Originally published in InsideCounsel.com on June 27, 2012.
What are the potential consequences arising out of an OFAC investigation?
OFAC views itself as playing an integral party in protecting U.S. national security and it therefore takes its sanctions programs very seriously. It punishes violations that are intentional and those that are merely accidental. When its enforcement office believes it appropriate, it will make criminal referrals to the Department of Justice. The Department of Justice has authority to prosecute criminally certain violations of sanctions programs, and often does so through its local U.S. Attorney’s Offices. One notable OFAC investigation resulting in criminal prosecutions involved the United Nations’ Oil-For-Food Program in Iraq. Therefore, the receipt of an OFAC subpoena should be treated as a potential white-collar criminal matter and with an appropriate level of care.
Please see part two of article below for more information.
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