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Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

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Richard Bistrong Contributing Editor 

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FCPA Blog Daily News

Entries in OFAC (39)

Tuesday
Jun192018

Due diligence on the oligarchs: Predicting OFAC’s next move

Oleg DeripaskaWith the proliferation of OFAC designations of Russian businesspeople, trying to predict whether or not someone will be designated as a Specially Designated National (SDN) has become an important part of third party due diligence on Russian business partners. 

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Tuesday
Jun122018

Selva Ozelli: How should cyptocurrency bribes be valued?

At the federal level in the United States, cryptocurrencies have a lot of regulators -- FinCEN, OFAC,  the IRS, the Commodity Futures Trading Commission (CFTC), and the SEC among them. 

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Thursday
May242018

Lindsay Columbo: U.S.-EU dispute over Iran sanctions traps companies in legal abyss

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.

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Tuesday
May012018

Lindsay Columbo: What fuzzy logic can (and can't) do for due diligence

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.

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Thursday
Mar152018

Washington sanctions Russians for election meddling, cyberattacks

The Trump administration Thursday sanctioned five entities and 19 individuals for meddling in the 2016 U.S. presidential elections and for cyberattacks.

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Thursday
Dec212017

OFAC adds five to Magnitsky sanctions list

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.

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Friday
Oct062017

OFAC fines paper company for illegal exports from Canada

The Treasury Department's Office of Foreign Assets Control fined a Connecticut-based company Thursday for exporting paper from Canada to Sudan.

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Tuesday
Sep262017

OFAC fines Cartier parent company under drug kingpin sanctions

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.

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Tuesday
Aug222017

OFAC adds Singapore companies, others to North Korea sanctions list

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.

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Friday
Aug112017

Karen Gray: How consistency can make or break a compliance program

Business philosopher Jim Rohn said: “Success is neither magical nor mysterious. Success is the natural consequence of consistently applying basic fundamentals.”

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Tuesday
Aug012017

Compliance Alert: Lessons from OFAC’s recent enforcement action against non-U.S. companies

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.

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Thursday
Jun292017

AIG fined for insuring Iran, Sudan, Cuba shipments

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.

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