Sanctions Space

At the ACAMS Europe Assembly in Paris, Justine sat down with Stephanie Baker, Senior Writer, Bloomberg. Their discussion includes how Russia has exploited loopholes to circumvent sanctions and export controls and continue financing its war, how Russia’s wartime economy may impact peace negotiations, and how the new economic tool of ‘secondary tariffs’ could potentially play out. Stephanie recently published a book titled ‘Punishing Putin: Inside the Global Economic War to Bring Down Russia’. You can find further details here: Punishing Putin — Stephanie Baker | Writer & Journalist https://stephaniebakerwriter.com/punishing-putin

On the margins of the ACAMS Hollywood Assembly, Justine sat down with Laura Ferris, The Sentry, to discuss illicit financial flows linked to environmental crime. Their discussion includes assessing the distinct overlap between environmental crime, sanctions, and corruption, as well as a spotlight on the illegal logging trade – including how funds are laundered, the current state of global action to address the trade, and how organizations should think about their related supply chain risk. Laura Ferris is Senior Policy Advisor, Illegal Logging at The Sentry. Find out more here. https://thesentry.org/about/

‘As we start to piece this all together, we found that there were certain trends and typologies that were very similar in terms of how China was working with Russia, as well as how China was working with Iran, and then just kind of shaping out this broader network of actors.’ In the latest episode of the Sanctions Space Podcast – recorded at the ACAMS Hollywood Assembly - Justine is joined by Kimberly Donovan, director of the Economic Statecraft Initiative within the Atlantic Council’s GeoEconomics Center. They discuss geopolitical trends and the interrelation with sanctions compliance - including the emergence of an ‘axis of evasion’ network utilizing techniques such as barter trade to circumvent sanctions restrictions - and how modern financial crime fighters need to increase their understanding of the evolving geopolitical environment in order to build it into their programs. Prior to joining the Atlantic Council, Kimberly served in the federal government for fifteen years, most recently as the acting associate director of the Financial Crimes Enforcement Network’s (FinCEN) Intelligence Division and FinCEN’s chief of staff and senior advisor to the director. Read Kimberly’s full bio here. https://www.atlanticcouncil.org/expert/kimberly-donovan/

Marshall Billingslea, a Senior Fellow at the Hudson Institute and former U.S. government envoy, shares his insights on U.S. sanctions policy. He discusses the potential easing of sanctions on Russia amid negotiation hopes, but believes punitive measures may come first. The conversation highlights the shift towards tariffs and maximum pressure against Iran. Billingslea also touches on the administration's strategic focus on fentanyl trafficking and drug cartels, emphasizing the need for nuanced economic statecraft and global financial security.

Edward Fishman, an expert on economic statecraft and author of 'Chokepoints,' delves into the current landscape of economic warfare. He discusses how sanctions, tariffs, and export controls have become vital tools in international competition. Fishman analyzes U.S.-Russia negotiations and the critical role of sanctions relief. He also touches on the implications of U.S. sanctions on China and Iran, predicting how shifting policies will impact global economic dynamics. His insights highlight the urgent need for sanctions literacy in today’s geopolitical climate.

Elaine Dezenski, a senior director at the Foundation for Defense of Democracies, shares her insights on the future of U.S. sanctions and economic strategies. She delves into U.S.-China relations, geopolitical challenges, and the need for stronger global alliances to combat authoritarian influences. Additionally, she discusses the evolving landscape of anti-corruption efforts and how sanctions play a critical role in this new Cold War dynamic. Dezenski’s expertise sheds light on the complexities and opportunities that lie ahead.

Join AML legends Rick Small and Bill Fox as they dive into the intricate world of sanctions and anti-money laundering. Rick emphasizes that financial institutions serve as the frontline enforcers of sanctions, while Bill discusses the increasingly complex compliance landscape. They explore the interconnectedness of sanctions and AML practices, the challenges of risk assessments across diverse jurisdictions, and the necessity for improved frameworks and collaboration between the public and private sectors.

‘Looking at KYE (know your ecosystem), you’re able to essentially review the transaction that is not directly with you, and so you can see where the tokens are landing before potentially they’re going towards some sort of illicit flow or to an illicit actor.’ -Jasleen Bains on how to mitigate CTF risks Recorded at ACAMS Las Vegas Assembly, in this latest episode of the Sanctions Space Podcast, Justine sat down with Jasleen Bains, Compliance Consultant, Ondo Finance and Founder, Bains Labs. They discuss the terrorism-financing landscape and how the illicit financial flows are evading sanctions, the evolution of crypto-related terrorist financing risks, and how regulations could be strengthened to make sanctions relating to crypto more effective.

Jessica Bartlett, Managing Director and Head of Global Financial Crime Legal at Barclays, shares her expertise on the rapidly changing sanctions landscape. She delves into how the sanctions environment has evolved over the last decade and the crucial connection between sanctions and export controls. Jessica emphasizes the need for a mindset shift in financial institutions to enhance compliance. She also discusses the role of technology in sanctions compliance, highlighting the need for collaboration between tech developers and compliance professionals.

Gavin Coles, Global Sanctions Officer at OFX, and Kylie Oliver, Senior Manager of Enterprise Sanctions Compliance at ANZ, dive into Australia’s unique sanctions landscape. They explore how indirect risks are evolving as other markets tighten sanctions on Russia. Kylie highlights the growing complexities that Australian organizations face, while Gavin calls for a strategic approach to navigate the intricate risk landscape. The conversation emphasizes the need for effective data management and proactive compliance to avoid vulnerabilities connected to secondary sanctions.