Global Economic Sanctions

Networking Breakfast and Registration

Opening Remarks from the Co-Chairs

William Pellerin
Partner
McMillan LLP

John E. Smith
Partner
Morrison Foerster (US)
Former Director, OFAC

OFSI Keynote

Giles Thomson
Director, Office for Financial Sanctions Implementation (OFSI) and Economic Crime
HM Treasury

Russia Sanctions and Circumvention in Real Life: Strengthening Global Due Diligence and Screening to Detect Increasingly Sophisticated Schemes

Owais Arshad
Director - Global Economic Sanctions Advisory
RBC

Osvaldo Lee
Deputy Global Head of Sanctions Compliance
Bloomberg

Michael Zolandz
Partner
Dentons

Wendy Wagner
Partner
Gowling WLG

Since the invasion of the Ukraine by Russia in early 2022, the world is witnessing the largest sanctions and export control regime in history. With Russia more motivated than ever to evade these complex controls, evasion and circumvention techniques are becoming increasingly complex and sophisticated.

During this panel, we will explore Russia sanctions and circumvention in real life, including best practices for strengthening due diligence to prevent increasingly sophisticated evasion and circumvention techniques that are on the rise. Discussion points include:

• Exploring Canada’s approach to the forfeiture of Russian-owned assets to fund the reconstruction of Ukraine
• Breaking down counter-evasion priorities for the US, UK, EU, and Canada
  • New US efforts to prosecute Russia sanctions evasion
  • UK’s new sanctions measures against Russia
• Concrete examples of the newest, most sophisticated schemes and lessons for flagging them before it’s too late
• Strengthening due diligence, screening and compliance processes to prevent Russia sanctions evasion
• Recent prosecution and enforcement actions—and their broader lessons
• Ensuring compliance programs are robustly designed, tested and resourced to address new, uncertain risk factors

Networking Break

EU Commission Keynote

Kristina Jankovich
Team Leader for Sanctions Implementation, Unit for Sanctions, DG FISMA
European Commission

Managing the Intersection of Export Controls and Economic Sanctions: Implications for Legal and Compliance Teams, and Best Practices for Strengthening Cross-Departmental Coordination

Paul Jonathan Saguil
Deputy Head, Global Sanctions Compliance & Anti-Bribery/Corruption Program
TD Bank

Orlando Silva
Senior Director, Trade Compliance Officer
BlackBerry Limited

Graeme A. Hamilton
Partner
Bordner Ladner Gervais

During this panel discussion, trade and compliance practitioners explore the intersection of export controls and economic sanctions during a time of increased geopolitical tension. We will explore critical issues emerging as a result of the increased interplay of export controls and global economic sanctions, and how companies can be best prepared, including insights into:

• Addressing new and evolving ways that export controls and economic sanctions are intersecting–and how business can prepare and respond
• Collaboration between export controls and economic sanctions agencies and how they are coordinating enforcement efforts
• Best practices for partnering with business units to strengthen compliance across the organization
• Considerations for robust supply chain and third-party due diligence
• Implementing the key components of an effective, risk-based sanctions and export compliance program
• New red flags that have both sanctions and export compliance implications

Networking Luncheon

Overcoming Hurdles to Complying with Canada’s New Deemed Ownership Rule: Procedures for Satisfying Amendments to SEMA and the Magnitsky Law

Umair Azam
Legal Counsel
Canadian Bankers Association

Martha Harrison
Partner
McCarthy Tétrault

In June 2023, as part of the Budget Implementation Act 2023, there were significant amendments made to Canada’s sanctions statutes–the Special Economic Measures Act (SEMA), and the Justice for Victims of Corrupt Foreign Officials (JVCFOA). As a result of the amendments, ownership and control rules were clarified, expanding the scope of due diligence investigation that companies are responsible for related to counterparties that might be owned or controlled by sanctioned parties. During this panel discussion, we will explore:

• Due-diligence challenges related to the new amendments
• Evaluating current procedures and determining the applicability of the new amendments to different types of businesses
• Navigating the complexities of compliance with the new amendments—a look at the real-world challenges and how to manage them

CHINA SANCTIONS PART I

Positioning Your Compliance Program to Prepare for Expanding Sanctions and Export Controls on China – and Lessons Learned from Russia Sanctions

Barbara Linney
Partner
BakerHostetler LLP

Brian O’Toole
Global Head of Sanctions
Wells Fargo

Dr. Anna Bradshaw
Partner
Peters & Peters LLP (London)

Businesses should prepare now for more anticipated, tightened sanctions and export controls on China. During this panel, we will explore best practices for strengthening and positioning your compliance program, including insights and direction on:

• Global implications of China’s economic challenges
• EU’s sanctions targeting Chinese companies aiding Russia, and resulting threats of retaliation
• Navigating the complexities of the strained relationships between China, the US, and the EU
• Promoting international human rights through China sanctions
• Targeting of major industries for sanctions, including the chemical, metals, electronics, shipbuilding, and aviation sectors

Networking Break

FINTRAC and the Canadian Sanctions Enforcement Landscape: Guidance on Brand New FINTRAC Reporting Obligations Related to Sanctions

Stephen Nattrass
Partner
Norton Rose Fulbright

Clifford Sosnow
Partner
Fasken Martineau DuMoulin

During this panel, we will discuss FINTRAC’s new reporting requirements and their interplay with Canadian sanctions, including:

• Changes to FINTRAC reporting forms LCTR, STR, EFTR, and CDR
• Assessing sanctions due diligence procedures
• Identifying sanctions compliance red flags identified by FINTRAC for indicating high-risk for sanctions evasion

Update on Canada’s Asset Seizure and Forfeiture Regime: Opportunities and Practical Challenges

Jessica B. Horwitz
Partner
Bennett Jones

Jeffrey Simser
Former Legal Director
Ministry of the Attorney General

Moderator:

Brenda C. Swick
Partner
Cassels Brock & Blackwell

Don’t miss this important discussion on Canada’s significant new powers related to asset seizure and forfeiture, where theory meets practice. During this panel discussion, we will explore the amendments to the law—SEMA (Special Economic Measures Act)—which gives rise to these new powers and their implications for the legal community and businesses in Canada. Join this panel discussion to explore:

• Exploring the latest key developments related to the seizure and forfeiture of assets under Canada’s sanctions regime
• Legal concerns and practical challenges related to implementation of the new powers
• Compare and contrast Canada’s approach to sanctions forfeiture to that of other countries, including lessons Learned from U.S. forfeiture cases
• Realistic prospects and anticipated procedure for use of the proceeds for the reconstruction of the Ukraine

Roundtable

Smaller-Group Industry Roundtable Discussions

A. Banking

Heidi Kinkartz
Director, Global Sanctions
Scotiabank

Nicole Charles
Senior Manager, Financial Crime
Aviva Canada

B. Operationalizing AI for Sanctions Compliance

Kuno Tucker
Chief Compliance Officer
Manulife Wealth

C. Exploring the Interplay of Export Controls and Sanctions

Orlando Silva
Senior Director, Trade Compliance Officer
BlackBerry Limited

D. Enforcement

Farhad Alavi
Partner
Akrivis Law Group

Select a table of your choice to engage in smaller-group discussion and benchmarking:

1. Banking
2. Insurance
3. Exporters
4. Enforcement

Closing Remarks by the Co-Chairs and Networking Cocktail Reception

Networking Breakfast and Registration

Opening Remarks from the Co-Chairs

William Pellerin
Partner
McMillan LLP

John E. Smith
Partner
Morrison Foerster (US)
Former Director, OFAC

Global Affairs Keynote

Stephen Burridge
Executive Director, Sanctions Policy, Outreach, Compliance & Enforcement Division Sanctions Bureau
Global Affairs Canada

Global Enforcement Think Tank: The Practical Impact of Recent Cases on Financial Institutions and Multinationals Operating in Canada

David M. Stetson
Partner
Steptoe & Johnson LLP
Former Senior Lawyer, OFAC

William Pellerin
Partner
McMillan LLP

Former Global Affairs Canada and OFAC officials provide key insights on U.S. and Canadian sanctions enforcement priorities and what is on the horizon. The speakers will also take a closer look at the latest, most impactful enforcement cases, guidance and how Canadian industry can mitigate liability risks.

Ample time will left for Q&A, so bring your questions and join this interactive session!

Networking Break

U.S. Department of State

Aaron Forsberg
Director for Economic Sanctions Policy and Implementation
U.S. Department of State

Revisiting Protocols for Vetting and Monitoring Third Parties: New, Special Considerations for Your Supply Chain and Business Partners in Russia, China and Other Key Hot Spots

Jessica Kim
AVP, Third Party Risk Management
Canadian Western Bank

Laura Molinari
Executive Director, Licensing, Policy, Sanctions, and Compliance
Boeing

• Engaging with regulators early on to manage varying expectations
• What you need to know about OFAC and Vendor Management expectations
• Aligning the relevant business teams, including legal and compliance
• How to manage competing demands from varying regulators and law enforcement agencies
• Preventing costly sanctions breaches by implementing ongoing third-party risk monitoring

Networking Luncheon

OFAC Keynote

Jessica Rhee
Sanctions Compliance Officer
Office of Foreign Assets Control (OFAC)
U.S. Department of the Treasury

Guide to False Positives: Managing and Reducing False Positives in Sanctions Screening with AI and Machine Learning

Michael Diaz
Head of Transaction Screening, Financial Crimes Prevention
UBS

Andrii Dzhaga
FC Trade Controls Policy Lead
Stripe

Riyam Ratnajothi
Director, Sanctions Compliance and Watchlist Management
BMO Financial Group

Moderator:

Kuno Tucker
Chief Compliance Officer
Manulife Wealth

• Strengthening your overall sanctions screening process while reducing your false positive rate
• Looking at false positives through the lens of relevancy versus reduction
• Leveraging AI to significantly reduce false positives while making sure no real matches slip through the cracks
• Navigating challenges to reducing your false positive rates
• Best practices for enhancing data quality in the organization to reduce false positives

Networking Break

Iran and Haiti Sanctions: Incorporating New Developments Into Your Global Program and Monitoring Emerging Trends

Erich Ferrari
Principal Attorney
Ferrari & Associates (USA)

Alexander Parets
Senior Director, Head of Enterprise Screening and Sanctions Risk Management
Capital One

• Navigating the most pressing Iran and Haiti sanctions compliance dilemmas
• Forging best practices for the best path ahead
• Managing the expanding scope and complexity of sanctions on Iran and Haiti—what does the future regulatory landscape look like for the rest of 2024?
• Predicting the future of Iran sanctions amid the Israel-Hamas war and broader geopolitical risks across the region

CHINA SANCTIONS PART II

Forced Labour, Canada’s Modern Slavery Act and the Interplay with Economic Sanctions

Sabrina A. Bandali
Partner
Bennett Jones LLP

Matthew Kronby
Partner, International Trade and Investment
Osler, Hoskin & Harcourt

Businesses should prepare now for potential impactful changes to legislation created to combat forced and child labour. To prepare for the new rules which will come into force Jan. 1, 2024, companies should strengthen their processes or face stiff penalties, heavy fines, and even criminal prosecution. During this panel, we will discuss:

• The landscape of current global modern slavery transparency legislation
• Key provisions in Canada’s Modern Slavery Act, Bill S-211
• Preventing violations across the supply chain and trade operations, including the production, distribution, and import of goods within and into Canada
• Strengthening and monitoring human rights due diligence policies
• Enhancing remedy and mitigation measures
• Reducing the risk of forced labour in the supply chain
• Using sanctions tools to promote views on the trampling of human rights by certain administrations around the world
• Promoting international human rights on the international stage

Closing Remarks from the Co-Chairs and Conference Adjourns