Sanctions challenge: How fuzzy is your logic?

As governments around the world order international finance organisations to freeze assets from a whole host of far-flung nations, companies are searching through records for evidence of any individuals who might appear on the latest watch list.
By: IQPC
 
May 25, 2011 - PRLog -- As governments around the world order international finance organisations to freeze assets from a whole host of far-flung nations, companies are searching frantically through records for evidence of any individuals who might appear on the latest watch list. Though standard practice, recent financial sanctions against countries such as Libya, Egypt and Tunisia have seen compliance officers contend with a somewhat unfamiliar challenge. The Arabic names of businesses and individuals are commonly transliterated with countless different spellings.

It's the ultimate high-pressure situation, as banks scour client files and grapple fiercely with linguistic complexities – but they are right to do so, as the threat of non-compliance could be devastating. No business would willingly do anything to upset justice officials, in the US, Europe or anywhere else, in fact. Speaking to the Wall Street Journal in April, Vasilos Chrisos, an executive compliance officer at the Australian bank Macquarie Group, argued that Arabic transliteration had "always" posed unique difficulties. However, he conceded: "It's become more of a challenge given recent events."


To access this article in full please visit: http://www.financialsanctionsevent.com/Event.aspx?id=5041...




If you are interested to learn more on this subject, the Financial Sanctions Snapshot Conference will be hosted on 30th June in London, UK. For more details, please visit the website: www.financialsanctionsevent.com, call freephone: 0800 652 2363 or email: enquire@iqpc.co.uk.
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Source:IQPC
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Tags:Financial Sanctions, Finance, Sanctions
Industry:Financial
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