BAFT Releases Guidance for Sanctions Compliance

by Joseph Durant | Feb 10, 2017
BAFT, an international financial services association, announced today the publication of its Guiding Principles for Sanctions Issues Related to Shipping and Financial Products.

                WASHINGTON — BAFT, an international financial services association, announced today the publication of its Guiding Principles for Sanctions Issues Related to Shipping and Financial Products. The guidance paper, developed by a joint working group of members from BAFT and The Clearing House, is designed to provide greater clarity regarding sanctions requirements for financial transactions related to the shipment of goods.

“Economic sanctions obligations for financial institutions aren’t always black and white,” said Stacey Facter, senior vice president of trade products at BAFT. “The purpose of this paper is to provide further clarity as to which types of transactions may be prohibited and minimize interpretive deviations for those on the front lines of sanctions compliance.” 

The guidance paper is intended to address issues arising from sanctions regulations administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury. The sanctions prohibit direct transactions with sanctioned parties and direct and indirect exports and re-exports to sanctioned territories. The guidance paper addresses more complicated scenarios to help banks with their compliance efforts.

The working group was comprised of sanctions experts from the world’s leading U.S. and international financial institutions.  

            To view the paper, visit baft.org.

           

            BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance. The association website is www.baft.org.

7 comments

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  1. dixon | Feb 22, 2017
    From your post I came to know about the guidance for sanctions compliance and it seems be very effective for the persons in the financial industry. These guidelines will help to reduce the efforts and improves the returns thanks for share this. new manufactured homes
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  3. Eliza | Feb 21, 2017
    You have released the guidance for sanctions compliance and this can be very helpful for the financial services association. Hope the financial transaction provided can be useful for the financial institutions when proper guidance is given to them enabling them to work essentially. mobile home for sale mobile houses for sale
  4. Tianna | Feb 21, 2017
    I have heard a lot about BAFT, which is an international financial services association. I think this guidance for sanctions compliance will be helpful to all. Keep updating more information regarding this. I am eagerly waiting for your updated post to know more.prefabricated homes
  5. debra | Feb 14, 2017
    Have you uploaded the guidelines anywhere on the internet? I would like to take a look at it. I am eager to know what all you have added in the new guideline. Will this make any changes in the current financial situation? best internet
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