The White House announced on May 8 that the United States would pull out of the Joint Comprehensive Plan of Action (JCPOA) and reinstate sanctions on Iran to address that country’s nuclear program.… Continue Reading
In 2015 OFAC penalized the National Bank of Pakistan for apparent violations of U.S. sanctions programs resulting from a software failure. According to OFAC, the bank’s New York branch processed wire transfers after its sanction screening tool failed to detect the name of the account — LC Air company Kyrgyztransavia — as belonging to Kyrgyz Trans Avia, a blocked entity.… Continue Reading
The Trump administration Thursday sanctioned five entities and 19 individuals for meddling in the 2016 U.S. presidential elections and for cyberattacks.
Among the entities sanctioned are Russian intelligence agencies, including the Federal Security Service, blamed for the 2014 hacking of Yahoo.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control added four Russians and a Chechen to its list of those sanctioned under the Magnitsky Act for alleged human rights abuses.
The most prominent name on Wednesday’s list was the head of the Russian republic of Chechnya, Ramzan Kadyrov.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control fined a Connecticut-based company Thursday for exporting paper from Canada to Sudan.
BD White Birch Investment LLC, known as White Birch USA, paid $372,465 to settle allegations that it violated U.S.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control penalized Richemont North America, Inc., the owner of the Cartier luxury brand, for shipping jewelry to a Hong Kong company that OFAC had blocked.… Continue Reading
The U.S. Treasury Department’s Office of Foreign Assets Control Tuesday put more entities and individuals from China, Russia, Singapore and Namibia on the North Korea sanctions list.
OFAC said the blocked companies and people bought coal, minerals or oil from North Korea or supported its weapons programs.… 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
Last week the U.S. Treasury Department’s Office of Foreign Assets Control announced a $12 million settlement with CSE Global Limited and its subsidiary, CSE TransTel Pte. Ltd., both based in Singapore.… Continue Reading
The subsidiary of a technology company that trades on the Singapore stock exchange paid $12 million in fines Thursday to the U.S. Treasury Department’s Office of Foreign Assets Control for violating trade sanctions against Iran.… 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