OFAC
Articles
In the corporate sector, executives do not remain unscathed after sanctions violations
Date: September 6, 2016
By: Daniel Calloway, SanctionsAlert.com
In September of 2015, ex-CEO of Arc Electronics Inc., Alexander Fishenko, plead guilty to a 19 count indictment which included charges of the illegal export of microelectronics, money laundering, wire fraud, obstruction of justice, and acting as an unregistered agent of the Russian government. Unlike many cases in the banking sector, where no executives have been accused of wrongdoing after violation of US sanctions laws, Mr. Fishenko, on July 21, 2016, was sentenced by a New York federal judge to 10 years in prison for his crimes. (more…)
Increase in US sanctions highlights need for compliance and enforcement awareness, with one eye on the states
Date: July 26, 2016
By: Anna Sayre, Legal Content Writer SanctionsAlert.com
In the last 20 years, the United States has exponentially increased its use of economic sanctions against foreign states. It has imposed comprehensive, or countrywide, economic sanctions, against Iran, Cuba, North Korea Syria, Sudan, as well as many targeted sanctions against individuals, firms and financial transactions of certain nations. Presently, the US has 28 sanctions regimes in place, reflecting a large increase since the 1990s. (more…)
OFAC’s annual “Terrorist Assets Report” provides useful information regarding current U.S. sanctions
By: Anna Sayre, reporter SanctionsAlert.com
Date: June 15, 2016
On June 6, 2016, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) released its 24th annual Terrorist Assets Report (TAR), an update to Congress detailing the amounts of assets in relation to international terrorist organizations or state sponsors of terrorism that have been frozen up until December 31, 2015. The TAR, which is prepared based on information from the Department of the Treasury and other governmental/non-government agencies, can also serve as a useful guide for compliance professionals in that it provides information regarding the nature and type of US terrorist sanctions regimes currently in place. (more…)
OFAC has brought 913 cases since 2003 against widely diverse businesses for total penalties of $4.2B
Date: May 9, 2016
If any business thinks getting caught evading a sanctions program of the US Office of Foreign Assets Control (OFAC) is inconsequential in money and reputation, they should look closely at the settlement agreements OFAC signs with each penalized business. (more…)
Who Gets Caught Violating U.S. Economic Sanctions? Trends in OFAC Enforcement Actions from 2003 – 2015
Posted on: 5th April 2016, Re-posted on: May 17, 2018
By: Bryan R. Early, Ph.D., Associate Professior, University at Albany, SUNY*
The United States employs economic sanctions more than any other country in the world. For companies, keeping up with all the sanctions obligations imposed by the U.S. Government can be a significant challenge and burden. It can also be a costly burden if ignored. In 2014 and 2015, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) collected approximately $1.2 billion and $600 million from companies in sanctions-related penalties.To date, there have not been any systematic efforts to analyze which parties OFAC takes enforcement actions against for violating U.S. sanctions. This report explores trends in sanctions enforcement actions undertaken OFAC from 2003-2015. The trends reveal significant variation in the number of enforcement actions undertaken during the Bush and Obama Administrations, but also interesting differences in which sectors’ companies are most frequently penalized, where they are located, and what sanctions programs they allegedly violated. (more…)
OFAC penalties and enforcement actions show greater focus on violations linked to weapons of mass destruction
Date: March 19, 2016
An enduring consequence of the horror inflicted by the terrorist attacks of September 11, 2001, is the dread that a future terrorist attack on the United States could involve “weapons of mass destruction.” (more…)
Affiliate Members
