The Export Control & Sanctions Watch is a comprehensive, up-to-date resource that delivers the latest export control, sanctions, and AML updates, essential for customs professionals to maintain compliance and effectively manage trade risks.
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Dear Reader of the Export Control & Sanctions Watch
This week's edition of The Export Control & Sanctions Watch covers essential updates in Anti-Money Laundering (AML), including a detailed introduction to AML's significance in export compliance, and key guidance such as the Beneficial Ownership Reporting Outreach and Education Toolkit, aimed at assisting small businesses.
Several blogs dive into critical AML topics like compliance challenges, KYC risk ratings, and the EU's creation of a new AML authority, providing thought leadership on how to maintain robust AML frameworks.
The UK has introduced a new Standard Individual Export Licence (SIEL) application portal, covering various licenses, including those related to sanctioned destinations like Russia and Iran. Additionally, the US has renewed export privilege denials for three Russian airlines due to ongoing violations of export regulations. Resources for export control professionals are highlighted, offering guidance on UK SIEL applications and US export control lists.
In sanctions updates, the G7 released new guidance to prevent Russian sanctions evasion, while the US updated corporate compliance guidance, emphasising proactive risk management. Sanctions have been imposed on leaders of Colombia's Clan del Golfo and Mexican entities involved in drug trafficking. Other significant developments include the UK updating sanctions against Iran and Guinea-Bissau, and the US addressing IT services and sanctions evasion schemes between Russia and North Korea.