The Department of Justice is pushing its commitment to voluntary disclosure programs. Companies, however, are not lining up at DOJ’s door. The balance between sitting tight or voluntary disclosures requires care....more
The Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued a finding of violation (“FoV”) to Nodus International Bank, Inc. (“Nodus”), located in Puerto Rico, for violation of Venezuelan Sanctions. Nordus...more
On October 11, 2022, the Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”) announced settlement agreements with Bittrex, Inc. (“Bittrex”), a cryptocurrency exchange based in...more
On September 30, 2022, the United States Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) announced a settlement with Tango Card, Inc. (“Tango Card”), a supplier and distributor of stored valued...more
The Office of Foreign Assets Control (“OFAC”) has demonstrated its ability to multi-task — designing, implementing and enforcing a comprehensive sanctions regime against Russia after its invasion of Ukraine, and maintaining...more
On September 9, 2022, the United States Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) released “Preliminary Guidance” concerning a ban on maritime transportation services involving Russian Federation...more
Some may dismiss OFAC’s recent announcement last week that it issued a Finding of Violation to MidFirst Bank for violations of the Weapons of Mass Destruction Proliferators sanctions regulations as insignificant because OFAC...more
The Commerce Department’s Bureau of Industry and Security (“BIS”) has decided to join the enforcement club. BIS’s recent announcement of new policies to administrative actions should not be surprising. ...more
The D.C Circuit Court of Appeals sits in a unique position as the primary reviewing court for federal government agency actions. As a result, the D.C. Circuit sits in a high-profile position and several judges have...more
7/27/2022
/ Aiding and Abetting ,
Bureau of Industry and Security (BIS) ,
Civil Monetary Penalty ,
Common Carriers ,
Compliance ,
Enforcement Actions ,
Enforcement Authority ,
Export Administration Regulations (EAR) ,
Export Controls ,
FedEx ,
Foreign Policy ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Violations ,
Strict Liability ,
Ultra Vires
Since its last enforcement action against Banco Popular in late May, OFAC has been quiet on the enforcement front. Notwithstanding its silence, OFAC has been managing a robust and complex coordinated economic sanctions...more
7/26/2022
/ American Express ,
Compliance ,
Corruption ,
Drug Trafficking ,
Economic Sanctions ,
Enforcement Actions ,
Financial Transactions ,
Foreign Narcotics Kingpin Sanctions ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
SDN List
The Department of Treasury issued additional sanctions against Russia, targeting almost 100 entities and individuals, and prohibited import of Russian gold. The United States’ latest action reflected commitments recently...more
7/11/2022
/ Biden Administration ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Export Controls ,
Financial Transactions ,
FinCEN ,
Foreign Policy ,
Foreign Relations ,
Foreign Trade Regulations ,
Gold ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
U.S. Treasury ,
Ukraine ,
Vladimir Putin
The uptick in recent sanctions activity caused in large part by the Russian Federation’s unprovoked and unilateral invasion of Ukraine has caused absolute pandemonium in many compliance circles. While the U.S. Department of...more
The Treasury Department’s Office of Foreign Asset Control (“OFAC”) is a busy enforcement agency. OFAC has implemented the comprehensive Russia Sanctions Program in response to Russia’s invasion of the Ukraine. The scope and...more
In its continuing ratcheting of sanctions against Russia, the United States and the European Union have announced new sanctions and export controls to target additional industries and government officials. In a new front,...more
5/12/2022
/ Biden Administration ,
Economic Sanctions ,
EU ,
Export Controls ,
Foreign Policy ,
General Licenses ,
Military Conflict ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Ukraine ,
Vladimir Putin
Hold onto your hats – while we are on the cusp of more FCPA enforcement actions, the Justice Department and OFAC are gearing up for real and significant sanctions enforcement actions. The dye is cast, so here we go. ...more
5/11/2022
/ Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Export Controls ,
FCPA Guidance ,
Foreign Agents Registration Act (FARA) ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Policy ,
Military Conflict ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Violations ,
Russia ,
Ukraine ,
White Collar Crimes
You have to wonder how OFAC has the time to investigate and settle cases given its significant work implementing the Russia Sanctions Program. But OFAC continues to demonstrate its commitment to aggressive enforcement. ...more
5/3/2022
/ Compliance ,
Corruption ,
Economic Sanctions ,
Enforcement Actions ,
Failure to Comply ,
Freight Forwarding ,
Goods or Services ,
Internal Controls ,
Office of Foreign Assets Control (OFAC) ,
Prohibited Transactions ,
Sanction Violations ,
SDN List ,
Settlement Agreements
Even while the Treasury Department’s Office of Foreign Asset Control (“OFAC”) has been properly focused on implementing and enforcing the Russia sanctions scheme in response to Russia’s unprovoked invasion of Ukraine, OFAC...more
The Office of Foreign Asset Control’s designation of an entity as a Specially Designated National (SDN) is the “kiss of death.” Such designation not only has a direct impact on an SDN’s ability to engage in business but has...more
Continuing with both its crackdown on cybercriminals and illicit digital marketplaces, along with its continued economic pressure on the Russian Federation, OFAC has sanctioned two entities that fit both criteria. On April...more
4/13/2022
/ Cryptocurrency ,
Currency Exchange ,
Cyber Crimes ,
Darknet ,
Economic Sanctions ,
Enforcement Actions ,
Military Conflict ,
Money Services Business ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Ransomware ,
Russia ,
Ukraine ,
Virtual Currency
On April 6, 2022, the United States and Europe announced new sanctions on Russian banks – Sberbank, the largest bank in Russia, and Alfa Bank, another large financial institution. The new Executive Order imposes full...more
Prosecutors and regulators are scouring their files for enforcement actions – criminal and civil – for violations of the 2014 Ukraine-Russia Sanctions Program. The message being sent is clear – do not violate any sanctions...more
Unsurprisingly, we’ve been fielding a significant number of inquiries regarding the latest Russian sanctions. Most companies seek black and white answers – what can we do and what can’t we do. However, sanctions are very...more
The U.S. Attorney’s Office for the Southern Direct of New York recently announced the indictment of Jack Hanick, a United States citizen, of violating the U.S. sanctions against Russia and false statements in connection with...more
3/8/2022
/ Cable Television Providers ,
Crimea ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Extradition ,
Foreign Policy ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanction Violations ,
SDN List
In a significant step designed to increase financial pressure on Russia in response to its invasion of Ukraine, the Department of Treasury’s Office of Foreign Asset Control (“OFAC”) issued new sanctions to prohibited United...more
3/1/2022
/ Asset Freeze ,
Banking Sector ,
Economic Sanctions ,
Financial Transactions ,
Foreign Policy ,
Foreign Relations ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sovereign Wealth Funds ,
Ukraine ,
Vladimir Putin
The Biden Administration announced a robust set of trade sanctions and export controls against Russia in response to the Russian invasion of Ukraine. The Treasury Department’s Office of Foreign Asset Control (“OFAC”) and the...more
2/28/2022
/ Biden Administration ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Export Controls ,
Foreign Policy ,
Foreign Relations ,
Foreign Trade Regulations ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Ukraine ,
Vladimir Putin