Magnitsky Sanctions or Extraterritorial Application of U.S. Law

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Date(s) - 12/07/2021
12:00 pm - 1:30 pm


On 2nd June the OFAC sanctioned three Bulgarian individuals for their extensive roles in corruption in Bulgaria, as well as their business networks encompassing 64 entities. This constituted the largest Global Magnitsky action taken on a single day in the history of the program.

By applying their laws extraterritorially, The United States seeks to police and prevent serious human rights abuses and grand corruption. By imposing tangible and significant consequences on perpetrators’ property and interests, the US protects not only its interests, but also the global financial system. At the same time, designated sanctions raise many questions when it comes to legality, justice and compliance especially when it comes to local markets and smaller businesses.

Our interactive seminar is deemed to answer all pressing questions.

1. What is extraterritoriality and how it is applied?

2. What are the legal expectations, imposed by the US authorities?

3. What are the practical examples of extraterritoriality?

4. How organizations might ensure that they do not transact with designated or otherwise blocked persons?

5. What compliance controls should be in place?

6. How smaller businesses might be sure that they comply?

7. What are the consequences for other stakeholders – i.e. the employees of sanctioned persons, minority shareholders, national authorities and local communities?

And all other questions that you would like to ask..

European Compliance Center’s quest speaker will be Anton Moiseienko, the author of “Corruption and Targeted Sanctions“.