Tag: Sanctions

Regulatory Watch News

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  Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Rice Lake Weighing Systems, Inc

  OFAC

  August 12, 2026

  The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $60,764 settlement with Rice Lake Weighing Systems, Inc. ("Rice Lake"), a Wisconsin-based manufacturer of weighing equipment. Rice Lake agreed to settle its and its Italian subsidiary's potential civil liability for eight apparent violations of OFAC sanctions on Iran that occurred when its Italian subsidiary, Dini Argeo S.r.l. ("Dini"), exported goods to Iran through a distributor in the United Arab Emirates (UAE) with the knowledge that these goods were ultimately destined for Iran. Specifically, between July 2019 and November 2021, Dini exported weighing equipment to a distributor located in the UAE with the knowledge that those goods would be reexported to an end-user in Iran. OFAC determined that these apparent violations were voluntarily self-disclosed and non-egregious.

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  OFSI has Amended and Extended the Lukoil International General Licence and the Lukoil Bulgaria General Licence

  OFSI

  August 12, 2026

  OFSI has published amendments to the Lukoil International General Licence (INT/2025/8031092) and the Lukoil Bulgaria General Licence (INT/2025/7895596).

  Both General Licences include a notification requirement for any Entity using the amended licences. Entities relying on the amended General Licences must notify OFSI when they first use the licence and provide their current contact details. Entities that begin using the licences on or after 12 August 2026 must notify OFSI within 14 days of first use. Entities already relying on the licence when the requirement takes effect must notify OFSI within 14 days of 12 August 2026. This is a one-off notification requirement unless contact details change. Submission of a notification does not constitute confirmation by HM Treasury that the activity is permitted under the licences.

  The Lukoil International General Licence (INT/2025/8031092) has been extended until 26 February 2027.

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  Countering Financial Crime Conference taking place this week

  Isle of Man Financial Services Authority

  August 12, 2026

  The 2026 edition of the flagship Countering Financial Crime Conference takes place at the Villa Marina in Douglas on Wednesday 12 August.   The event brings together a diverse group of international experts, practitioners, and policymakers to share their insight into a range of current and emerging issues.   Presentations and panel sessions will highlight the work taking place to disrupt criminals who seek to exploit financial systems to launder the proceeds of cyber-enabled fraud, evade sanctions, and traffic drugs and people.   An audience of more than 500 professionals will hear from organisations including the US Treasury, UK National Crime Agency, HM Revenue and Customs, and Transparency International. The Isle of Man’s National Risk Assessment and preparations for the MONEYVAL mutual evaluation will also be key areas of focus.