On June 2, 2021 the OFAC sanctioned three Bulgarian individuals for their extensive roles in corruption in Bulgaria, as well as their business networks encompassing 64 entities. This constituted the largest Global Magnitsky action taken on a single day in the history of the program. By applying their laws extraterritorially, the United States seeks to police and prevent serious human rights abuses and large-scale corruption. By imposing tangible and significant consequences on perpetrators’ property and interests, the US protects not only its interests, but also the global financial system. At the same time, designated sanctions raise many questions when it comes to legality, justice and compliance, especially when it comes to local markets and smaller businesses.
The European Compliance Center’s interactive seminar will seek to explore the following pressing questions:
1. What is extraterritoriality and how it is applied?
2. What are the legal expectations imposed by the US authorities?
3. What are the practical examples of extraterritoriality?
4. How organisations might ensure that they do not transact with designated or otherwise blocked persons;
5. What compliance controls should be in place?
6. How smaller businesses might be sure that they comply; and
7. What are the consequences for other stakeholders – i.e. the employees of sanctioned persons, minority shareholders, national authorities and local communities?
This event take place on Monday July 12, 2021 online for free at 11:00 AM CEST. For more information about this event and / or registration, please click here.