News & Analysis as of

Office of Foreign Assets Control (OFAC) Economic Sanctions

Baker Botts L.L.P.

Enhancing Compliance in the Maritime Shipping Industry

Baker Botts L.L.P. on

Today, the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued an OFAC Compliance Communiqué: Sanctions Compliance Guidance for the Maritime Shipping Industry designed to aid maritime sector...more

Benesch

Supply Chain Security Is National Security: Cyber, Physical, and Personnel Protections

Benesch on

U.S. supply chain security is increasingly under threat. The White House’s National Security Strategy describes this moment as an inflection point. Many federal agencies have taken charge in elevating the very concept of...more

Morgan Lewis

OFAC Extends Reach Over Securities Held by Russia’s National Settlement Depository

Morgan Lewis on

OFAC’s new FAQ 1097, issued October 10, warns US investors of the need to block securities held at Russia’s National Settlement Depository (NSD), even if the securities or the issuer is not sanctioned. Even if the security is...more

Locke Lord LLP

OFAC’s Extended Recordkeeping Requirements From 5 to 10 Years

Locke Lord LLP on

On September 11, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an Interim Final Rule amending its Reporting, Procedures, and Penalties Regulations under 31 C.F.R. Part 501. This...more

Locke Lord LLP

OFAC Issues Global Magnitsky ‎Sanctions Relief for Ly Young Phat Group and FAQs

Locke Lord LLP on

On September 12, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 8 alongside amendments to various Frequently Asked Questions (“FAQs”) in connection with the...more

Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - October 2024

Lowenstein Sandler LLP on

The U.S. Commerce Department is soliciting comments on a proposed rule to prohibit importing and selling Vehicle Connectivity System hardware and software designed, developed, manufactured, or supplied by persons owned by,...more

Locke Lord LLP

OFAC Issues FAQs for IT and Software ‎‎Services and Extends Authorization to Engage in ‎Administrative ‎Transactions in Russia

Locke Lord LLP on

On September 24, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued three frequently asked questions (“FAQs”) that provide guidance to U.S. companies regarding the Determination...more

Alston & Bird

DOJ Unseals Indictment of Evil Corp Member, While OFAC Announces New Evil Corp Sanctions

Alston & Bird on

On October 1, 2024, the Department of Justice (“DOJ”) unsealed an indictment against Aleksandr Viktorovich Ryzhenkov (Александр Викторович Рыженков), a member of the ransomware group Evil Corp.  The indictment charges...more

Flaster Greenberg PC

Putin Faces Risks His Energy Holdings Cannot Prevent?

Flaster Greenberg PC on

As the Ukraine war progresses toward its third winter, Russian President Vladimir Putin finds himself besieged on numerous fronts. During the first 30 months of this conflict, Putin used his vast energy resources to hedge...more

Mayer Brown

Russia/Ukraine Sanctions Update - Month of September

Mayer Brown on

I.  US SANCTIONS - U.S. Department of the Treasury Acts Against Russian Virtual Currency Exchanges: On September 26, the U.S. Department of the Treasury announced that its Financial Crimes Enforcement Network issued an...more

Adams and Reese LLP

International Compliance Digest - September 2024

Adams and Reese LLP on

New export controls, new section 301 duties, new OFAC requirements, new de minimis rule, new DOJ corporate compliance guidance, new international guidance on Russian sanctions. September had it all....more

Buchalter

Expanded Export Controls and Sanctions Require Heightened Compliance for All Industries

Buchalter on

A Changed Regulatory Environment – Companies who think that U.S. export controls and sanctions do not apply to their products and channels of trade should reassess that position. As an example, approximately US$1.1 billion in...more

The Volkov Law Group

OFAC’s Stated Concern About Foreign Companies and Domestic Sanctions Compliance and Post-Acquisition Compliance (Party IV of IV)

The Volkov Law Group on

Foreign companies with U.S. operations are struggling to navigate the landscape of sanctions compliance. OFAC has expressed its concern that foreign companies need to deploy U.S. based expertise and resources to ensure...more

The Volkov Law Group

“The New FCPA”: The Future Landscape of Sanctions Enforcement (Part II of IV)

The Volkov Law Group on

We are all familiar with — over and over — third-party risks and FCPA risks. It is drilled in our collective heads — third-party risks and bribery. Legal and compliance professionals have to learn and understand the ins...more

Locke Lord LLP

OFAC Takes Action Against Russian ‎Political Disinformation and ‎New Sanctions Evasion Tactics

Locke Lord LLP on

Russian Political Disinformation Efforts - On September 4, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control (“OFAC”) designated 10 individuals and two entities as specially designated nationals...more

Locke Lord LLP

OFAC Issues Warning to Financial ‎Institutions & Insurers That ‎Provide Maritime Services in the ‎Mediterranean, Red Sea and...

Locke Lord LLP on

Iran and Syria Sanctions and Embargos On September 11, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued updated guidance to remind maritime support service providers that the...more

Ankura

Russian Sanctions Circumvention: Are You Asleep At The Wheel?

Ankura on

In the wake of Russia's invasion of Ukraine in February 2022, a broad and unprecedented range of sanctions were imposed on Russia by various countries and international bodies to target the Russian economy and prevent further...more

American Conference Institute (ACI)

FCPA, Export Controls, and Sanctions Enforcement: Adjusting Compliance Strategies for the New Normal

As the interplay between export controls, trade sanctions, and anticorruption enforcement continues to intensify, multinational companies must remain vigilant in ensuring that their compliance programs address the many...more

The Volkov Law Group

The Four Sanctions Compliance Cases that Everyone Should Know (Part I of IV)

The Volkov Law Group on

The Justice Department has repeated on several occasions that it intends to aggressively prosecute corporations for sanctions and export controls violations. The “New FCPA” is how the Justice Department characterizes its...more

King & Spalding

Ten-Year Statute of Limitations for Sanctions Violations Update

King & Spalding on

As discussed in our May 7, 2024 alert, on April 24, 2024, President Biden signed into law a foreign military support package (i.e., H.R. 815), which included a provision doubling the statute of limitations (“SOL”) from five...more

BakerHostetler

Weekly Blockchain Blog - September 2024 #3

BakerHostetler on

Leading U.S. Crypto Companies Announce Multiple New Products, Integrations - A major U.S. cryptocurrency exchange recently announced the launch of cbBTC – an ERC20 token backed 1:1 by bitcoin held by the exchange. The new...more

American Conference Institute (ACI)

Developments in Global Sanctions Compliance with a Focus on Russia, Belarus and China

Sanctions imposed by the United States, the United Kingdom, and the European Union against Russia, China, and other parts of the world are fast-evolving. Such geopolitical shifts are creating new risks and placing further...more

Foley Hoag LLP

OFAC Publishes Both Interim Final Rule Extending Recordkeeping Requirements and Comment Request Regarding its Information...

Foley Hoag LLP on

OFAC issued an interim final rule extending OFAC’s recordkeeping requirements from 5 years to 10 years, to comport with the corresponding statute of limitations extension. OFAC also published a request for public comment...more

Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - September 19, 2024

Lowenstein Sandler LLP on

The Department of Commerce’s Bureau of Industry and Security (BIS) recently issued an interim final rule implementing licensing requirements for these emerging technology products for export to all foreign countries. See the...more

Locke Lord LLP

OFAC Issues General Licenses, Updates FAQ, and Issues New Blocking Rule and Reminder to File Annual Blocked Property Report

Locke Lord LLP on

On September 5, 2024, the Department of the Treasury's Office of Foreign Assets Control (“OFAC”) released General License (“GL”) 108 (“Authorizing Limited Safety and Environmental Transactions Involving Certain Blocked...more

1,941 Results
 / 
View per page
Page: of 78

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide