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Complying with international trade sanctions is an important part of global operations, so companies need to take steps to ensure they stay up to date and continue to meet requirements. Given the speed of change that can affect sanctions requirements, companies must be ready to adapt.

Enforcement, particularly by the US Office of Foreign Assets Control (OFAC), has been rising in recent years. Companies need to carry out appropriate due diligence and enhance their compliance processes where possible. Embracing technology can help to manage complexities.

The joker in the pack this year has, of course, been the impact of COVID-19. The pandemic has upended international trade flows and threatened the existence of many companies. To help repair the damage and to keep trade moving, the Organisation for Economic Co-operation and Development (OECD) has suggested that governments take a number of key steps. These include improving transparency around trade-related policy actions and intentions, keeping supply chains flowing (especially for essentials such as health supplies and food), and avoiding imposing unnecessary export restrictions and other trade barriers which would make the situation worse.

Considering the outlook for the global trading environment and the challenges it will present, companies will have their work cut out for them when it comes to sanctions compliance.

Against this backdrop, Financier Worldwide turns to some of the leading lights in their field, who share their stories…

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