Ukraine announced a series of economic sanctions against Russia that increased duty rates on a variety of imported goods and implemented an embargo on Russian cement and plywood, according to an unofficial translation of May 15 press releases from the Ukraine government.

The Treasury’s Financial Crimes Enforcement Network issued a guidance document and an advisory on regulations and illegal activity in convertible virtual currency fields, FinCEN said in a May 9 press release. The advisory aims to help companies identify and report “suspicious activity” related to the exploitation of CVCs for money laundering and sanctions evasions, FinCEN said, including recognizing “red flags.” In the advisory, FinCEN urges companies to screen their customers and business partners against the Office of Foreign Assets Control’s Specially Designated Nationals List and take “appropriate steps” to stop people in sanctioned countries from “trading in digital currency.” Businesses dealing in virtual currencies should have procedures in place to block IP addresses associated with sanctioned entities, disable accounts of holders from sanctioned countries, “install a dedicated Compliance Officer” to oversee compliance with all OFAC sanctions programs and ensure OFAC compliance training for all pertinent personnel, the advisory said.

The Trump administration is extending by one year the national emergency that had been declared 15 years ago due to the actions of the government in Syria, according to a May 8 press release from the White House. Sanctions will continue against certain Syrian people as will the ban of certain exports and re-exports to Syria. The notice said "the actions of the Government of Syria in supporting terrorism, maintaining its then-existing occupation of Lebanon, pursuing weapons of mass destruction and missile programs, and undermining United States and international efforts with respect to the stabilization and reconstruction of Iraq" are a threat to U.S. national security. The emergency declaration had been in place since a 2004 executive order, and was set to expire May 11, according to the press release. "The United States will consider changes in the composition, policies, and actions of the Government of Syria in determining whether to continue or terminate this national emergency in the future,” Trump said in a statement.

The Trump administration is extending the national emergency in response to "the situation in and in relation to the Central African Republic, which has been marked by a breakdown of law and order, intersectarian tension, widespread violence and atrocities," for one year beyond the May 12 expiration date, the White House said in a May 8 press release. U.S.-imposed sanctions on the country will remain in place.

The European Union said it would “reject any ultimatums” imposed by Iran after the country announced May 8 it is suspending some of its commitments under the Joint Comprehensive Plan of Action, effective immediately (see 1905080058). In a May 9 statement, the EU said it has “great concern” over Iran’s demands and “strongly” urged it to “refrain from any escalatory steps,” but also said it disapproves of U.S.-imposed sanctions on Iran following U.S. withdrawal from the JCPOA.

The Treasury’s Office of Foreign Assets Control removed sanctions on a former Venezuelan government official after he “broke ranks” with the Nicolas Maduro regime last week, OFAC said in a May 7 notice. OFAC said Manuel Ricardo Cristopher Figuera, the director general of Venezuela’s National Intelligence Service, was sanctioned in February as a member of the Venezuelan government. All of Cristopher’s property is now unblocked and transactions with him are allowed, the notice said.

Iran is suspending some of its commitments under the Joint Comprehensive Plan of Action that involve selling enriched uranium in exchange for natural uranium and making “heavy water reserves” available on the open market, according to a May 8 press release from the Iran Ministry of Foreign Affairs. If the “E3, Russia and China” do not “fulfill their banking and oil commitments to Iran” within 60 days, the country may “not respect the current limits on uranium enrichment and may take measures to modernise the Arak heavy water reactor,” according to a May 8 post on the EU Sanctions blog.

The Treasury’s Office of Foreign Assets Control left out several key components of an effective compliance program in its recent sanctions compliance guide, according to a May 6 report from law firm Paul Hastings. The report said the guide should have included descriptions and instructions for “a confidential reporting process,” an "investigations process,” “disciplinary measures for employees which fail to follow the program” and “an emphasis” on mid-level employees stressing the importance of compliance instead of just senior management. The report said these components “appear in guidance documents in other areas” and "it is not clear why OFAC chose to omit these nuances … but no doubt practitioners will seek further clarification from OFAC in the weeks and months to come.” The guide, published May 6, represented an escalating step in OFAC’s effort to disseminate information about effective compliance programs, potentially allowing the agency to more successfully prosecute compliance cases (see 1905030055). The guide provides details of compliance programs that are “now all but mandatory in OFAC’s opinion,” the report said.

The Treasury’s Financial Crimes and Enforcement Network issued an update to its advisory on Venezuelan attempts to “steal, hide or launder money” in the wake of U.S.-imposed sanctions, FinCEN said in a May 3 press release. The 15-page advisory -- described as a guide for “chief risk officers,” chief compliance officers,” “sanctions analysts” and “legal departments,” among others -- provides an overview of U.S. sanctions against Venezuela and details the country’s attempts to avoid them. The guide also provides “financial red flags” to help companies report “suspicious activity that may be indicative of corruption by Venezuelan senior political figures.”

The United Nations Security Council added Mohammed Masood Azhar Alvi, a Pakistan native, to its ISIL and Al-Qaida sanctions list, the U.N. said in a May 1 press release. U.N. said Alvi is the founder of terrorist group Jaish-i-Mohammed and the former leader of Harakat ul-Mujahidin. The sanctions include an assets freeze, travel ban and arms embargo, the U.N. said.