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Entries in Office of Foreign Assets Control (21)

Wednesday
Mar082017

ZTE Corporation pays $892 million for Iran, North Korea sanctions violations

China's ZTE Corporation agreed Tuesday with the DOJ and two other agencies to pay $892 million for knowingly shipping dual-use telecoms equipment to Iran for six years and lying to cover up the trade offenses.

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Monday
Nov212016

Event: OFAC Fall Symposium (Washington, DC - December 7)

The 2016 OFAC Fall Symposium will provide a comprehensive review of current U.S. economic sanctions.

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Monday
Nov142016

National Oilwell Varco pays $25 million for violating Iran, Cuba, Sudan sanctions

Houston-based driller National Oilwell Varco, Inc. reached a settlement with the DOJ, the Commerce Department, the Treasury Department's Office of Foreign Assets Control, and U.S. Immigration and Customs Enforcement for trade sanction violations reaching back to 2002.

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Monday
Oct102016

President Obama ends Burma sanctions

President Barack Obama issued an Executive Order Friday lifting U.S. sanctions against Myanmar that had been in place for nearly 20 years.

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Wednesday
Sep142016

PanAm Seed settles Iran sanctions offenses for $4.3 million

The Treasury Department's Office of Foreign Assets Control said Tuesday PanAmerican Seed Co. paid $4.32 million to settle potential civil liability for Iran sanctions violations.

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Wednesday
Mar232016

AML Alert: New York rule would require certification by compliance chiefs, impose criminal liability

In an effort to stop terrorism financing at its source, the New York Department of Financial Services proposed new requirements for economic sanctions and anti-money laundering programs maintained by financial firms.  

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Friday
Feb122016

OFAC fines Barclays $2.5 million for 159 Zimbabwe sanctions violations

The U.S. Department of the Treasury’s Office of Foreign Assets Control said Monday it fined Barclays Bank Plc $2.48 million to resolve potential civil liability for 159 apparent violations of the Zimbabwe sanctions regulations.

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Tuesday
Feb022016

OFAC adds five to Magnitsky sanctions list

The Treasury Department's Office of Foreign Assets Control added four Russians and a Ukrainian to its list of those sanctioned under the Magnitsky Act for alleged human rights abuses.

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Thursday
Jan282016

Nina Mohseni: Iran sanctions lifted! But wait…which sanctions?

U.S. Secretary of State John Kerry with Iranian Foreign Minister Mohammad Javad Zarif (State Department photo) If you’re a U.S. company -- unless you’re a food, medicine/medical supplies, or civil aircraft/parts supplier -- you still cannot have anything to do with Iran, even after the so-called lifting of sanctions as part of the nuclear accord known as the Joint Comprehensive Plan of Action.

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Sunday
Jan172016

Sunday action: U.S. sanctions eleven for Iran ballistic missile program

The U.S. Treasury Department's Office of Foreign Assets Control imposed new sanctions Sunday against eleven people and companies allegedly involved in Iran's ballistic missile program. The action came one day after President Obama lifted sanctions on Iran's nuclear program and hours after a prisoner swap between Washington and Tehran.

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Wednesday
Nov042015

Deutsche Bank pays $258 million, fires six for U.S. sanctions offenses

Federal and New York authorities said Wednesday that Deutsche Bank will pay $258 million and fire six senior employees to resolve investigations into thousands of illegal transactions with customers in Iran, Libya, Syria, Myanmar, and Sudan.

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Tuesday
Aug182015

OFAC: Schlumberger ‘failed to effectively enforce its compliance program’

Image courtesy of SchlumbergerThe Treasury Department's Office of Foreign Assets Control won't impose more fines on Schlumberger for "knowingly and willfully" violating the Iran and Sudan sanctions.

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