Geopolitical and geoeconomic tensions between China and the US remain high. This session explored the use of export control and other national security measures by competing regimes, drawing on perspectives from the US, China, the EU, the UK, Japan, and Taiwan. The session began with an overview of US national security policies towards China and recent efforts to regulate the flow of capital and data. This was followed by insights from China on retaliatory measures,…
From 14 May 2025, certain additional businesses are now subject to mandatory sanctions reporting obligations as changes to the definition of ârelevant firmsâ for financial sanctions reporting purposes come into force. Consequently, High Value Dealers (HVDs), Art Market Participants (AMPs), Letting Agents and Insolvency Practitioners are now legally required to report to OFSI whether they have knowledge or reasonable cause to suspect the presence of sanctioned parties, or suspected financial sanctions breaches. These obligations were…
On January 10, 2025, in a multilateral sanctions action, the US, Canada, EU, and UK sanctioned various Venezuelan individuals linked to the Venezuelan government and prominent state-owned entities. US Sanctions The US Treasury Department’s Office of Foreign Assets Control (“OFAC”) designated eight Venezuelan individuals as Specially Designated Nationals pursuant to Executive Order 13692, including the president of the Specially Designated National state-owned petroleum company, Petroleos de Venezuela, S.A., (PdVSA), the Venezuelan Ministry of Transportation and…
On 8 January 2025, the UK Government announced the forthcoming launch of a new sanctions regime targeting irregular migration and organised immigration crime, expected to come into force in 2025. The UK Government explained, in an 8 January press release, that this new sanctions regime is designed to target organised immigration networks operated and utilised by people smugglers, with the goal of deterring smugglers and stemming their financial flows at their source. This forms part…