Financial institutions face an increasingly complex sanctions compliance environment. Sanctions are increasingly emerging at the forefront of compliance agendas given the proliferation of new restrictions and counter-measures, together with increasingly aggressive enforcement action extra-territorially. This is impacting both financial institutions and their clients, leading to expectations for more robust compliance programs for both. This has been acutely felt most recently in the Middle East following the USD 100 million sanctions fine against a Dubai based…
The Baker McKenzie International Commercial and Trade team is delighted to invite you to watch our pre-recorded webinar on the latest developments in relation to sanctions against Belarus, as at 10 December 2021. The webinar covers sanctions measures imposed against Belarus by the US, the EU, the UK, Canada and Switzerland, with a particular focus on the most recent measures announced in December 2021, in response to the migration crisis on the Belarus/EU border. The…
On November 10, 2021, President Biden signed the Reinforcing Nicaragua’s Adherence to Conditions for Electoral Reform Act (“the RENACER Act”) into law, which calls for increased sanctions against Nicaragua. This followed November 7 elections in Nicaragua that allowed President Daniel Ortega to stay in power for a fourth consecutive term. President Biden had issued a statement referring to the November 7 elections as “a pantomime election that was neither free nor fair.” The RENACER Act…
On 15 October 2021, the Dutch Minister of Foreign Affairs announced that the Dutch government has revised its licensing policy for exports of military-related items to Turkey. This policy covers both military items within the meaning of the EU Common Military List and dual-use items in case of a military end-use. The changes were announced in a letter to Dutch Parliament (available here, in Dutch). The revised policy relaxes the very strict policy that has…