Baker McKenzie’s Sanctions Blog published the alert titled Ukraine imposes new set of sanctions against Russia on 1 November 2022. Read the article via the link here . Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Switzerland Subjects Iranian Designated Parties to its Russia Sanctions on 4 November 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC, BIS, and Department of State Issue Alert on the Impact of Sanctions and Export Controls Targeting Russia on 17 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
In June 2022, Glencore, one of the world’s largest commodity traders, pleaded guilty to paying bribes to officials in three West African countries and for failing to prevent agents and employees from doing so in two other African countries. On 3 November 2022, Glencore was sentenced and ordered to pay a record amount of GBP 281 million (consisting of a GBP 182.9 million fine, a GBP 93.5 million confiscation order and GBP 4.5 million in respect of the Serious Fraud Office’s costs).
Baker McKenzie’s Sanctions Blog published the alert titled Switzerland Adds to the Lists of Designated Parties and Territories under its Russia Sanctions on 18 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 17 October 2022, OFSI and OFAC issued a joint statement to reiterate the close working relationship between the two agencies, explaining the rationale behind increased OFSI-OFAC co-operation and how this will manifest in practice. The statement follows a technical exchange attended by OFAC and OFSI in London, which concluded on 13 October 2022.
Baker McKenzie’s Sanctions Blog published the alert titled Canada Announces Additional Sanctions against Russia: 34 Individuals and 1 Entity Designated on 19 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 12 October 2022, the “Administration de l’enregistrement, des domaines et de la TVA” (AED) released on its website several documents regarding the AML/CFT supervision of Luxembourg alternative investment funds (AIFs) that are not supervised by the “Commission de surveillance du secteur financier”. The AED requires Unregulated AIFs to file the “RR/RC identification form” and file the “AIF AML/CFT Questionnaire 2021” for the financial year ending in 2021 by the close of business on 12 November 2022 at the latest.
Modern slavery is an umbrella term for practices which share a common element of force or coercion. The International Labor Organization estimated that, globally, 40.3 million people were working in conditions which could be described as modern slavery in 2016. As a result of the increasingly international reach of modern slavery legislation, many companies with global footprints are modifying their organization to ensure compliance across their business, for example by preparing modern slavery statements which tick off compliance requirements in several jurisdictions. Legislative change is expected in the UK, Canada, and under the EU’s proposed Corporate Sustainability Due Diligence directive.
On 17 May 2022 the German Federal Fiscal Court – which is the Highest court for tax related matters in Germany – gave its final judgement in the (in)famous Hamamatsu case. This proceeding is part of the referral to the European Court of Justice that resulted in a startling – albeit unclear – decision by the ECJ that retroactive TP-adjustments (whether upwards or downwards) are not to be considered in the determination of the customs value.