The History of Sanctions, Part 1
Blog post from Duality
Sanctions, historically used as political tools to impose commercial and financial penalties on countries, companies, or individuals, have been part of global strategies for centuries, with notable examples including those against Cuba, Iran, and North Korea. Their effectiveness is debated, with some studies suggesting significant economic impacts on targeted nations but unclear long-term success in achieving political goals. In the digital age, enforcing sanctions poses challenges as sanctioned entities exploit data privacy laws and technological loopholes to evade restrictions, highlighting the need for technological advancements such as Privacy-Enhancing Technologies. These technologies can assist financial institutions in improving sanction discovery and compliance by allowing secure data collaboration and discreet monitoring of transactions, thus revolutionizing the handling of financial crimes.
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