The Treasury Department’s Office of Foreign Assets Control (OFAC) issued Directives 1 through 4 on September 12 pursuant to Executive Order 13662 (March 20, 2014), “Blocking Property of Additional Persons Contributing to the Situation in Ukraine.”… Continue Reading
Posts Tagged: Sanctions
BNP Paribas SA said Jean Clamon, its top compliance officer since 2008, will retire this year.
Clamon, also a former chief operating officer, will be succeeded by Eric Martin, head of internal audit.… Continue Reading
On June 30, the Justice Department and other federal and state agencies announced the long awaited settlement in the BNP case. The bank forfeited $8.8 billion and paid fines of $140 million for the “hat-trick of sanctions violations” — unlawfully offering the U.S.… Continue Reading
Weatherford International agreed Tuesday to pay $152.6 million to the DOJ and SEC for FCPA offenses in the Middle East and Africa and violation of the Iraq oil-for-food program.
The Switzerland-based company also paid $100 million for export controls violations under the International Emergency Economic Powers Act and the Trading with the Enemy Act.… Continue Reading
U.S. Attorney Preet Bharara said Tuesday the United States has filed a civil forfeiture action against the assets of nine companies that own real estate in Manhattan. The complaint targets four luxury residential units and two high-end commercial spaces.… Continue Reading
The World Bank Group is currently undertaking an evaluation and review of its Sanctions System. That Sanctions System is an integral part of the Bank’s Anti-Corruption policy in that it provides a framework for punishing corrupt contractors, thereby creating a deterrent to corruption.… Continue Reading
The World Bank Group recently announced that it is launching a global multi-stakeholder consultation on its sanctions system. This consultation is part of a stock-taking exercise, intended to help the World Bank Group to evaluate the implementation of the system thus far and its various reforms to date, with a view to identifying possible entry points for making improvements.… Continue Reading
Reacting against the Magnitsky Act signed into law by President Obama last week, Russian President Vladimir Putin said the Kremlin should ban adoption of Russian babies by Americans.… Continue Reading
Last Tuesday, October 9th, the World Bank hosted a colloquium on “Suspension and Debarment,” featuring four panels of experts from around the world.
Perhaps in recognition of the increased use and prominence of this integrity tool, the colloquium was very well-attended with an active and attentive audience.… Continue Reading