New York, NY (PRWEB) August 23, 2004
Corporations and financial institutions need search no more. Sanctions Watch has launched the only portal website detailing national, regional and international sanctions regulations and policy. Sanctions Watch's unique site contains critical sanctions compliance data; a breaking news service dedicated exclusively to sanctions policy and regulatory developments; commentary and analysis from leading experts in the field, and a discussion forum.
Sanctions are utilized by national governments, regional and international organizations to achieve certain foreign policy and national or international security objectives. Where dialogue alone is unsuccessful, sanctions offer an accompanying, more coercive means of seeking to attain these goals. The utilization of sanctions, or threat of utilization of sanctions, even if sometimes controversial, has often proved an effective strategy in countering actions or conduct considered detrimental to the interests or well-being of a country, region or the international community.
Sanctions ordinarily include some of the following components in relation to a designated country, corporation, entity or individual: a prohibition or restriction on trade/economic relations, blocking of financial assets or economic resources, a prohibition or restriction on travel, and/or an arms embargo or suspension of diplomatic relations.
The United Nations Security Council periodically adopts sanctions resolutions against countries, entities or individuals that all 191 Member State countries of the UN must implement. UN sanctions are specifically mentioned in the 9/11 Commission Report; in the United States, the President by Executive Order, the Department of the Treasury's Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), the Department of State's Office of Terrorism, Finance and Economic Sanctions Policy and Directorate of Defense Controls and the Bureau of Industry and Security (BIS) of the Department of Commerce regularly introduce new sanctions regulations; and in the European Union - the European Commission and Council of the EU adopt on a regular basis Common Positions and Regulations containing sanctions measures. Numerous other countries are also currently strengthening their respective sanctions legislation, either on foot of UN Security Council resolutions, in response to regional agreements or due to a particular national concern.
Post 9/11, utilization of sanctions has acquired even greater urgency. Sophisticated sanctions targeting the financial assets or economic resources of terrorists, suspected terrorists or entities linked or believed to be linked with terrorism have been enacted to compliment and fortify existing measures. The requirements of the USA Patriot Act have in particular been the subject of significant recent media attention.
Compliance with sanctions is mandatory - Sanctions Watch provides an essential informational service to corporations and financial institutions focussed on complying with their legal obligations. Corporations or financial institutions that ignore or disregard relevant legislation or regulations, deliberately or unintentionally, and trade or engage in prohibited activities or transactions, can be, and have been held, liable for serious civil and criminal penalties.
About Sanctions Watch
Sanctions Watch is an objective, non-aligned specialist informational provider based in New York City which draws on a network of international contacts in governmental and private sector circles.
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