Author

Philippe M. Reich

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On 30 January 2020, the Swiss Federal Council announced the first successful pilot transaction under the proposed Swiss Humanitarian Trade Arrangement (SHTA), a payment mechanism designed to enable the delivery of humanitarian goods to Iran. The SHTA was developed by Switzerland since autumn 2018 with the cooperation of relevant US and Iranian authorities, along with selected Swiss and interested banks.  Once finally agreed and implemented, it will become the first US OFAC-consented humanitarian trade arrangement,…

The Indian Director General of Foreign Trade, Mr Alok Vardhan Chaturvedi, has called upon industry to introduce internal compliance programs (ICP) for export controls. India’s entry into new multilateral export control regimes has presented a number of new opportunities for business, however, Mr Chaturvedi highlighted the responsibilities that are incumbent on Indian industry, which include the adoption and implementation of appropriate ICP. His comments came at the launch of the Federation of Indian Chambers of…

On 25 April 2018, the Swiss Federal Council announced that it once again tightened sanctions against the Democratic People’s Republic of Korea (North Korea) thereby implementing UN Security Council Resolution 2397 (2017). The new provisions entered into force at 6 pm on 25 April. The announcement said: Following the North Korean ballistic missile tests of 28 November 2017, which violated all previous Security Council resolutions, the UN Security Council adopted Resolution 2397 (2017) on 22 December 2017,…