Posted Friday January 8, 2016

OFAC publishes cyber sanctions regulations, SFO head calls for tougher laws, Hezbollah financier assets frozen, and more

We have scoured the web to find the most interesting news for you. Have a read.


  • OFAC has published regulations authorising sanctions against persons who participate in cyberattacks against US citizens, companies or government agencies. 

  • The head of the UK Serious Fraud Office said prosecutors should be given powers to hold financial institutions and corporations criminally accountable for wrongdoing of their staff. He also called for more transparency in corporate structures and disclosure of the beneficial ownership of companies based in offshore jurisdictions, such as the British Virgin Islands.   

  • The US Treasury has frozen the assets of a Hezbollah financier and his company. Ali Youssef Charara, head of the Lebanon-based Spectrum Investment Group Holding, received millions from the militant group to invest in projects that would financially support it. The designations are the first under the Hizballah International Financing Prevention Act of 2015, passed last month.

  • FINRA published its 2016 Regulatory and Examination Priorities Letter, in which it identifies firms’ management of conflicts of interest, technology, outsourcing and AML monitoring systems as priorities in 2016. Supervision and risk-management practices related to technology infrastructure will be an area of particular focus.

And finally, FCPA Blog looked at eight stories from 2015 that are representative for the past year's compliance trends. The post highlights that the US has made fighting corruption a national security priority involving the entire executive branch, laid out in the 2015 National Security Strategy, which is setting out the government’s agenda for the near future. As a result, a continuation of this trend in the form of more enforcement action, using tools ranging from the FCPA to visa bans, can be expected in 2016.


Arachnys update

Source of the week: The Federal Commercial Register is the official central registry for all cantonal commercial registers in the Swiss Confederation. It also searches former versions or cancelled business names.


Stay current with the latest from Arachnys

Subscribe today