A Massachusetts financial services firm agreed to pay a nearly $7.5 million penalty after the Office of Foreign Assets Control accused its subsidiary of revising dates on invoices to skirt certain financial restrictions on dealings in new Russia-related debt. OFAC said the company’s 38 violations of the Ukraine-/Russia-Related Sanctions Regulations involved more than $1.2 million worth of invoices for companies owned by Russia’s Sberbank and VTB Bank.
The European Commission on July 24 updated its consolidated list of frequently asked questions on its sanctions regimes for Russia and Belarus. The new FAQs update guidance on how sanctions impact depositary receipts, asset swaps, data sharing, advisory services, and more.
The U.K. Solicitors Regulation Authority reported two "suspicions of breaches of the Russia Sanctions regime" to the U.K.'s Office of Financial Sanctions Implementation in the past year, the body said in its annual report for the year that ended April 5. The authority said the breaches involved "firms facilitating transactions" of more than $386,000. The report didn't provide more details.
The Senate Appropriations Committee unveiled and approved an FY 2025 Commerce-Justice-Science Appropriations Bill July 25 that would provide $206 million for the Bureau of Industry and Security, $17 million below the Biden administration’s request but $15 million above the FY 2024 enacted level and $19.3 million above what the House Appropriations Committee has proposed (see 2403110065 and 2406250035).
U.S. intelligence agencies are warning American emerging technology startups about the risks of accepting certain foreign investments, saying “foreign threat actors” from China and elsewhere are using those investments as a guise to steal sensitive technology.
The EPA is finalizing amendments to hazardous waste manifest regulations and to hazardous waste electronic manifest (e-Manifest) regulations under the Resource Conservation and Recovery Act (RCRA), it said in a notice in the Federal Register. The agency says these actions should increase the utility of the e-Manifest system, reduce administrative burden and improve tracking of hazardous waste shipments.
Australia this week announced Magnitsky-style human rights sanctions against seven Israelis and one entity for violence against Palestinians in the West Bank. The designations target Yinon Levi, Zvi Bar Yosef, Neria Ben Pazi, Elisha Yered, David Chai Chasdai, Einan Tanjil, Meir Ettinger and Hilltop Youth, according to Australia's updated sanctions list. Australia said Hilltop Youth is “responsible for inciting and perpetrating violence against Palestinian communities.”
The Office of Foreign Assets Control this week sanctioned the Lopez Human Smuggling Organization, a Guatemala-based transnational criminal organization. OFAC said the group helps move migrants through Mexico and into the U.S., and has relied on several U.S. banks and money service businesses to “receive payment from the family members of those being smuggled and to pay other members of the organization.” Along with the sanctions, DOJ charged 19 members of the group for their involvement in human smuggling.
The U.S. sanctioned the Congo River Alliance, also known by its French name Alliance Fleuve Congo, a coalition of rebel groups that the Office of Foreign Assets Control said is looking to overthrow the government of the Democratic Republic of Congo. The agency also sanctioned Corneille Yobeluo Nangaa, who founded the alliance, along with Bertrand Bisimwa, the president of the March 23 Movement (M23), a Rwanda-backed rebel group and member of the alliance. Also sanctioned was Twirwaneho, another member group of the alliance and its commander Charles Sematama.
Sen. Chris Van Hollen, D-Md., questioned a senior Bureau of Industry and Security official this week about whether the agency would consider using its foreign direct product rule to impose more license restrictions on foreign exports of advanced chipmaking equipment to China.