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Article
Publication date: 7 September 2012

The purpose of this paper is to highlight some of the most significant US sanctions risks faced by persons that operate in the securities and investment marketplace, in…

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Abstract

Purpose

The purpose of this paper is to highlight some of the most significant US sanctions risks faced by persons that operate in the securities and investment marketplace, in order to encourage firms to maintain comprehensive, risk‐based compliance controls that will strengthen their ability to comply with US sanctions regulations.

Design/methodology/approach

The paper begins with a brief overview of the sanctions programs administered by the US Treasury Department's Office of Foreign Assets Control (OFAC), followed by examples of potential sanctions violations that emphasize the risks and challenges faced by the securities and investment sector with respect to sanctions. Finally, the paper describes how firms can develop measures intended to mitigate their OFAC risk and prevent the potentially costly monetary penalties associated with violations of US sanctions regulations.

Findings

The nature of the securities and investment sector can make identifying the often indirect sanctions implications of engaging in certain activity a challenging task; however, a well thought out, responsibly implemented OFAC compliance program can help mitigate sanctions risks in an effective manner.

Originality/value

The paper provides insight regarding OFAC compliance in the securities and investment sector directly from the government agency responsible for administering and enforcing US sanctions.

Details

Journal of Investment Compliance, vol. 13 no. 3
Type: Research Article
ISSN: 1528-5812

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Expert briefing
Publication date: 18 June 2019

Sanctions outlook.

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DOI: 10.1108/OXAN-DB244587

ISSN: 2633-304X

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Geographic
Topical
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Expert briefing
Publication date: 18 March 2020

International calls by aid groups for Washington to ease sanctions on Iran and to allow greater sales of goods to it, to help stem COVID-19, are growing. Under US law…

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Expert briefing
Publication date: 18 January 2016

Agreement between Iran and the P5+1 (France, Germany, the United Kingdom, Russia, China and the United States) on the former's nuclear programme in July 2015 has been…

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Article
Publication date: 26 November 2021

Bartosz Pieliński, Tomasz Mering and Ryszard Szarfenberg

This paper aims to examine the development of welfare conditionality and especially benefit sanctions in Central and Eastern Europe (the CEE) and to develop a methodology…

Abstract

Purpose

This paper aims to examine the development of welfare conditionality and especially benefit sanctions in Central and Eastern Europe (the CEE) and to develop a methodology by implementing Institutional Grammar (IG) for studying rules on benefit sanctions relying only on legal text.

Design/methodology/approach

IG was used as a tool for analyzing legal regulations on benefit sanctions. It was incorporated into a social rights framework that provided a theoretical background for the study.

Findings

The paper shows the dynamic development of rules on benefit sanctions in Poland in social assistance and unemployment services. Both the harshness and strictness of these rules have increased. Simultaneously, the rules of benefit sanctions in social assistance remain more liberal than those associated with unemployment services.

Originality/value

The study presents the first comprehensive and concise overview of benefit sanctions development in the CEE and the first long-term comparison of these types of sanctions in two safety net systems operating in one country. The study also used IG for the first time in social policy research.

Details

International Journal of Sociology and Social Policy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 20 September 2021

Christoph Wronka

The purpose of this paper is to discuss the effect of the issuance, adoption and use of digital currencies on economic sanctions with the focus being on the increasing…

Abstract

Purpose

The purpose of this paper is to discuss the effect of the issuance, adoption and use of digital currencies on economic sanctions with the focus being on the increasing risk of sanction evasion. The research sought to answer three key questions: What is the effect of digital currencies on economic sanctions? To what extent does the adoption and use of digital currencies increase the risk of sanction evasion? What remedial measures can be taken to enforce compliance with sanctions in the wake of increased adoption and use of digital currencies?

Design/methodology/approach

The research relied on secondary sources of data, using secondary research to collect archival data in the form of documents. Content and thematic analyses were used to synthesise the collected data.

Findings

It was found that digital currencies have significantly increased the risk of sanction evasion. This is because they facilitate the anonymous or pseudonymous conduct of international commercial transactions, which are hard or impossible to detect and track.

Originality/value

This research is the first to explore the different ways in which digital currencies as whole – and not just cryptocurrencies – affect compliance with economic sanctions.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

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Book part
Publication date: 21 October 2019

Beata Stępień and Patrick Weber

The probability of sanctions’ effectiveness increases not only due to their severity for the target country’s economy but is also a function of adherence to their…

Abstract

The probability of sanctions’ effectiveness increases not only due to their severity for the target country’s economy but is also a function of adherence to their principles by enterprises from senders’ countries. Sanctions avoidance and increasing investments in the target country (the observed behavior of many companies facing the European Union (EU) sanctions against Russia which were imposed in 2014) mitigate the impact of these restrictive measures. In this chapter we show (by analyzing adaptation strategies of EU enterprises affected by sanctions imposed on Russia by EU) how particular types of strategies affect the effectiveness of sanctions and what factors determine the choice of their respective behavior. We draw our conclusions from the online survey of more than 1,000 responses from British, French, German, Italian, and Polish enterprises. We find that while administrative burdens make conformance to sanctions more likely, market dependency and non-tangible assets in the target country induce strategies that challenge sanction policies. We conclude that the EU–Russian sanctions dispute incentivizes European companies to increase their engagement in Russia. These so-called defiance strategies diminish the real economic effect of the sanctions and generate a new equilibrium which outlasts the lifting of these restrictive measures and has negative long-term political implications.

Details

International Business in a VUCA World: The Changing Role of States and Firms
Type: Book
ISBN: 978-1-83867-256-0

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Book part
Publication date: 15 July 2009

Maraike Wenzel and Sami Faltas

On December 24, 1989, an armed insurrection began in Liberia. Charles Taylor, a former government official, led a rebel force, the National Patriotic Front of Liberia

Abstract

On December 24, 1989, an armed insurrection began in Liberia. Charles Taylor, a former government official, led a rebel force, the National Patriotic Front of Liberia (NPFL), into the north-eastern Nimba County. A breakaway faction, the Independent National Patriotic Front (INPFL), led by Prince Yormie Johnson gained control of central Monrovia – the capital – and killed the President Samuel Doe. The Economic Community of West African States (ECOWAS) intervened in August 1990, sending monitoring troops (the ECOWAS Military Observer Group, ECOMOG), and convened a national conference which elected an Interim Government of National Unity. In October 1990, ECOMOG established a neutral zone in Monrovia where Dr. Amos Sawyer was installed as Interim President in November. Various different factions and opposition groups were formed and clashes between the rebel groups and the Liberian army continued.

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Putting Teeth in the Tiger: Improving the Effectiveness of Arms Embargoes
Type: Book
ISBN: 978-1-84855-202-9

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Book part
Publication date: 9 June 2015

David Cadden

This chapter traces the history of animosity between the United States and Iran that characterizes the current relationship between the two countries which were once close…

Abstract

This chapter traces the history of animosity between the United States and Iran that characterizes the current relationship between the two countries which were once close diplomatic, economic, and political allies. The chapter identifies the various cultural, economic, and political factors that have contributed to the hostility between these two countries and focuses particularly on the UN and US sanctions that have been imposed on Iran because of its overt and covert nuclear programs. The chapter concludes with a discussion on how the lifting of sanctions might allow the United States and Iran to rebuild a strategic partnership.

Details

Reintegrating Iran with the West: Challenges and Opportunities
Type: Book
ISBN: 978-1-78441-742-0

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Book part
Publication date: 24 November 2017

Anna Abramova and Olga Garanina

Economic sanctions imposed by the EU and United States on Russia have brought significant changes into Russian foreign economic policy, in particular leading to deepening…

Abstract

Purpose

Economic sanctions imposed by the EU and United States on Russia have brought significant changes into Russian foreign economic policy, in particular leading to deepening cooperation with Asian countries and China in particular. The present contribution aims to shed light on the influence of sanctions on Russian multinational enterprises (MNEs) internationalization toward China using the example of energy and information and communication technology (ICT) industries.

Methodology/approach

The chapter builds on case study analysis. The choice of sectors allows us to highlight the recent strategic trends in the internationalization of oil and gas industry, dominated by state-owned multinationals, and in ICT by privately owned companies.

Findings

Our results provide empirical data for understanding the influence of sanctions on MNEs from the country being under the sanctions. In the case of Russian oil and gas industry and ICTs, research indicates that the shift toward China was not initiated primarily by the sanctions. In both cases, expansion to Asian markets was correlated with business interests in the Chinese market. However, changes in geopolitical and macroeconomic business environment accelerated Russian MNE’s pivot to China, for the purposes of attracting capital and reaching new markets in context of deteriorating relations with western partners. The cases demonstrate a moderating role of the industry in the context of sanctions, helping compensate for the slowdown of economic relations with traditional partners.

Originality/value

The novelty of the chapter is to delineate the consequences of sanctions on MNEs from the country being under sanctions. In this way, it illustrates the role of geopolitical environment in intensifying internationalization of Russian MNEs toward China.

Details

The Challenge of Bric Multinationals
Type: Book
ISBN: 978-1-78635-350-4

Keywords

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