Latest Posts › Economic Sanctions

Share:

OFAC Framework for Sanctions Compliance Programs – Testing and Auditing and Training (Part III of IV)

OFAC’s new Framework for Sanctions Compliance Programs incorporates a number of important principles from Justice Department and US Sentencing Guideline requirements for effective compliance programs. ...more

OFAC Framework for Sanctions Compliance Programs – Risk Assessment and Internal Controls (Part II of IV)

OFAC’s Framework for Sanctions Controls Program is a heightening of the importance of ethics and compliance program and reflects significant expectations for implementing effective compliance strategies. ...more

OFAC Joins the Compliance Club – Issues Framework for Sanctions Compliance Programs (Part I of IV)

On the heels of the Justice Department’s announcement of its new compliance guidance, on May 2, 2019, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) issued its promised guidance for sanctions compliance...more

OFAC Enforcement Action Underscores Russia Sectoral Sanctions

The Treasury Department’s Office of Foreign Asset Control (OFAC”) continues its enforcement run. In a recent case against Haverly Systems, Inc., OFAC sent an important reminder to US companies about compliance with the...more

Acteon Pays $441,000 to Settle Two OFAC Enforcement Actions

We can add Acteon to the list of OFAC settlements for 2019, which is quickly turning into a robust sanctions’ enforcement year. Acteon is a UK based company, which provides subsea services in the oil and gas industry. ...more

OFAC Announces Yet Another Enforcement Action – Cement Clinker Company Settles for Violations of Iran Sanctions Program

OFAC is definitely off to a fast start this year – it recently announced its fourth enforcement action for 2019. So far, OFAC has collected over $7 million in civil penalties. ...more

AppliChem Pays OFAC $5.5 Million for Cuba Sanctions Violations

OFAC continues to pile up enforcement actions for sanctions violations. In yet another example of a failure of companies to address compliance, to follow up on compliance and to ensure ultimate compliance, AppliChem...more

OFAC Announces Two Sanctions Enforcement Settlements

What a difference a year makes — The Treasury Department’s Office of Foreign Asset Control (“OFAC”) announced two sanctions settlements in the beginning of 2019, a stark difference from 2018 when OFAC announced its first...more

Merging Trade Compliance and Ethics and Compliance Silos

Business operations can be riddled with inefficiencies. It is easy to spot them inside a company. The same rule applies to ethics and compliance programs. ...more

OFAC Relaxes Russia Sanctions After Oligarch Ownership Changes

The Treasury Department’s Office of Foreign Asset Control (OFAC) rarely backs down. Recently, in response to significant ownership and governance changes, OFAC removed three Russian companies, EN+ Group (EN+), UC Rusal plc...more

Sanctions Enforcement and Compliance Year in Review

The Department of Treasury’s Office of Foreign Asset Control (OFAC) has steadily expanded its influence in the enforcement landscape. Global companies now face a complex regime of sanctions that require careful navigation....more

OFAC Announces Russia Sanctions Settlement with Software Company

The Department of Treasury’s Office of Foreign Asset Control (“OFAC”) recently announced a settlement against Cobham Holdings (and its former subsidiary Aeroflex/Metelics, Inc. (“Metelics”, a software company) for $87,507 for...more

OFAC Completes Re-Imposition of Iran Sanctions

On November 5, 2018 the Department of Treasury’s Office of Foreign Asset Control (“OFAC”) completed the process to re-impose the Iran sanctions program. The 180-day wind-down period for termination of the United States’...more

State Department Announces Additional Sanctions Against Russia

Okay, I have to admit – it is getting hard to keep up with all the changes to the Russia Sanctions Program. The Treasury Department, Office of Foreign Asset Control’s imposition of the Oligarch Sanctions and Congress’...more

OFAC Begins to Re-Impose Iran Sanctions and Expands Reach of Previous Sanctions

The Trump Administration issued a new executive order on August 6, 2018, in order to reimpose the first tranche of the Iran sanctions lifted by the former Joint Comprehensive Plan of Action (“JCPOA”). ...more

Hallelujah: OFAC Announces First Enforcement Action in 2018 Against Ericsson, Inc.

I will admit it – I changed this posting from its original draft. I intended to write about the absence of any OFAC enforcement actions for 2018. I went to double-check the OFAC enforcement website, and lo and behold, OFAC...more

Update on Russia Trade Sanctions

The Trump Administration Treasury Department’s Office of Foreign Asset Control activity has been interesting to watch. On the one hand, OFAC has been implementing aggressive sanctions against Russia in reaction to Russia’s...more

Turning Back the Clock – OFAC Plans to Reimpose Iran Sanctions Program

Just as businesses were growing or planning to grow into Iran, they had the proverbial rug pulled out from under them. Last week, on May 8, 2018, the administration announced its intention to withdraw from the Joint...more

Lying and Accountability: ZTE Pays the Price

Despite our political dialogue and the often-heard charges of fake news and lying, telling the truth still matters in a variety of contexts. For example, Special Counsel Mueller has made various characters in the Russia...more

OFAC Hits Russia with New Sanctions

On April 6, 2018, OFAC announced a new round of sanctions against Russian individuals and companies. Relying on its authority under existing executive orders, OFAC designated seven Russian oligarchs and 12 companies they own...more

Financial Institutions Are Playing Catch-Up in AML and Sanctions Compliance

Compliance officers are a much more collaborative group of professionals than lawyers. Compliance officers share information with colleagues about compliance experiences, best practices and strategies. The compliance...more

Sanctions Updates: Cuba, North Korea, Russia, Sudan, Venezuela

Sanctions compliance is challenging because of the changing nature of sanctions regulations and individuals identified as Specially Designated Nationals. With each new administration, foreign policy priorities are usually...more

New Sanctions Law Complicates Trade Compliance

Politics and sanctions law go hand-in-hand. In a rare instance of bi-partisanship, Congress united to constrain the administration’s ability to modify the existing sanctions program against Russia. At the same time, Congress...more

The Strange Case of OFAC Against Exxon for Sanctions Violations

In a bizarre enforcement action, The Treasury Department’s Office of Foreign Asset Control (“OFAC”) assessed a $2 million civil monetary penalty against ExxonMobil (“Exxon”) for violations of the Ukraine sanctions....more

233 Results
 / 
View per page
Page: of 10

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide