Germany Special Report on Export Control Compliance, Export Control in the Fashion Industry, 16th EU Sanctions Package Roadblocks, AML Counterparty Due Diligence Guide.
You can also download the edition below (scroll to very end).
Colleagues,
Welcome to this week’s edition of Export Control & Sanctions Watch, where we provide a comprehensive overview of the latest developments in export controls, global sanctions, and anti-money laundering (AML) regulations.
(If you encounter a download problem, you can download this edition at the end of the page.)
Germany is heading to the polls this Sunday, so we dedicate a blog entry to the largest country in the European Union:
How does Germany regulate dual-use exports, and what are the requirements for compliance? You can also download Germany's ICP in German and English below.
We also have an insightful case study, this time showcasing that even the fashion industry can be affected by export controls. This is an excellent example of how you can never assume that a business segment is unaffected by export controls and sanctions.
The EU approved the 16th package of restrictive measures against Russia, including bans on primary aluminium, sanctions on 73 vessels, and expulsing 13 banks from SWIFT, despite Hungary's veto and ongoing peace talks pushed by Donald Trump. We have the details that you need to know.
The UK reinforced economic pressure on Russia and Belarus, updating its procurement guidance to ban public sector contracts with suppliers from both countries.
Additionally, Spain and the Netherlands intensified enforcement efforts, with Spanish authorities arresting five individuals for unauthorised exports to Russia, while Dutch authorities fined a company €120,000 for violating Crimea sanctions.
Meanwhile, the U.S. expanded its counterterrorism measures, designating eight Latin American criminal organisations, including Tren de Aragua and MS-13, as Specially Designated Global Terrorists (SDGTs), signalling a heightened focus on transnational organised crime.
The UK reaffirmed its commitment to global accountability on the human rights front, maintaining an asset freeze on Eden Levi under the Global Human Rights Sanctions Regulations 2020.
The EU also renewed its restrictive measures framework on Zimbabwe, continuing sanctions on human rights violators but delisting Zimbabwe Defence Industries (ZDI).
Part 4 of our AML Guide, dealing with counterparty due diligence, has been released. Our comprehensive AML guide has published four parts: essential KYC/CDD checks, high-risk indicators, and sanctions screening to ensure compliance in global trade. Take a look.
Have a great read!
Arne
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What else we cover in "The Export Control & Sanctions Watch"
We also provide essential updates on the Uyghur Forced Labor Prevention Act (UFLPA) and its implications, along with comprehensive coverage of AML & Financial Crime regulations, CSDD (Corporate Sustainability Due Diligence) updates, and various Due Diligence matters. This ensures professionals stay informed on the latest developments in anti-money laundering, financial crime prevention, due diligence practices, and forced labor legislation, providing you with the knowledge needed to navigate and comply with evolving regulatory requirements.
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