U.S. Treasury Revamps Sanctions Approach to Boost Efficiency
Treasury said the review will cut outdated entries and ease screening for banks, while keeping sanctions focused on the most serious threats.
- On Monday, the U.S. Treasury Department removed 84 targets from its sanctions lists, including a North Korean firm designated for weapons programs, as part of a "modernization" initiative to eliminate outdated entries.
- Treasury Secretary Scott Bessent launched the review in May to remove "bloat left over from previous administrations" and ensure sanctions remain "targeted, effective and aligned with U.S. economic, foreign policy and national security priorities."
- The update resolved 18 duplicate entries and removed 36 deceased individuals, 33 Iraq-related entities designated in 1991–1992, and 8 narcotics kingpins, all deemed no longer national security priorities.
- Brett Erickson, managing principal with Obsidian Risk Advisors, said streamlining allows banks to focus on legitimate threats: "At a time where so much movement is happening on the sanctions front, it needs to be as efficient as possible, or risk failures."
- Treasury launched an online delisting portal last month to streamline requests, while officials noted over 3,000 names were designated in 2024 compared to 880 in 2017, reflecting expanded sanctions activity.
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Treasury removes more than 80 people, companies from sanctions list as part of review
The Treasury Department slashed another 84 people and companies from its sanctions lists on Monday as part of an effort to streamline sanctions programs and make it easier for banks to pursue what it deems the most serious terrorist financing schemes.Secretary Scott Bessent launched a review in May of its sanctions programs and lists to remove outdated entries and ease compliance burdens on financial institutions.He later announced that 76 peopl…
U.S. Treasury Revamps Sanctions Approach to Boost Efficiency
The U.S. Treasury has removed 84 companies and individuals from its sanctions lists to streamline sanctions programs and reduce the compliance burden on banks. This initiative, part of a broader review of outdated entries, aims to improve national security outcomes by focusing on significant threats rather than maintaining long lists.
Al-Monitor
US Treasury trims 84 people, firms from its sanctions list as review continues
By Andrea ShalalWASHINGTON, July 27 (Reuters) - The U.S. Treasury on Monday purged another 84 companies and people from its 17,000-plus sanctions lists as part of a broader push to streamline sanctions programs and make it easier for banks to go after the most serious terrorist financing schemes.U.S. Treasury Secretary Scott Bessent in May launched a major review of its sanctions programs and lists to remove outdated entries and ease compliance …
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