News and commentary about white-collar crime, enforcement, and compliance
Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Shruti J. Shah
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
Bill Steinman
Contributing Editor
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
Secretary of Commerce Wilbur Ross said Thursday that China’s ZTE will pay $1 billion in penalties, put $400 million in escrow, and accept a U.S.-appointed compliance department.
According to a Commerce Department statement, the new agreement requires ZTE “to retain a team of special compliance coordinators selected by and answerable to” the Commerce Department for ten years.… Continue Reading
The U.S. Department of Commerce Monday imposed a denial of export privileges against ZTE and a related company for seven years for failing to comply with settlement terms in an earlier sanctions case.… 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 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
China’s ZTE Corporation agreed Tuesday with the DOJ and two other agencies to pay $892 million for knowingly shipping dual-use telecoms equipment to Iran for six years and lying to cover up the trade offenses.… 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
U.S. Secretary of State John Kerry with Iranian Foreign Minister Mohammad Javad Zarif (State Department photo) If you’re a U.S. company — unless you’re a food, medicine/medical supplies, or civil aircraft/parts supplier — you still cannot have anything to do with Iran, even after the so-called lifting of sanctions as part of the nuclear accord known as the Joint Comprehensive Plan of Action.… Continue Reading
Federal and New York authorities said Wednesday that Deutsche Bank will pay $258 million and fire six senior employees to resolve investigations into thousands of illegal transactions with customers in Iran, Libya, Syria, Myanmar, and Sudan.… 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
Image courtesy of the White House via YouTubeStatement Relating to the July 14, 2015 Announcement of a Joint Comprehensive Plan of Action Regarding the Islamic Republic of Iran’s Nuclear Program:
On July 14, 2015, the P5 + 1 and Iran reached a Joint Comprehensive Plan of Action (JCPOA) to ensure that Iran’s nuclear program will be exclusively peaceful.… Continue Reading
Prosecutors in Switzerland searched the offices of HSBC’s private bank in Geneva Wednesday as part of an investigation into money laundering.
The Geneva prosecutor’s office said it opened a criminal inquiry into possible money laundering against HSBC Private Bank (Suisse).… Continue Reading