Regulatory & Investigations
Trade Based Money Laundering (TBML) risk in the freight forwarding and customs broking sectors
Our sanctions team is supported by our sector knowledge and extensive experience of working in new and emerging markets. The growing number and complexity of sanctions regimes means that trading, transport and insurance organisations not only have to look to their domestic law for regulatory guidance but also to the laws of other jurisdictions, in particular the US and the European Union.
Many international trading companies operate in or around challenging jurisdictions and this can make them liable to sanctions legislation. Understanding the risks is essential, and getting the approach and risk management wrong can result in high financial penalties, substantial reputational damage and market perceptions that can be difficult to alter.
We have advised many trading, transportation and insurance clients on the implications of the imposition of sanctions against Iran, Syria and Libya by the US and the EU, and in relation to the actions against Russia regarding Ukraine.
We have experience in conducting sanctions and export controls due diligence reviews and investigations as well as providing clients with ongoing regulatory advice in these areas.
Stay up to date with Clyde & Co's Sanctions Blog to www.sanctions.clydeco.com for all the key sanctions developments and updates.
Advising an owner in relation to a voyage order from charterers to load a crude oil cargo out of Libya, including as to whether the owner could comply with the voyage order without being in breach of sanctions
Advising an EU domiciled bank on EU sanctions regulations applicable to trade finance operations between the EU bank and its Libyan subsidiary bank
Providing advice on the implementation of UN financial sanctions by Singapore; whether Singapore has implemented UN Security Council Resolution 1970 (2011) against Libya; and whether Singapore has expanded its list of designated persons following the implementation of EU Regulation 503/2011
Advising insurance, reinsurance, shipping and corporate clients on US sanctions in Iran, North Korea, Cuba, Sudan, Syria and Somalia
Advising trading companies on issues arising from sanctions against doing business in, among other places, Iraq and Syria