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Entries in Sanctions (42)


Practice Alert: New OFAC Compliance Guidelines collide with EU Blocking Regulation

In the context of the Trump Administration’s “maximal pressure” approach to the U.S. sanctions against Iran, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued on May 3, 2019 its Framework for OFAC Compliance Commitments or OFAC Guidelines.

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Cosmetics company violated OFAC’s North Korea sanctions

Image courtesy of ELFThe Treasury Department's Office of Foreign Assets Control fined a California-based cosmetics company nearly $1 million for importing fake eyelash kits that contained materials from North Korea.

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Canada arrests Huawei CFO Meng Wanzhou for alleged U.S. sanctions violations

Huawei CFO Meng Wanzhou (Image courtesy of Huawei)The chief financial officer of China’s Huawei Technologies was arrested in Canada last weekend and now faces extradition to the United States.

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Washington sanctions Russians for election meddling, cyberattacks

The Trump administration Thursday sanctioned five entities and 19 individuals for meddling in the 2016 U.S. presidential elections and for cyberattacks.

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OFAC fines Cartier parent company under drug kingpin sanctions

The Treasury Department's Office of Foreign Assets Control penalized Richemont North America, Inc., the owner of the Cartier luxury brand, for shipping jewelry to a Hong Kong company that OFAC had blocked.

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Karen Gray: How consistency can make or break a compliance program

Business philosopher Jim Rohn said: “Success is neither magical nor mysterious. Success is the natural consequence of consistently applying basic fundamentals.”

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OFAC fines Exxon $2 million for violating Russia sanctions, Exxon sues

The Treasury Department's Office of Foreign Assets Control fined Exxon Mobil Corp. $2 million Thursday for signing a joint venture with Russia's Rosneft in "reckless disregard" of Ukraine-related trade sanctions.

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AIG fined for insuring Iran, Sudan, Cuba shipments

Insurance giant American International Group agreed to pay the Office of Foreign Assets Control about $149,000 to settle 555 "apparent violations" of OFAC sanctions against Iran, Sudan, and Cuba.

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OFAC issues new FAQs for Cuba sanctions

The Treasury Department's Office of Foreign Assets Control published Frequently Asked Questions on President Trump’s Cuba announcement.

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Dear OFAC, How do I get off the sanctions list?

Sometimes those on an OFAC sanctions list want to be removed -- either because they're no longer engaging in the behavior first alleged, or they were put on the list by mistake, maybe because of a same-name mix up.

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Hamid Sharif: Asian Infrastructure Investment Bank takes strong stance against corruption

There are commonalities across the sanction regimes of multilateral development banks (MDB). All have clearly articulated prohibited practices, investigation and sanction procedures, often including an array of possible sanctions and appeals process.

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Iran Sanctions Deal: What happened so far, and what's ahead?

It’s been about a year since the Iran deal, more formally known as the Joint Comprehensive Plan of Action or JCPOA, came into effect. What has that year looked like? And what might be coming for the Iran deal?

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