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
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
There are commonalities across the sanction regimes of multilateral development banks (MDB). All have clearly articulated prohibited practices, investigation and sanction procedures, often including an array of possible sanctions and appeals process.… Continue Reading