fbpx

OFAC

Articles

Record-breaking 1.19 Billion Fine for Chinese Tech Giant Demonstrates Broad Extraterritorial Reach of U.S. Export Control Laws

March 22, 2017
By Anna Sayre, Legal Content Writer SanctionsAlert.com

On March 7, three U.S. regulators – the Department of Treasury’s Office of Foreign Assets Control (OFAC), the Department of Commerce’s Bureau of Industry and Security (BIS), and the Department of Justice (DOJ) – entered into a coordinated settlement with Zhongxing Telecommunications Equipment Corporation (ZTE), in which the company agreed to a record-breaking combined $1.19 billion in civil and criminal penalties for knowingly shipping illegal telecommunications equipment to Iran and North Korea in violation of U.S. sanctions law. ZTE, a Chinese publicly traded telecommunications manufacturer, is the largest in China and the fourth largest telecommunications manufacturer in the world. (more…)

OFAC Issues General License Effectively Lifting Sudan Sanctions

February 3, 2017
By: Michelle Turner Roberts, Dan Fisher-Owens, Ben Flowe, Perry Bechky, Babak Hoghooghi, Ray Gold, John Ordway, and Jason McClurg*

With a stroke of his pen on January 13, 2017, by Executive Order 13761, President Obama effectively lifted the Sudan Sanctions, in recognition of the Government of Sudan's progress in reducing offensive military action, improving humanitarian access, and cooperating with the United States in counter-terrorism efforts. (more…)

Cuba sanctions eased, but enforcement trend well behind the curve

December 14, 2016
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

On November 28, 2016, the first normally scheduled commercial flight landed in Havana from Miami on an American Airlines jet. The flight took place exactly 13 years 5 months and 1 day after the airline settled a US$47,250 enforcement action with US Treasury’s Office of Foreign Assets Control (OFAC) in 2003 for sanctions violations involving travel-related services to Cuba. (more…)

Faulty sanctions screening software can lead to fine, underscoring need to have appropriate tools in place

December 5, 2016
By Santosh Talada*

The increased complexity of sanctions coupled with an ever-increasing number of blacklisted entities has made it hard for financial institutions and corporations to keep track of and monitor clients and partners. Even when using automated watch list filtering tools to catch transactions and business dealings with sanctioned entities, costly mistakes can be made as enforcement actions have shown. (more…)

PanAm Seed case shows how (not) to respond when OFAC knocks on the door

October 24, 2016
By: Daniel Calloway, Legal Content Writer, SanctionsAlert.com

On September 13, 2016, Pan American Seed Company, a US-based producer of flower seeds, agreed to pay over $4,000,000 to settle potential civil liability for alleged violations of the Iranian Transactions and Sanctions Regulations.

The settlement comes after the Office of Foreign Assets Control (OFAC) - the US Treasury’s agency tasked with US sanctions administration and enforcement - allegations that PanAm Seed, indirectly exported flower seeds to two Iranian distributors on 48 separate occasions. (more…)

Page 4 of 6

Affiliates

Become a Member of ACSS