ILMA Compoundings – January 2019 - 13
1. Any person who is believed to be responsible for, or
complicit in, or to have directly or indirectly engaged or
attempted to engage in:
a. serious human rights abuse in Nicaragua;
b. actions or policies that undermine democratic
processes or institutions in Nicaragua;
c. actions or policies that threaten the peace, security or stability of Nicaragua; or
d. any transaction or series of transactions involving
deceptive practices or corruption by, on behalf of,
or otherwise related to the government of Nicaragua or a current or former official of the government of Nicaragua, such as the misappropriation
of public assets or expropriation of private assets
for personal gain or political purposes, corruption
related to government contracts or bribery;
2. Any person believed to be a leader or official of an
entity that has, or whose members have, engaged in
any activity described in (i) above or of an entity whose
property and interests in property are blocked pursuant
to the executive order;
3. Any person believed to be an official of the government of Nicaragua or to have served as an official of
the government of Nicaragua at any time on or after
Jan. 10, 2007;
4. Any person believed to have materially assisted, sponsored or provided financial, material or technological
support for, or goods or services in support of:
a. any activities described in (i) above or
b. any person whose property and interests in
property are blocked pursuant to the executive
order; or
5. Any person believed to be owned or controlled by, or
to have acted or purported to act for, or on behalf of,
directly or indirectly, any person whose property and
interests in property are blocked pursuant to the executive order.
So far, the U.S. Treasury secretary has designated two key
people - Nicaraguan Vice President and First Lady Rosario
Maria Murillo De Ortega and Nicaraguan National Security
Advisor Nestor Moncada Lau - who are known to have
substantial property interests, including substantial holdings
in Central and South America, and elsewhere. Many more
individuals are expected to be named by the U.S. Treasury
secretary very soon.
SELLER BEWARE
This executive order places a direct burden on each U.S.
person to avoid engaging in any commercial activity,
directly or indirectly, with any person or entity owned
or controlled by the above named individuals (or others
who are added). But the impact of the executive order is
far greater. The property and financial interests of these
individuals, and of this group, can be located anywhere
in the world, including the U.S. resale of products by
distributors, multiply dramatically the opportunities for
manufacturers to find their products illegally in the hands
of these prohibited parties. Think of it this way: A U.S.
person (manufacturer, distributor or individual) selling
a product to a party who is owned or controlled by an
upstream entity, who in turn is owned or controlled by one
of the above-named individuals, places the original seller of
the product in violation of this executive order.
The first step to avoid this consequence is to screen
and rescreen - or continuously screen with a software
subscription - all your transaction parties with as light
a filtering as possible. This might cause more instances of
false positives, but over-filtering can be a serious compliance risk. The second step is to know all your parties and
their intentions in detail. The final step is to verify the
compliance of all the transaction parties, especially their
downstream parties. Certifications of compliance alone are
categorically insufficient.
Eggenschwiler, an ILMA consultant, is an international
trade attorney and director of global trade for
the Redstone Group LLC. He can be reached at
614-923-7472 or jeggenschwiler@redstonegrp.com.
13
ILMA Compoundings – January 2019
Table of Contents for the Digital Edition of ILMA Compoundings – January 2019
Letter From the Ceo
Inside Ilma
What’s Coming Up
Industry Rundown
In the Know
International Insight
Market Report
Business Hub
Counsel Compound
In Network
Member Connections
Portrait
ILMA Compoundings – January 2019 - Cover1
ILMA Compoundings – January 2019 - Cover2
ILMA Compoundings – January 2019 - 1
ILMA Compoundings – January 2019 - 2
ILMA Compoundings – January 2019 - Letter From the Ceo
ILMA Compoundings – January 2019 - Inside Ilma
ILMA Compoundings – January 2019 - 5
ILMA Compoundings – January 2019 - 6
ILMA Compoundings – January 2019 - 7
ILMA Compoundings – January 2019 - What’s Coming Up
ILMA Compoundings – January 2019 - 9
ILMA Compoundings – January 2019 - Industry Rundown
ILMA Compoundings – January 2019 - In the Know
ILMA Compoundings – January 2019 - International Insight
ILMA Compoundings – January 2019 - 13
ILMA Compoundings – January 2019 - Market Report
ILMA Compoundings – January 2019 - 15
ILMA Compoundings – January 2019 - 16
ILMA Compoundings – January 2019 - 17
ILMA Compoundings – January 2019 - 18
ILMA Compoundings – January 2019 - 19
ILMA Compoundings – January 2019 - 20
ILMA Compoundings – January 2019 - 21
ILMA Compoundings – January 2019 - 22
ILMA Compoundings – January 2019 - 23
ILMA Compoundings – January 2019 - 24
ILMA Compoundings – January 2019 - 25
ILMA Compoundings – January 2019 - Business Hub
ILMA Compoundings – January 2019 - 27
ILMA Compoundings – January 2019 - Counsel Compound
ILMA Compoundings – January 2019 - 29
ILMA Compoundings – January 2019 - Member Connections
ILMA Compoundings – January 2019 - 31
ILMA Compoundings – January 2019 - Portrait
ILMA Compoundings – January 2019 - Cover3
ILMA Compoundings – January 2019 - Cover4
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