Cryptocurrencies: An Avenue for Sanctions Evasion?
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In recent years, the rise in cryptocurrencies’ popularity within the financial sphere has illuminated concerns about their potential misuse in evading sanctions. The decentralized nature and privacy-centric features of these digital currencies can, unfortunately, offer ample opportunities for bypassing sanctions restrictions. Why the Concern? Cryptocurrencies: Balancing Decentralization and Privacy Cryptocurrencies operate using blockchain technology, presenting an […]
Sanctions: How to Mitigate the Risk of Non-Compliance
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Sanctions are restrictions imposed by countries or governments on others to achieve specific goals without using force. Implementing an effective sanctions compliance program is crucial as the consequences for non-compliance can result in severe penalties and reputational damage. The Office of Foreign Assets Control (OFAC) suggests five key elements for such a program: 1. Senior […]