In today’s edition of Daily Compliance News:
· Airbnb settles Cuba trade sanction case. (WSJ)
· Danske Bank builds out its compliance function. (WSJ)
· How much does outdated data protection cost a business? (Reuters)
· Why perform DD pre-acquisition. (Reuters)
Tag: trade sanctions
DOJ sentences an owner of a Russian energy company for U.S. trade sanctions evasion.
The US sanctions an international oil smuggling network for acting as intermediary to support Iran’s illicit activities. The Kitchen is there to take a closer look.
Brian and Tim check in on a wide range of topics, including the newly issued Hong Kong Business Advisory, the U.S. response to the crackdown in Cuba, the fate of Nord Stream 2, and the (possibly dimming?) prospects for JCPOA 2.0. Then, in the Lightning Round, we spend a few minutes sharing our thoughts on the first six months of sanctions and export controls enforcement activity under the Biden administration.
Subscribe * Apple Podcasts * Spotify * Amazon Music * Google Podcasts * Stitcher
Questions? Contact us at podcasts@milchev.com.
EMBARGOED! is not intended and cannot be relied on as legal advice; the content only reflects the thoughts and opinions of its hosts.
Timestamps:
0:10 Introduction and Roadmap
The Rundown
4:30 Hong Kong Business Advisory
14:38 The Cuban People Rise Up… and Sanctions Follow
27:34 U.S.-Germany Agreement on Nord Stream 2
39:10 The Latest on JCPOA 2.0
52:45 Lightning Round: Early Trends in Biden Era Enforcement
1:05:55 Final Thoughts
***Stay sanctions free.***
This episode takes a look at EU’s declaration that it is moving forward with the Brexit Adjustment Reserve. We also touch on the recent SAP settlement with the US government in connection with the US sanctions regime.
In this episode Jonathan Armstrong and Tom Fox are back to discuss issues relating to data privacy, data protection and GDPR. Today, we conclude a 3-part series on issues relating to GDPR after Brexit. They include data protection, data transfer and issues related to trade sanctions, AML and export control. In this episode we consider trade sanctions, anti-money laundering and export control after Brexit.
Resources
Check out the Cordery Compliance Client alert on the data transfer after Brexit here.
Check out the Cordery Compliance, client alert on this topic, click here. For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.
Ever wonder how the sausage is made around economic and trade sanctions? What is the process for persons and companies to be put on the sanctioned lists? Then this is the podcast for you as I am joined by Eric Lorber.
Eric is a vice president at K2 Intelligence Financial Integrity Network, where he advises global financial institutions on issues related to sanctions and anti-money laundering/combating the financing of terrorism compliance. Prior to re-joining FIN, Eric was a senior advisor to the Under Secretary for Terrorism and Financial Intelligence at the United States Department of the Treasury, where he provided strategic guidance on U.S. sanctions and AML/CFT policies. He is also the senior director of the Center of Economic and Financial Power at the Foundation for Defense of Democracies.
Some of the highlights include:
- What is the process for creation of economic sanctions?
- How does an individual or corporation go on the economic sanctions list?
- What is the role of the DOJ?
- Who at Treasury leads the effort?
- What is the process for enforcement?
- Why does Treasury have such an ongoing educational effort around sanctions?
In this introductory episode, Compliance Kitchen host Silvia Surnam welcomes you to “See What’s Cooking” in the Compliance Kitchen. The Compliance Kitchen was launched after many moons of texts, calls, chats and coffee outings that went something like this:
- Hey, can my friend call you to see what you think about the Russia and Iran sanctions?
- Where would you find support for that export license requirement? Can I call you?
- Do you have a minute? This compliance lawyer told me that an Executive Order is a suggestion of what a law could be, not an actual law. Is that true?
- So if we are not a US company, we can trade with Cuba, right?
- What are secondary sanctions?
- Say, any chance you would know if facilitation payment was more specifically set (dollar amount, for example) in Mexican anti-corruption law?
- What’s a UBO?
- This GDPR thing, that’s just for Europe, right? And we are Safe Harbor certified, so it doesn’t even apply to us – can we chat?
- At a coffee shop one morning: So, what’s cooking in compliance today?
And so the Compliance Kitchen was born. It is here for those who want to “see what’s cooking” in the never-boring worlds of corporate compliance, white collar crime and global trade. We hope that our selection of topics will be of interest and that official resources will be easier to locate. We also hope that you will feel comfortable in the Compliance Kitchen and read on, finding it enjoyable.
