Challenges for Counter Proliferation Finance and Sanctions Control in Banking
03/05/2024
A new May 2nd, 2024, RUSI report focuses on international and unilateral sanctions frameworks regarding the proliferation of WMDs in North Korea, Iran and Russia, identifying the challenges of implementing counter-proliferation finance and sanctions controls.
Considering the increasingly complex sanctions landscape, measures are required to strengthen the financial system against proliferation finance (PF) and sanctions evasion activity.
While governments have a role to play in setting the regulatory and legal landscape to fight PF and preserve the integrity of the global financial system, they rely on the global cooperation of the financial sector to achieve effective counter-proliferation finance (CPF) and sanctions implementation.
This report supports the financial sector by identifying the challenges that financial institutions (FIs) face when implementing CPF and sanctions controls and giving recommendations for tackling such challenges.
Informed by the author's interviews with experts in the field of CPF and sanctions, the four key challenges to effective CPF and sanctions implementation are:
- A disconnect between regulatory expectations and practical implementation.
- Limited data quality and integrity.
- Limited subject matter expertise.
- Disparity across the banking sector about PF and sanctions risk assessments.
SOURCES
https://static.rusi.org/challenges-to-pr-sanctions-final.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.