New Sanction List: Sergei Magnitsky Act

After President Barack Obama signed the Sergei Magnitsky Rule of Law Accountability Act last December, the US-Russian diplomatic feelings were running high.

On April the 12th 2013 the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury issued the corresponding “new sanction list” with Russian officials, who were blamed for the death of the accountant and auditor Sergei Magnitsky. He had worked in Russia for a US investment advisory firm and claimed to have uncovered a corruption scandal of state-owned Russian enterprises. Arrested and accused of alleged tax offenses, Magnitsky died in a Moscow prison under contradictory circumstances shown. Russia reacted to the publication of the US list by passing an own bill with sanctions against US officials accused of involvement in torture at Guantanamo – but "only" imposed travel bans.

The imposition of embargoes among G8 countries against each other’s incumbent state officials is worrying – also for economy.

In any case the compliance with the new US financial sanctions expressed by the Sergei Magnitsky Act is ensured by the solutions of SAPPER - inherently and free!

Although legally a new and independent sanction program the "Sergei Magnitsky List" is provided by SAPPER as integrated part of the "Specially Designated Nationals List (US-SDN) from OFAC.

The software solutions for denied parties screening and the sanction list service provided by SAPPER comprise up-to-date CONTENT (here the enlarged SDN list according to the Sergei Magnitsky Act). In addition the so-called DELTA batch method screens all datasets previously checked against the DELTA, which means changes and additions on the sanction lists.

This is valid for the denied parties screening with dominoWATCH as a browser based ASP-/SaaS-/cloud solution as well as for the INHOUSE option with the VALIDATION GATEWAY SERVER (for SAP®, Oracle®, abas, MS Dynamics, AS/400 legacy systems etc.).

If you have questions with regard to our software solutions and the sanction lists we are glad to consult you!

Founded more than 40 years ago, SAPPER has become a leading specialist in Global Trade Compliance – for Software and Consulting. Our products and services stand out in security and efficiency. From standardized RollOut – to intuitive operation - up to automatic audit report generation – each product detail is optimized and mature. Our portfolio comprises:

• Denied parties screening / sanction list screening (get a cost free test account at www.dominoWATCH.com)
• Employee-/HR-screening against EU regulations 881/2002, 2580/2001 - compliant with federal data privacy law BDSG
• Business partner check for client-/ customer onboarding, due diligence, know-your-customer (KYC)
• „Classical“ commodities related export control e.g. acc. BAFA, EAR99, US (re-) export law (www.ecs.sapper.de )
• Software solutions for AEO, Authorized Exporters and C-TPAT certified enterprises
• Software for automated validation of Known Consignors and Regulated Agents against the RAKC database according to EU regulation No 300/2008 on aviation security in conjunction with regulation No 185/2010 (Authorized Parties Screening www.aircargoWATCH.com)

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Tel +49 2152 95 90 9 - 0
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This release was published on openPR.