August Sanctions News

Continuing our monthly Sanctions news series, we bring you significant developments in August. Our service empowers Compliance Officers and Chief Compliance Officers to keep up with Sanctions landscape changes at the designation level and, most importantly, to understand the intentions and objectives behind such measures. Keeping up with the latest developments can bring long-term benefits to an organization.

In August, there were noteworthy events globally that impacted sanctions compliance. We summarize all the relevant circumstances and provide links to primary sources for more in-depth research so you can stay ahead and mitigate risks to your business operations.

In August, we have seen the following events:

3 August 2023

The European Council expanded the scope of its sanctions against Belarus and designated more individuals and entities under its sanctions regime.

The new sanctions include restrictions on the exportation of goods and technology suited for use in aviation and the space industry, prohibition of the sale, supply, transfer, or export of firearms, and expanded restrictions on exporting dual-use goods and technology to Belarus. (source)

4 August 2023

Office of Foreign Assets Control (OFAC) will not renew General Licenses issued for the wind-down activities related to recently designated Burmese banks, Myanma Foreign Trade Bank, and Myanma Investment and Commercial Bank. (source)

Also, on this date, the OFAC amended the Mali Sanctions Regulations and reissued them in their entirety. (source)

7 August 2023

France imposed asset-freezing sanctions on an individual under the country's autonomous counter-terrorism sanctions regime. (source)

9 August 2023

The OFAC imposed asset-freezing sanctions on three Sinaloa Cartel members involved in the illicit trafficking of fentanyl and other deadly drugs. (source)

10 August 2023

The United States, United Kingdom, and Canada imposed asset-freezing sanctions on the former governor of Lebanon’s central bank, Riad Salameh, and some of his close associates, who enriched themselves at the expense of the Lebanese people. (sources 1, 2)

16 August 2023

Czechia adds Russian individuals to autonomous sanctions list. (source)

Security Council 1718 Sanctions Committee Amends Nine Entries on Its Sanctions List. (source)

23 August 2023

The OFAC expands Burma sanctions and makes designations. (source)

24 August 2023

New Zealand designates individuals and entities under Russia's sanctions regime, including 13 individuals with roles in the forced relocation of Ukrainian children. (source)

Canada designated 4 individuals and 29 entities with ties to Russia’s military-industrial complex, financial, and nuclear sectors. (source)

30 August 2023

The Security Council failed to renew the travel ban and asset freeze imposed through resolution 2374 (2017) against individuals and entities obstructing the implementation of the 2015 Agreement on Peace and Reconciliation in Mali. (source)

Stay informed and ahead of the curve in the dynamic world of sanctions

As a Compliance Officer or Chief Compliance Officer, understanding the latest sanction developments is vital to mitigating the risk of non-compliance in your organization.

Take advantage of our monthly update articles, summarizing the most noteworthy events in sanctions with links to primary sources for further research.

Contact us at info@pst.ag for more information.