Popular, Office of Foreign Assets Control (OFAC), Corporate Counsel

U.S. Sanctions Enforcement: 2024 Lessons Learned and 2025 Expectations

Morrison & Foerster LLP on 4/25/2025

As the third month of the second Trump administration comes to a close, the lack of any public enforcement action by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctions watchers...more

War Aid and Sanctions: National Security Act Includes Significant New Sanctions Authorities

Morrison & Foerster LLP on 4/30/2024

On April 24, 2024, President Biden signed into law a long-debated $98 billion foreign aid and national security legislative package (the “Act”) providing funds for Israel, Taiwan, and Ukraine, and authorizing new sanctions...more

Swiss Finance Company to Pay Almost $4 Million for Sanctions Violations

Bass, Berry & Sims PLC on 3/20/2024

On March 14, the U.S. Treasury Department, Office of Foreign Assets Control (OFAC) announced that EFG International AG (EFG), a Switzerland-based bank, had agreed to pay roughly $3.74 million to settle allegations that it had...more

Insights from OFAC Enforcement Actions So Far

Oberheiden P.C. on 11/7/2023

Each year, the Office of Foreign Assets Control (OFAC) initiates several enforcement actions targeting companies, financial institutions, and individuals in the United States and abroad. These enforcement actions can present...more

Federal Agency Settlements with Wells Fargo Illustrate Sanctions Risks Involving IT Systems

Akin Gump Strauss Hauer & Feld LLP on 4/18/2023

Key Points - On March 30, 2023, OFAC announced a settlement agreement with Wells Fargo for 124 apparent violations of three different sanctions programs (Iran, Syria and Sudan), all related to a legacy Wachovia Bank...more

U.S. Sanctions Enforcement: 2022 Trends and Lessons Learned

Morrison & Foerster LLP on 3/6/2023

Today’s alert—the third and final installment in our Sanctions 2022 Year in Review series—provides an overview of U.S. sanctions enforcement in 2022, including the key lessons learned from the enforcement actions issued by...more

Biden Administration Toughens Sanctions, Export Controls in Response to Continued Harmful Activities of the Russian Government

Wiley Rein LLP on 9/21/2022

On September 15, 2022, the Biden Administration announced a new package of sanctions and export controls to hold the Russian government accountable for its war against Ukraine. ...more

[Event] FCPA & Anti-Corruption for the Life Sciences Industry - July 21st - 22nd, Boston, MA

American Conference Institute (ACI) on 6/21/2022

ACI is excited to welcome you back in-person to the 14th Advanced Forum on FCPA & Anti-Corruption for the Life Sciences Industry, taking place on July 21–22, 2022 in Boston! Legal and compliance professionals from...more

OFAC Year-in-Review 2021 Part II – Lessons Learned from OFAC’s 2021 Enforcement Actions

Morrison & Foerster LLP on 2/9/2022

Back in July, we took a look at the enforcement actions for the first half of 2021 issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Today’s post – the second half of our OFAC 2021 Year...more

OFAC Year in Review 2021 – Part 1

Morrison & Foerster LLP on 2/8/2022

2021 was a year of transition in the United States and for the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC’s year, while busy, was far different from 2020, as the Biden Administration’s...more

What Companies Need to Know: Uyghur Forced Labor Act Signed Into Law

Wiley Rein LLP on 12/28/2021

After more than a year of debate in the U.S. Congress as to the scope and enforceability, the Uyghur Forced Labor Prevention Act (UFLPA or Act) passed Congress with strong bipartisan support. President Biden has publicly...more

Department of the Treasury Issues New Advisory Regarding Ransomware Payments

Polsinelli on 9/23/2021

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) released its Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments (the “Updated Advisory”)....more

Lessons Learned From OFAC’s 2021 Enforcement Actions So Far

Morrison & Foerster LLP on 7/15/2021

As peak summer holiday season approaches, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) continues to remind the private sector of the importance of strict economic sanctions compliance. OFAC...more

OFAC 2020 Year In Review

Morrison & Foerster LLP on 2/16/2021

In too many ways to count, 2020 was an extraordinary year. As we move into 2021 with optimism for an end to the pandemic and better days ahead, we understand that the activity last year of the U.S. Department of the...more

Reminder Regarding the Jurisdictional Reach and Limits of U.S. Export Control, Sanctions, and Foreign Investment Regulations

Akin Gump Strauss Hauer & Feld LLP on 9/21/2020

United States export control, sanctions, and foreign investment (CFIUS) regulations advance U.S. national security and foreign policy interests, but in very different ways. They are also quite complex. As a result, media...more

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