Podcasts
OFAC has resumed its aggressive enforcement program. These enforcement actions include: (1) Keysight Technologies settled with OFAC for $473,157 for violations of the Iran Sanctions Program; (2) Comtech Telecommunications settled with OFAC for $894,111 for violations of Sudan Sanctions Program; and (3) Deutsche Bank settles two OFAC cases
General
The Justice Department and OFAC announced a settlement with Essentra FZE Company Limited (“Essentra FZE”), a cigarette filter and tear tape manufacturer, for violation of the North Korea Sanctions Program. The violations were based on payments for goods that were received by a foreign branch of a U.S. bank.
Events
2020 Mid-Year OFAC Sanctions Compliance Review August 4, 2020, 12 Noon EST Sign Up Here Despite the pandemic and disruptions to the global economy, the Office of Foreign Asset Control continues its aggressive enforcement of economic sanctions. OFAC has brought several significant enforcement actions, and the Justice Department joined
General
While DOJ had its biggest year in FCPA enforcement, OFAC quietly had a record year in enforcement. OFAC collected approximately $1.28 billion (yes, with a B) in 26 separate enforcement actions. That is quite an increase over 2018 when OFAC collected $71 million in 7 separate enforcement actions. OFAC
Podcasts
2019 was a big year for OFAC enforcement and compliance -- OFAC collected $1.28 billion in fines and penalties in a total of 26 separate enforcement actions. OFAC also issued important compliance program guidance, mandating a number of important requirements for compliance programs. OFAC's enforcement record for 2019
General
There is no question that OFAC continues to dominate the enforcement landscape this year. OFAC has provided plenty of warning and notice to global companies, especially those in the manufacturing and industrial sectors. OFAC has exercised its prosecutorial discretion to underscore the risks global companies face in their distribution channel,
General
Stanley Black and Decker (“Stanley”) and its Chinese subsidiary Jiangsu Guoqiang Tools Co. (“GQ”) agreed to pay approximately $1.9 million to settle OFAC charges that it violated the Iran Sanctions Program. The OFAC enforcement action was the fifth in 2019. Stanley voluntarily disclosed the apparent violations to OFAC. See
General
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. As the U.S. government expands its reliance on sanctions to influence foreign actors and advance foreign