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.
The Sussex, Wisconsin print and digital marketing company disgorged $6.9 million and prejudgment interest of about $960,000, and agreed to pay a civil penalty of $2 million.… 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.
Paris-based SocGen — the third biggest French bank — admitted that it violated sanctions on Cuba, Iran, and Sudan.… 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.
The Treasury Department’s Office of Foreign Assets Control published Frequently Asked Questions on President Trump’s Cuba announcement.
The biggest change will be new regulations to end so-called individual people-to-people travel. Group people-to-people travel will still be authorized.… 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. Immigration and Customs Enforcement for trade sanction violations reaching back to 2002.… 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.
For the Latin American experts with whom I traveled, foreign investment is not a catalyst to growth but an instrument of imperialism and oppression.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control published a new set of questions and answers Thursday about the sanctions on Cuba. OFAC’s answers will surprise a lot of people.
President Obama announced a lifting of sanctions in late 2014.… 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.
The bank will also fire a managing director involved in the violations of U.S.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control (OFAC) has amended the Cuba sanctions regulations for the second time this year. … Continue Reading