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FCPA Blog Daily News

Entries in Office of Foreign Assets Control (25)

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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Thursday
Aug132015

Resource alert: OFAC 2015 fall symposium (September 22)

The 2015 OFAC Fall Symposium will be held in Washington, DC on September 22, 2015.

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Monday
May112015

Compliance alert: OFAC issues report on blocked terrorist assets

Last week OFAC -- the Office of Foreign Assets Control -- issued its 23rd report to congress detailing blocked assets in the U.S. belonging to terrorist organizations and state sponsors of terrorism.

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Friday
Mar272015

OFAC fines PayPal $7.7 million for 486 sanctions violations

PayPal will pay $7.7 million to settle charges by the U.S. Treasury Department's Office of Foreign Assets Control that it violated trade sanctions against Iran, Sudan, and Cuba.

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Wednesday
Feb042015

What's new in OFAC compliance

Enforcement actions against sanctions violations by the Office of Foreign Assets Control (OFAC) have risen dramatically. Sanction offenses can carry civil and criminal liabilities, with a single transaction potentially resulting in multiple violations.

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Wednesday
Dec242014

President expands sanctions with Crimea embargo

Official White House photoThis past Friday, for the first time since March, the President signed an Executive Order in the Ukraine-related sanctions program, essentially imposing an embargo on the Crimea region of Ukraine. 

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Wednesday
Oct222014

Sanctions compliance: The new FCPA?

In recent months, the U.S. Treasury Department's sanctions enforcement unit, the Office of Foreign Assets Control (OFAC), has made it clear that sanctions compliance will continue to be a global issue. Particular transactions will be scrutinized, making it important for financial institutions that do business internationally to manage their risks appropriately. 

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Friday
Jun272014

OFAC fines California telecoms firm for Sudan, Iran trade

The U.S. Treasury Department said Wednesday it has fined Network Hardware Resale LLC, a global telecommunications and networking equipment provider, nearly $65,000 for allegedly violating U.S. sanctions against Sudan and Iran between 2008 and 2011.

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Monday
Feb172014

BNP Paribas faces penalties for potential U.S. sanctions violations

BNP Paribas has set aside $1.1 billion for a potential settlement with federal and state government agencies that are investigating possible U.S. sanctions violations.

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