It’s 5 p.m., and I’m celebrating. Not because a project was completed or the workday is over, but because I have just reviewed the ten-thousandth false positive in our company’s sanctions lists screening software.… Continue Reading
Governments and international financial institutions (IFIs) are stepping up to respond to the public health and economic crisis caused by Covid-19. For its part, the World Bank Group (WBG) has approved billions of dollars in financing to support countries in their efforts against the pandemic.… Continue Reading
The U.S. Treasury Department’s Office of Foreign Assets Control used a settlement agreement Thursday to set out management’s role in creating and running an effective sanctions compliance program.… Continue Reading
The market infrastructure that supports cross-border payments has scarcely changed since 1977, when SWIFT launched a messaging service with standardized codes and instructions for payment communications between members. However, big developments are coming.… Continue Reading
Apple, Inc. agreed Monday to pay $467,000 to settle violations of the Foreign Narcotics Kingpin Sanctions Regulations after its screening tool failed to detect a sanctioned company and its owner.… Continue Reading
In the context of the Trump Administration’s “maximal pressure” approach to the U.S. sanctions against Iran, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued on May 3, 2019 its Framework for OFAC Compliance Commitments or OFAC Guidelines.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control fined a California-based cosmetics company nearly $1 million for importing fake eyelash kits that contained materials from North Korea.… Continue Reading
The chief financial officer of China’s Huawei Technologies was arrested in Canada last weekend and now faces extradition to the United States.
Meng Wanzhou was detained in Vancouver on December 1, the Canadian Justice Department said Wednesday.… 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 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
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
The Treasury Department’s Office of Foreign Assets Control fined Exxon Mobil Corp. $2 million Thursday for signing a joint venture with Russia’s Rosneft in “reckless disregard” of Ukraine-related trade sanctions.
In response, Exxon filed a lawsuit in federal court in Texas, arguing that it had guidance from the government that its action would be legal under existing law and OFAC rules.… Continue Reading