Throughout 2023 and early 2024, we continue to witness deepening geopolitical and economic divides globally. The U.S. and its allies (most significantly the EU and the G7), spurred on by Russia’s war in Ukraine, continue to engage in unprecedented coordination of their efforts to punish and technologically constrain adversaries. Sanctions, export controls, and other international trade laws have been central to these efforts. The targets are familiar ones: Russia, China, Iran, and North Korea. Robust enforcement will continue to be critical to the U.S. pursuit of its national security, foreign policy and economic objectives. In 2023, several U.S. government agencies collaborated not only on issuing enforcement guidance but also on notable enforcement actions. Both the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) imposed their highest penalties ever in 2023. In addition, BIS and the U.S. Department of Justice (“DOJ”), updated their respective voluntary self-disclosure (“VSD”) policies which, together with OFAC’s preexisting VSD policy, are likely to spur additional disclosures and the resulting enforcement activity. The U.S. also continues to focus on regulating virtual currency and, to this end, has provided additional guidance and brought enforcement actions against individuals and companies operating in this space. In addition, the U.S. has passed legislation to punish the demand side of bribery and promote corporate transparency. Moreover, CFIUS has played an active role in regulating certain transactions between U.S. persons and countries of concern or with those located therein.