Sanctions Regimes Flashcards
What are the categories of EU sanctions programs?
- those adopted by EU and UN
- thematic overviews (chemical weapons, cyberattacks, terrorism)
- country
- measures (arms embargoes, asset freezes, embargoes on dual use goods)
What are key differences in EU sanctions and US sanctions?
- EU sanctions must be reviewed and renewed at periods no longer than a yr, and can even be as short as three months; whereas most US sanctions are open ended and remain in force until a decision is made to lift them . Hence EU sanctions faster to respond.
- US sanctions are broader in scope, targeting a much wider range of goods and many more persons
- US sanctions may be extra territorial whereas EU sanctions prohibit extraterritoriality
- US sanctions do not include entities controlled by a sanctioned target. EU sanctions include entities controlled by a sanctioned target.
What is a general license?
Available to all persons authorising the performance of certain categories of transactions, and the transacting persons under the licenses do not necessarily require approval from the licensing agency beforehand. Eg. Pistachios and carpets from Iran
What is a specific license?
Allow for transactions that are otherwise prohibited and must be peesented with the licensed transaction. A request must be submitted for a specific license from OFAC. Subject to appeal to US federal court.
Why does EU distinguish btw economic resources and consumptive use?
Owing to their consumptive nature and lack of transferability.
What are the Export Administration Regulations?
A set of regulations administered and enforced by the BIS, a division of the US Department of Commerce. They apply specifically to physical goods or commodities such as technology, software, and other items subject to export controls.
What is the Export Control Joint Unit?
A UK-based agency responsible for administering licensee for export controller goods (military and dual use) that might otherwise be involved in an embargo.
What is the difference between primary and secondary sources?
Primary sources of info provide direct evidence abt a sanction or a sanctions target. Examples of primary sources include sanctions instruments, sanctions lists, trade activity lists, and transaction activity.
Secondary sources include corporate registers, third party databases and media publications.
The UNSC has set eome key criteria for targeting individuals and entities. Which of the following scenarios is most likely to result in the imposition of SC sanctions against an entity?
Violating human rights.
The EU makes general exceptions for acts that are personal in nature. True or false?
True
US sanctions require periodic evaluation and renewal. True or false?
False
The UN has the most sanctions regimes. True or false?
False
What does the EU sanctions regimes comprise of?
All sanctions imposed by the Common Foreign Security Policy Council and published in the Official Journal of the EU, and all sanctions imposed by the UN Security Council.
What is the following is an important difference between AML regulations and sanctions?
In most cases, sanctions have an immediate legal effect, and AML regulations do not.
Would transshipment be legal when a company ships goods through a sanctioned country but the goods have no end use or end user in that country?
No
