Sanctions & Regulatory Compliance

Sanctions are legal restrictions imposed by governments or international bodies on individuals, entities or countries, often as a foreign policy or national security tool. Regulatory compliance involves adhering to the laws and regulations relevant to a business’s operations.

Breach of regulations and sanctions can lead to potentially serious ramifications for businesses, including criminal liability, financial penalties and reputational harm. In particular, businesses who do not have an internal compliance department may find it difficult to navigate the maze of United Nations, United States, European Union and United Kingdom regulations and sanctions.

This complexity is compounded by the fact that these regulations and sanctions are constantly evolving, making it challenging for businesses to stay updated and ensure compliance, potentially hindering its ability to operate effectively in the global marketplace.

Services in Sanctions

Our Sanctions & Regulatory Compliance Practice offers a comprehensive suite of services to help clients in navigating the complexities of sanctions and regulatory compliance. We provide expert guidance and support in the following key areas:

  • Risk Assessments: We conduct thorough risk assessments to evaluate your business’s exposure to potential regulatory risks and sanctions violations. This process involves:
    • Identifying applicable sanctions regimes.
    • Assessing your current compliance framework.
    • Analysing your business activities and transactions to pinpoint potential vulnerabilities.
    • Developing a tailored risk mitigation plan.
  • Litigation and Dispute Resolution: Our team of experienced sanctions lawyers have a proven track record of success in defending clients in regulatory disputes and enforcement actions. We provide strategic legal counsel and representation in:
    • Investigations by regulatory authorities.
    • Administrative proceedings.
    • Civil litigation related to sanctions violations.
  • Training & Advisory: We offer comprehensive training programmes to educate your staff on key compliance issues and best practices. Our ongoing legal advisory services provide:
    • Updates on regulatory changes and sanctions developments.
    • Guidance on compliance policies and procedures.
    • Support in implementing effective compliance programmes.

Expertise of Oon & Bazul in Compliance & Risk

At Oon & Bazul, our team of expert sanctions lawyers and regulatory compliance lawyers in Singapore possess a wealth of experience and in-depth knowledge to guide businesses through the complexities of compliance and risk management. We offer comprehensive legal solutions tailored to your specific needs, ensuring you navigate the regulatory landscape effectively and mitigate potential pitfalls, including:

Our Sanctions & Regulatory Compliance Practice can assist with sanctions advice, processes and policies. Additionally, we can also advise on drafting commercial contracts, financing arrangements and deals to ensure that the documents address any sanctions-related risks.

Our lawyers will assist to ensure you comply with the requirements under relevant regulatory and sanctions frameworks. We can conduct an independent review of your business’ compliance policies and controls to ensure they meet industry best practices. We can also assist to develop your compliance programmes, and conduct training for your organisation to ensure that you have the necessary tools in place to prevent a breach of regulations and sanctions, and to minimise any potential fallout.

When things go wrong, our lawyers can assist you to mitigate any issues that arise from a breach or potential breach of regulations and sanctions. We can assist in internal investigations and voluntary disclosures to the relevant authorities including OFAC. Our Sanctions & Regulatory Compliance Practice is supported by a market-leading litigation department to ensure you have full support and industry-specific expertise.

Our Sanctions & Regulatory Compliance Practice has extensive experience advising clients across a wide range of industries, including:

  • Financial Institutions: Banks, investment firms and insurance companies face stringent regulatory requirements and are particularly vulnerable to sanctions risks. We provide expert guidance on compliance with AML/CFT regulations, sanctions screening and transaction monitoring.
  • International Trade: Businesses engaged in cross-border trade must navigate complex sanctions regimes and export control regulations. We advise on compliance with trade restrictions, licensing requirements and due diligence procedures.
  • Shipping and Logistics: The shipping industry is subject to various sanctions and regulatory compliance obligations. We assist shipping companies in complying with sanctions related to cargo, vessels and ports as well as regulations on maritime safety and environmental protection.
  • Technology: Technology companies, particularly those involved in blockchain and cryptocurrencies, face unique regulatory challenges. We advise on compliance with data protection laws, cybersecurity regulations and sanctions related to digital assets.

Case Studies for Sanctions & Regulatory Compliance

  • Assisting a multinational company in the oil and gas trade with investigations into apparent violations of sanctions against North Korea.
  • Assisting a Dubai based oil trader in its claim against a European shipowner for conversion of its cargo arising from a DOJ seizure order. Successfully resisted a rare form of anti-suit injunction, an anti-anti-arbitration injunction, which was intended to discharge an anti-arbitration injunction we had obtained from the Malaysian Courts. The English Court judgement is reported: Euronav Shipping NV v Black Swan Petroleum DMCC [2024] EWHC 896 (Comm). The case involves interesting issues of the extraterritoriality of US sanctions laws as well as its interplay with the EU Blocking regulations. There are multiple legal proceedings afoot in Malaysia, London, the United States and in the European Union.
  • Assisting a Singapore based oil trader with its delisting petition to OFAC and also the disputes that have arisen with its counterparties at the time that it was designated.
  • Acted on behalf of buyers under a ship sale & purchase contract to recover deposits paid to escrow agents when there were allegations that buyers were involved in sanctioned activity.
  • Represented several companies to submit applications to OFAC to unblock or remove the restrictions on funds that have been blocked or restricted due to OFAC sanctions.
  • Advising companies and individuals on matters involving international and unilateral sanctions against Iran, Russia, Myanmar, Venezuela and North Korea.

International Sanctions Advisory & Compliance

At Oon & Bazul, our team of international sanctions lawyers possesses in-depth knowledge of the global sanctions landscape and provides expert guidance to help clients navigate these complexities and ensure compliance. This includes:

Overview of Sanctions Laws:

We provide a comprehensive overview of relevant sanctions laws, such as:

  • Multilateral Sanctions: Understanding the scope and implications of sanctions imposed by international organisations like the UN and EU is crucial for businesses operating across borders.
  • Unilateral Sanctions: Individual countries, such as the US and Singapore, may impose their own sanctions regimes, which businesses must also comply with.
  • Impact on Businesses: We analyse how these sanctions laws can affect your specific business operations, including financial transactions, trade activities and dealings with sanctioned individuals or entities.

Sanctions Risk Assessment:

Our team assists in assessing and mitigating sanctions risks through:

  • Sanctions Audits: We conduct thorough audits to evaluate your current compliance framework and identify potential vulnerabilities.
  • Risk Mapping: We help you map out your sanctions risks based on your business activities, geographical locations and customer/supplier relationships.
  • Compliance with International Regimes: We ensure your operations align with all applicable international sanctions regimes, minimising the risk of violations and penalties.

Tailored Advisory:

We offer tailored advice on structuring your operations to comply with sanctions, including:

  • Due Diligence: Guidance on conducting effective due diligence on customers, suppliers and other business partners to identify potential sanctions risks.
  • Trade Restrictions: Advice on complying with trade restrictions and licensing requirements related to sanctioned countries or individuals.
  • Restricted Persons/Entities: Assistance in identifying and avoiding dealings with restricted persons or entities listed on sanctions lists.

Recognised as one of Singapore’s best law firms in 2025, Oon & Bazul also offers a comprehensive range of legal services aside from sanctions and regulatory compliance. Contact us for a consultation and let us assist you with your legal needs today.

Bazul Ashhab, Managing Partner | Oon & Bazul

BAZUL ASHHAB

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Contact information

Tel: +65 9757 1479

DID: +65 6239 5888

Email: [email protected]

LinkedIn: Bazul Ashhab

PRAKAASH SILVAM

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Contact information

Tel: +65 9474 2575

DID: +65 6704 5390

Email: [email protected]

LinkedIn: Prakaash Silvam

Frequently Asked Questions

Businesses must be aware of different types of sanctions that can impact their operations and lead to penalties for non-compliance. Key types include:

  • Comprehensive Sanctions: These are full trade embargoes on countries like North Korea or Iran, prohibiting most economic interactions.
  • Sectoral Sanctions: These target specific sectors of a country’s economy, such as the financial restrictions on some Russian entities.
  • Targeted Sanctions: These focus on specific individuals or companies, like asset freezes on designated persons.
  • Export Controls: These regulate the export of certain goods and technology, particularly those with potential military use, to protect national security.

Determining if your business is affected by sanctions requires proactive measures such as conducting due diligence on business partners, screening counterparties against sanctions lists, reviewing contracts for potential sanctions risks and staying updated on evolving regulations. Our firm can assist with compliance audits and risk assessments to identify potential sanctions touchpoints and ensure compliance.

Violating sanctions regulations can lead to severe consequences, including hefty fines, asset freezes, criminal prosecution, reputational damage and restricted access to international banking systems. The specific penalties vary depending on the jurisdiction and the severity of the violation.

Sanctions can severely impact various industries, disrupting operations and financial transactions. Some of the key sectors most affected by sanctions include:

  • Banking & Finance: Restrictions on transactions and SWIFT access can severely hinder banks and financial institutions involved in cross-border activities.
  • Shipping & Logistics: Vessel bans and cargo restrictions can disrupt supply chains and create logistical challenges.
  • Technology & Telecommunications: Export controls on hardware and software can limit companies’ ability to operate in sanctioned markets.
  • Energy & Commodities: Bans on oil, gas and critical minerals trade can disrupt global energy markets and impact companies in these sectors.

If a company unknowingly violates sanctions, it should take immediate steps, including conducting an internal investigation, self-reporting to the relevant authorities (if applicable) and implementing corrective measures to prevent future violations.