Within the scope of combating terrorism, countries have begun placing sanctions following the attacks of September 11, 2001. This are placed not only upon individual countries and merchandise groups, but also upon business relationships with individual people and groups. The respective ordinances comprise a list of terrorist and terrorist organizations to which no further business relationships may be maintained.
For companies this means that the relevant lists must be checked for home market, domestic and foreign transactions before a contract can be concluded.
EU Common Foreign and Security Policy: Consolidated sanctions
The list issued by the EU Commission contains all sanctioned individuals, organizations and facilities with their known identification details. Those who do not comply with these sanctions face penalties ranging from five years imprisonment or a fine, depending on the severity of the infraction.
Bank of England: Financial Sanctions
The Financial Sanctions Department of the Bank of England, along with the Treasury officials, is in charge of monitoring the financial sanctions in the United Kingdom. The complete list is comprised of various combined indices (e.g. UN, EU, etc.).
US OFAC: Specially Designated Nationals
The list contains an overview of nationally known and blocked individuals, information about terrorists, international drug dealers and persons who have been connected with the proliferation of weapons of mass destruction. Doing business of any kind with these people is strictly prohibited and must be reported.
US BIS: Denied Person List
With individuals and companies on the denied person lists, it is prohibited of have any business dealings (direct/indirect) regarding the export and re-exporting of goods, software or technology. Doing business of any kind with these people is strictly prohibited and must be reported.
US BIS: Unverified List
The Unverified List contains the names and origins of foreign individuals, for whom a Pre-License Check (PLC) or Post-Shipment Verification (PSV) could not be completed due to a lack of proof from the U.S. Bureau of Industry and Security (BIS). Doing business of any kind with these people is strictly prohibited and must be reported.
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