In a recently published report — "The fog of sanctions: Global banks and businesses face unprecedented challenges in applying measures against Russia” — Thomson Reuters examines the current environment in several major jurisdictions, and explains what those jurisdictions are doing to fill gaps exposed by the sanctions regime in anti-money laundering and countering the financing of terrorism (AML/CFT) controls.
While the US has published substantial guidance on the implementation of sanctions against Russia and Russian oligarchs, the EU has been much less clear on its expectations, Thomson Reuters finds. As a result, the European Commission proposed last month that an EU-wide body for sanctions enforcement be established.
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