INSIGHT: Compliance and AML problems were early signals of major issues at failed banks, SVB and Signature

Regulatory Watch News

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  Treasury Sanctions Georgian Ministry of Internal Affairs Officials for Brutality Against Protesters, Journalists, and Politicians

  OFAC

  December 19, 2024

  WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning two Georgian officials from Georgia’s Ministry of Internal Affairs which has engaged in brutal crackdowns on media members, opposition figures, and protesters — including during demonstrations throughout 2024. These officials are being sanctioned under Executive Order (E.O.) 13818 (Global Magnitsky), following the September 16, 2024 sanctions of two other Georgian Ministry of Internal Affairs officials. This action was coordinated with the United Kingdom, which today designated five individuals responsible for human rights violations in Georgia.

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  Financial sanctions update: Belarus

  OFSI

  December 19, 2024

  On 19th December 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. The following entry has been amended under the Belarus financial sanctions regime and is still subject to an asset freeze:

  • Mikail Safarbekovich Gutseriev (Group ID: 14131)

  OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.

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  Oman’s measures to combat money laundering and terrorist financing

  FATF

  December 19, 2024

  Paris, 19 December 2024 - Oman has significantly improved its legal, operational and supervisory framework on anti-money laundering and countering terrorist financing (AML/CFT) in recent years through robust technical compliance with the FATF Recommendations. Oman is achieving positive results in the use of financial intelligence, international cooperation, combating terrorist financing and implementing financial sanctions for proliferation financing. However, in some areas, more time and effort are needed for measures and reforms introduced to impact the effectiveness of Oman's AML/CFT system.