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Latest News about Sanctions

The Zoltek Experience: Six Lessons for U.S. Companies with Foreign Subsidiaries

February 4, 2019 By: Scott Nance and George Voloshin

On December 20, 2018, the Office of Foreign Assets Control (OFAC) published a penalty notice and settlement agreement with Zoltek Companies, Inc., a U.S. producer of carbon fiber. OFAC found that Zoltek had violated U.S. sanctions laws due to its Hungarian subsidiary, Zoltek ZRT, having purchased inputs from a Specially Designated National (SDN) in Belarus. Zoltek agreed to pay a substantial fine of $7,772,102 and to implement various measures to ensure it would not commit future violations.

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10 Reasons Why Our Charter Members Join ACSS

January 21, 2019 By: Anna Sayre, Legal Content Writer, ACSS

Imposition of economic sanctions by nations worldwide, led by the United States, and Non-Governmental Organizations, such as the United Nations, has grown exponentially in the last decade. This has caused compliance programs to become more challenging, difficult and expensive as they seek ways to stay abreast of fast changing rules, penalties and an environment constantly in flux.

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World Bank Group: The Forgotten Sanctions Players in the International Arena

January 9, 2019 By: Alex Haines, Outer Temple Chambers*

Most compliance officers are familiar with sanctions imposed by the UN, EU, US, Canada, and other countries. These international organizations and states impose targeted financial sanctions– such as asset freezes, arms embargoes and travel bans – in order to achieve a desired outcome. A lesser known form of sanctions is one that belongs to Multilateral Development Banks (MDB) like the World Bank Group.

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