Sanctions

Sanctions

Myanmar Grants Exemptions to FX Conversion Rule Ban

By Editors | 17/06/2022

Myanmar is granting granted an exemption to select companies involved in FDI approved by the Myanmar Investment Commission.

AML / KYC

UK OFSI Gets Stronger Powers to Punish Sanctions Breaches

By Editors | 16/06/2022

OFSI will no longer have to prove a person had knowledge or reasonable cause to suspect they were in breach of sanctions to impose a civil penalty.

AML / KYC

Russia Launches Blockchain-Based Alternative to SWIFT

By Editors | 14/06/2022

Russian state-owned firm Rostec said the blockchain-based platform will allow settlements in national currencies and eliminate the risk of sanctions.

AML / KYC

OFAC Blocks Secondary Market Trading in Russian Debt, Equity

By Editors | 12/06/2022

To date, only the purchase of new issues has been prohibited, and trading in secondary markets has still been allowed.

Crypto / Digital Assets

NYDFS Issues Regulatory Guidance for Stablecoin Issuers

By Editors | 09/06/2022

The guidance outlines criteria specifically addressing stablecoin redeemability, asset reserve requirements, and independent audit requirements.

AML / KYC

DOJ Calls for Stronger International Cooperation on Crypto Crime

By Editors | 08/06/2022

The paper says the US should help foreign nations develop the tools, technical expertise, and infrastructure necessary to conduct complex crypto-related investigations.

Crypto / Digital Assets

US Senators Propose Regulatory Framework for Crypto Assets

By Manesh Samtani | 08/06/2022

The CFTC would be granted authority over crypto spot markets, based on the understanding that “most digital assets are more similar to commodities than securities”.

AML / KYC

US to Seek New UN Sanctions if DPRK Tests Nuclear Weapon

By Editors | 03/06/2022

The US tried to impose new UN sanctions on North Korea last week but the resolution was vetoed by China and Russia.

AML / KYC

US Issues New Russia Sanctions, EU Approves 6th Package

By Editors | 02/06/2022

The US is targeting more Russian government and business officials and technology. The EU approved an embargo on seaborne oil imports.