Earlier this year the Treasury Department’s Office of Foreign Assets Control published A Framework for OFAC Compliance Commitments. It describes essential components of a sanctions compliance program (management commitment, risk assessment, internal controls, testing and auditing, and training).… Continue Reading
Quad/Graphics Inc. agreed Thursday to pay the SEC nearly $10 million to settle violations of the Foreign Corrupt Practices Act for long-running bribery schemes and cover-ups in Peru and China.… Continue Reading
Société Générale SA resolved U.S. trade sanction violations Monday by entering into two deferred prosecution agreements and paying $1.34 billion in penalties to federal and state authorities.… Continue Reading
Business philosopher Jim Rohn said: “Success is neither magical nor mysterious. Success is the natural consequence of consistently applying basic fundamentals.”
A recent OFAC enforcement action illustrated the importance of consistency.… Continue Reading
Insurance giant American International Group agreed to pay the Office of Foreign Assets Control about $149,000 to settle 555 “apparent violations” of OFAC sanctions against Iran, Sudan, and Cuba.… Continue Reading
Houston-based driller National Oilwell Varco, Inc. reached a settlement with the DOJ, the Commerce Department, the Treasury Department’s Office of Foreign Assets Control, and U.S.… Continue Reading
There is nothing quite like a week-long trip to Cuba to more keenly appreciate the prospect, and the perils, of foreign investment in developing countries.… Continue Reading
French bank Crédit Agricole will pay $787 million and hire an independent monitor after violating U.S. sanctions against Sudan, Iran, Myanmar, and Cuba between 2003 and 2008.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control (OFAC) has amended the Cuba sanctions regulations for the second time this year.
While many of the amendments, which went into effect last Monday September 21, reflect nothing more than some fine-tuning and expansion of the January 16 amendments, here is a glimpse of the changes that affect business and trade.
Americans and those located in the U.S.… Continue Reading