Conférences d’actualité

International sanctions and the fight against money laundering and terrorist financing

US, EU and Luxembourg perspectives

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40
Jours
10
Heures
58
Minutes
36
Secondes
Ref
26402L

Due to the rapidly evolving regulations relating to fighting money laundering, countering the financing of terrorism, the FATF and OFAC’s guidelines, the embargos, economic sanctions on Iran and the Russian Federation; the financial sector is now subject to multiple obligations and commitments. The violation of these regulations and/or recommendations may have huge consequences including large fines, criminal charges and severe reputational harm. Former director of OFAC Mr. John. E. Smith along with American and European experts will be present onsite on the 17th of October 2019 to answer your queries relating to enforcement priorities and providing guidance on sanctions compliance tools. The agenda will include a brief on the latest sanctions on Iran and the Russian federation, their impact on Luxembourg financial institutions, the new recommendations of FATF and OFAC to implement the sanctions and avoid enforcement actions and the available means to do so.

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Public
Programme
INTERNATIONAL SANCTIONS AND THE FIGHT AGAINST MONEY LAUNDERING AND TERRORIST FINANCING

13.45 Opening speech

Chairman: Miguel Mairlot

Attorney, Member of the Brussels Bar ETHIKOS (BE)

What are the latest updates on US sanctions against Iran and the Russian Federation. What are the impacts for European financial institutions?

  • Position of the United-States:
    • What sanctions have been reinstated by the United-States against Iran? What sectors are being impacted? What are the likely next steps?
    • What US sanctions have been imposed on the Russian Federation? What are the likely next steps?
    • What are the risks to European financial institutions that do business with those sanctioned countries?
  • Position of the European Union:
    • Which European sanctions against Iran have been lifted and which remain?
    • What is the European position with regards to the US sanctions imposed on the Russian Federation?
    • Can European financial institutions still do business with those sanctioned countries?
    • Update on the Blocking Regulation issued by the European Parliament and the European Special Purpose Vehicle, INSTEX.
  • Are Luxembourgian companies impacted by these sanctions? What are the political views? What type of businesses can operate?

John E. Smith Former OFAC Director and Co-Chair Attorney Morrison & Foerster’s (DC)

FATF 40 Recommendations: implementation level in the US, EU and Luxembourg?

  • What is the current level of implementation of the FATF Recommendations in the US?
  • What is the current level of implementation of the FATF Recommendations in the US? Impact of the 4th AML/CFT Directive? Contributions of the 5th AML.CFT Directive?
  • What is the current level of implementation of the FATF Recommendations in Luxembourg? Is Luxembourg compliant with the 4th AML/CFT Directive? Analysis of the Law of 13 February 2018 and the laws of 10 August 2018.
  • Comparative study of the level of implementation of the FATF Recommendations (United States, EU and Luxembourg): "same recommendations, different interpretations and sanctions".

Barbara Mendelson Attorney Morrison & Foerster(NY)

&

Renata Hoes

Chief Compliance Officer, Generali Investments Luxembourg.

How to avoid OFAC sanctions and enforcement actions? Practical approach

  • What are the different types and modalities of control carried out by the OFAC? How is coordination between the OFAC and national and European authorities carried out?
  • How to avoid OFAC sanctions and enforcement actions? By what means and tools? Good governance practices, the implementation of a sanctions compliance program, the development of an automated means to detect operations and transactions, KYC, and due diligence.

William Dodsworth Head of Financial Crime Policy Barclays (UK)

John E. Smith

What to expect from the US and EU supervision authorities/agencies in charge of enforcing the sanctions and AML requirements?

  • Is there a crisis between the European Union and the United States? What does that mean for European financial institutions?
  • What is the future for trade relations between the European Union, the United States, Russia and Iran?
  • What are the latest enforcement trends from the US and EU?
  • What can be anticipated for Luxembourgian companies?

John E. Smith

18h00 End of the conference