Office of Foreign Assets Control (OFAC) Regulations The Office of Foreign Assets Control (OFAC) is the financial intelligence and enforcement agency of the United States Treasury Department. OFAC imposes sanctions about the matters of economy and trade by taking US foreign policy and national security goals as the reference. The sanctions are applied to those [...]
A Brief Summary on 5th AML Directive of EU The 5th Anti-Money Laundering (AML) Directive (Directive (EU) 2018/843), which is the successor of the 4th AML Directive, was published on 19 June 2018 in the Official Journal of the European Union. The due date for the full adoption of the new Directive by [...]
Qatar Financial Centre Regulatory Authority (QFCRA) In a recent decision made in December 2019, QFCRA strengthened audits of QFC certified companies for non-compliance with corporate governance guidelines and financial penalties for the organization's senior management and board of directors. Subsequent appeals to the QFC Regulatory Court have reduced fines for non-compliance, but QFCRA is a [...]
Anti-Money Laundering (AML) Watchlist Screening What is AML (Anti-money laundering) watchlist screening?Watchlists are databases, including checks against suspected terrorists, money launderers, fraudsters, or PEPs (Politically Exposed Persons). They are being kept internationally at governmental levels relating to the information gathered at the governmental level, law enforcement, international, and regulatory databases about prohibited individuals or corporations [...]
Sanctions Regime in UK Sanctions regime in UK is restrictive measures aimed at achieving national security or foreign policy goals. The UK implements and enforces sanctions imposed by the United Nations and under the UK's internal sanction regime. The UK has attempted to transfer the political objectives of the EU's pre-Brexit sanctions regime under the [...]
UAE Sanctions Regime in UAE The United Arab Emirates (UAE) has complex sanctions based on various sources. UAE sanctions regime in UAE is based on a variety of interests, including political, economic and national security interests. Due to the rapidly changing nature of these benefits, penalties can change continuously and significantly. UAE sanctions regime in [...]
Private Sanctions Lists Proper application of economic sanction lists are essential to achieve the goals of the Common Foreign and Security Policy, and above all, to help prevent terrorism financing. The imposition of fines is an obligation of both the public and private sectors. In this regard, the EU has special responsibilities to credit and [...]
Financial Crimes Enforcement Network (FINCEN) The Financial Crimes Enforcement Network is an office of the United States Department of the Treasury and operates a network of financial transaction analysis to detect and prosecute financial crimes. This includes preventing money laundering and combating terrorism financing and applies to national and international affairs. FINCEN was established in [...]
5TH AML Directive (5AMLD) of European Union Definition of 5th AML DirectiveThe 5th Anti-Money Laundering (AML) Directive of the European Union (EU) is a legislation that came into force in January 2020 in order to fortify the fight against money laundering and terrorist financing by increasing transparency. The 5th AML Directive enables public access to [...]
Sanctions Regime in USA Iran has been subject to sanctions from various countries and international organizations since the hostage crisis in 1979. However, restrictions increased significantly after 2010 and, sanctions regime in USA has been one of the hottest topics of the international community lately. The primary concern of the international community is to ensure [...]
