FinCrime Focus: Sanctions

 

FinCrime Focus - Sanctions

 

AGENDA

30th March 2022

 

CATCH-UP & WATCH ON-DEMAND

 

BST Wednesday 30 March 2022
09:55

Opening Remarks
09:55 AM - 10:00 AM

Speakers

10:00

Sanctions and Counter-Sanctions: Limits, scenarios, and impact of the use of Cryptocurrencies in the enforcement of both. Russia-Ukraine case.
10:00 AM - 10:30 AM

In the presentation we are going to describe how we should no longer only be concerned about Sanctions lists, but also about measures against these, to the extent that these countermeasures can be positive (inclusion in other lists) or negative (blocking statutes). In addition to that, it will also be addressed how enforcement is possible when payments are made through Crypto. It will be exemplified using the Russia-Ukraine situation.

Speakers

10:15
10:30
10:45

A Look at the Development of new Russian and Belarusian Sanctions Regimes with an emphasis on the Development of Countermeasures and the use of Crypto in Light of the Current Situation in Ukraine
10:45 AM - 11:30 AM

The overall impact of the Western sanctions is difficult to assess, because they coincided with a drop in oil prices, which further strained the Russian budget and suppressed the value of the ruble. Most authors have focused on the oil price that fell in 2014 as the main cause of Russia’s economic demise, but one tends to find what one is looking for.

The International Monetary Fund (IMF) observed that economic growth “virtually stopped when sanctions and lower oil prices hit in 2014. This session takes a deep dive into the effect of the current sanctions and looks at how effective have they really been?

Speakers

11:00
11:15
11:30
11:45

The FATF’s Revised Recommendations and Proliferation Financing Targeted Financial Sanctions: Bridging the Gap between a Rules-Based Standard and a Risk-Based Approach
11:45 AM - 12:30 PM

In October 2020 the Financial Action Task Force (FATF), the global AML/CTF/CPF standard setter, updated Recommendation 1 requiring countries to take a risk-based approach to mitigating the risks of potential breach, non-implementation or evasion of proliferation financing targeted financial sanctions (PF TFS). The baseline however remains ensuring strict compliance with applicable PF TFS. Striking the balance between the rules-based standard and the risk based-approach creates new requirements for obliged entities and beyond. This area is however unsettled and suffers from a dearth of core information on threats and vulnerabilities, particularly for lower capacity countries.

This can increase the risk of proliferation financing abuse of the global financial system.

The clock is however already ticking. Countries, financial institutions, designated non-financial businesses and persons, and even non-obliged sectors, will need to quickly get ahead of these new requirements, starting with National and Enterprise Wide PF TFS Risk Assessments.

Speakers

12:00
12:15
12:30
12:45

Unpacking US Finance Regulatory Developments: Cryptocurrency, CBDC, and Sanctions
12:45 - 13:30

In the midst of a turbulent few months for financial institutions, it's time to take stock of recent regulatory announcements and consider how they are impacting businesses and the wider economy.

David Rowe-Francis, Founder of Praxis Compliance Consultants talks to Amanda Wick, former FinCEN and DOJ attorney about the impact of President Biden's recent executive order on Central Bank Digital Currencies (CBDC) and the challenges of regulation and enforcement.

Speakers

13:00
13:15
13:30
13:45
14:00
14:15
14:30

Move Towards Sanctions for Cyber, Corruption, Election Fraud, Climate Control and Human Rights: What to expect in 2022 and Beyond?
14:30 - 15:15

Companies often resist government mandates or say that no single set of regulations can capture the challenge of locking down different kinds of computer networks. This session takes a look at what companies can and should be doing in 2022.

Speakers

14:45
15:00
15:15
15:30
15:45
16:00
16:15
16:30
16:45
17:00
17:15
17:30
17:45
18:00