: September 2, 2022

On 2 September, OFAC advised that G7 finance ministers re an intention to place a price cap on Russian crude oil and petroleum products.  OFAC anticipates publishing preliminary guidance on the implementation of the price cap in September.  The preliminary guidance will provide a high-level overview of this mechanism, including how US persons can comply, in advance of formal guidance and legal implementation to be issued at a later date.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220902_33

https://www.bundesfinanzministerium.de/Content/EN/Downloads/G7-G20/2022-09-02-g7-ministers-statement.pdf?__blob=publicationFile&v=7

https://home.treasury.gov/news/press-releases/jy0936

The EU also announced it would abide by the price cap –

https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_22_5327

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On 2 September, HM Treasury advised that Sahir BERHAN had been removed from sanctions lists.  HM Treasury also issued an updated list of those subject to sanctions under the Iraq sanctions regime. On the same day the Isle of Man followed suit.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1102027/Notice_Iraq_020922.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1102026/Iraq.pdf

https://www.gov.im/news/2022/sep/02/financial-sanctions-iraq/

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On 2 September, a Notice from HM Treasury advised that the entry for MCST JSC had been amended, and that for OOO VOLGA GROUP had been corrected.  HM Treasury also issued an updated consolidated list of those subject to state investment bans under the Russian sanctions regime. On the same day, the Isle of Man followed suit.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1102020/Notice_Russia_020922.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1066932/InvBan.pdf

https://www.gov.im/news/2022/sep/02/financial-sanctions-russia/

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On 2 September, following the publication of a mutual evaluation report on Congo, FATF issued an updated consolidated schedule of AML/CFT ratings to date.

http://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf

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On 2 September, FATF published this report following the onsite visit of June 2021 and prepared by the Task Force on Anti-Money Laundering in Central Africa (GABAC) – a specialised institution of the Central African Economic and Monetary Community (CEMAC) and a FATF-style regional body. 

https://www.fatf-gafi.org/media/fatf/documents/reports/mer-fsrb/GABAC-Mutual-Evaluation-Report-Congo-2022.pdf

The ratings for the level of effectiveness are “high, significant, moderate or low”.  Technical compliance ratings are C – compliant, LC – largely compliant, PC – partly compliant, NC – non-compliant or NA – not applicable.

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