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Latest News about Sanctions

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…)

It may surprise money laundering compliance officers

Date: March 28, 2016

It may surprise money laundering compliance officers and others who know the money laundering and financial crime provisions of the USA Patriot Act to learn that the law contains a "Trade Sanctions" provision. Section 221 of the landmark act sought to tighten trade sanctions and export controls aimed at terrorists and nations and organizations that pose threats to the U.S. (more…)

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