Getting to Grips with Global Sanctions
For companies worldwide, international sanctions are a major compliance challenge. The regulatory risks associated with economic sanctions, asset-freezing measures and trade embargoes are not new, but their scope and complexity have increased greatly, particularly with regard to those imposed by the EU and the US.
The increased use of sanctions means that a vital market, preferred supplier, strategic partner or important customer may become off limits almost overnight.
Failure to comply with international sanctions can result in prosecution, large fines, reputational damage and imprisonment. With a growing appetite among regulators on both sides of the Atlantic to prosecute companies and individuals for violations of sanctions and embargoes, there has never been a more important time to get things right.
This article sets out some of the main compliance challenges and other factors related to sanctions that companies should take into consideration.