Author

Philippe M. Reich

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On 27 February 2020, the Swiss Humanitarian Trade Arrangement (SHTA), a payment mechanism designed to enable humanitarian goods to be delivered to Iran, came into effect. The SHTA was developed by Switzerland in close cooperation with the relevant authorities in the USA and in Iran, as well as with selected Swiss banks and companies. The SHTA is available to Swiss firms only. Following the US’s withdrawal from the JCPOA in May 2018, and the subsequent…

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…