LexisNexis Risk Solutions has released an eBook that takes a deep dive into sanctions enforcement by major international bodies in the first half of 2024.
Titled Taking the Pulse of Major Sanctions Lists, the eBook finds a 13% year-on-year increase in net designations across the major lists compared with 2023 (2,573 added and 233 removed). Some 146 updates to the sanctions list of core regulators are behind the new number. The increase also means there was more than one list update per business day.
Notably, entities located in Asia-Pacific countries are also being sanctioned in relation to the Russian sanctions, although Russia is still at the top of driving sanction activities. This reflects the global implication of Russian sanctions, and no business can be immune from sanction risks.
The continued high level of sanctions activity shows that the storm isn’t over. Financial institutions and banks are pushed to keep up with the pace. Those who are left behind might face multi-billion losses and reputation damage. How can businesses be prepared? What are the new challenges?
You can read the full eBook here.
