Summary: Part II draws on recent enforcement actions to illustrate how OFAC applies this approach in practice. It highlights the heightened expectations placed on professional service providers and explains why ownership screening alone can no longer be treated as a complete compliance exercise.
Continue Reading How OFAC’s Latest Guidance Changes the Sanctions Compliance Landscape – Part II
Summary: The 50% ownership rule has always been the cornerstone of sanctions compliance offering apparent certainty to entities navigating complex cross-border transactions. However, in recent years, global regulators have started looking beyond the ownership percentage, scrutinizing effective control and influence to determine sanctions exposure. This piece examines the evolving sanctions landscape across the US, UK & EU and provides Indian businesses with a practical, risk-based compliance framework to align with international enforcement expectations.
Continue Reading Sanctions Compliance Beyond the 50% Rule: A Practical Guide for Indian Businesses
The ongoing tensions surrounding the Russia-Ukraine conflict have led to significant geopolitical shifts, particularly in the realm of international sanctions. In response to Russia’s military invasion of Ukraine, the United States (U.S.) had implemented a series of sanctions to curtail Russian influence and capabilities. A pivotal moment in this effort was the issuance of Executive Order 14024 (“EO 14024”) on April 15, 2021, by President Joe Biden.
Continue Reading Ripple Effect of Sanctions: How US Measures against Russia affect Indian Businesses