News & Analysis as of September 19, 2024

Office of Foreign Assets Control (OFAC)

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

Statute of Limitations for IEEPA and TWEA Violations Extended to 10 Years, and Additional Sanctions Developments

Paul Hastings LLP on 7/25/2024

Recent legislation, H.R. 815, the National Security Supplemental (“the Act”) – further explained by guidance issued by the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) on July 22, 2024 – has...more

Commerce Department: Final Determination of Russia-Backed Cybersecurity, Antivirus Software

Holland & Knight LLP on 7/1/2024

The U.S. Department of Commerce's Office of Information and Communications Technology and Services (OICTS) within the Bureau of Industry and Security (BIS) issued a Final Determination on June 20, 2024, pursuant to Executive...more

Commerce Department Bans Kaspersky Software in US

Robinson+Cole Data Privacy + Security Insider on 6/28/2024

In the Biden Administration’s continuing effort to reduce the risk of cybersecurity spyware from foreign adversaries, including Russia, the United States Department of Commerce (Commerce) issued a final rule (Rule) on June...more

US Congress Extends Statute of Limitations for Sanctions and Export Controls

Mayer Brown on 4/30/2024

On April 24, 2024, President Biden signed into law H.R. 815, the National Security Supplemental (the “Act”). While much of the focus centered on the foreign aid package for Israel, Ukraine, and the Indo-Pacific, the bill...more

War Aid and Sanctions: National Security Act Includes Significant New Sanctions Authorities

Morrison & Foerster LLP on 4/30/2024

On April 24, 2024, President Biden signed into law a long-debated $98 billion foreign aid and national security legislative package (the “Act”) providing funds for Israel, Taiwan, and Ukraine, and authorizing new sanctions...more

Key Export Control Developments During the First Quarter of 2024

BakerHostetler on 4/18/2024

The first quarter of 2024 saw numerous developments on the export control front. This report summarizes the key developments and provides links to the relevant Federal Register notices and/or agency announcements....more

Client Alert: White House Executive Order Seeks to Protect Americans’ Sensitive Personal Data and US Government-Related Data in...

Jenner & Block on 3/7/2024

On February 28, 2024, President Biden issued Executive Order 14117 on Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern (the EO). The EO empowers...more

OFAC Year in Review 2023 – Part 1

Morrison & Foerster LLP on 3/4/2024

2023 was another record year for U.S. sanctions and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Most prominently, OFAC continued to impose significant additional sanctions on Russia in...more

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - NOVEMBER 7, 2023

Lowenstein Sandler LLP on 11/8/2023

1. BIS Releases Texts of New Chip Export Control Rules- Updating and expanding on rules issued last year, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) released three rules on October 27 targeting...more

The North Korean Crypto Threat

K2 Integrity on 10/17/2022

Executive Summary - The North Korean threat to the crypto ecosystem is the highest form of immediate risk to the crypto-economy driven by a regime that seeks to profit from its misuse to reinforce its regime and fuel all its...more

Hot Topics in International Trade - October 2022 - OFAC Reissues Cyber-Related Sanctions Regulations

Braumiller Law Group, PLLC on 10/10/2022

An inherent aspect of any new technology is that it doesn’t take long for bad actors to figure out how it can be weaponized for nefarious purposes. Cyber-related technologies represent an increasingly dangerous area of risk...more

2022 Cyber Watch List: A look at 2021 and What’s to Come in the Year Ahead

Wiley Rein LLP on 1/19/2022

Privacy In Focus®- In 2021, cyber gained prominence as a top business risk and national security concern with ransomware attacks wreaking havoc on business operations and critical infrastructure. Companies large and small,...more

Government Enforcement and Investigations Year-In-Review: The Administration Has Moved Its Pieces into Place

Bracewell LLP on 12/9/2021

On Monday, President Biden released the United States Strategy on Countering Corruption, which details how the United States will work “domestically and internationally, with governmental and non-governmental partners, to...more

Trade Matters - November 2021

Lowenstein Sandler LLP on 11/3/2021

1. New Cybersecurity Export Controls From BIS Go Into Effect in January - The Bureau of Industry and Security (BIS) has released an interim final rule establishing new export controls on certain cybersecurity items and...more

Treasury Publishes U.S. Sanctions Policy Review and Framework for Future Action

Akin Gump Strauss Hauer & Feld LLP on 11/1/2021

On October 18, 2021, the U.S. Treasury Department released a long awaited report on its first of its kind “top to bottom” review of U.S. economic and financial sanctions. The report does not make or recommend any immediate or...more

BIS Finalizes the Rule Covering Cybersecurity Activities

Orrick, Herrington & Sutcliffe LLP on 10/25/2021

On October 21, 2021, the Commerce Department’s Bureau of Industry and Security (“BIS”) published a rule that will restrict some exports, reexports, and other overseas transfers of equipment, software, and technology...more

OFAC Discourages Payment of Ransom, Suggests Reporting and Steps to Improve Cybersecurity Practices

ArentFox Schiff on 9/24/2021

Agency Designates Virtual Currency Exchange and Leaves Insurance Questions Unanswered - On September 2, 2021, OFAC published an update to their October 2020 Ransomware Advisory. We reported on the original Ransomware...more

Biden Administration Prioritizes Increased and Broadened Anti-Corruption Enforcement

Bracewell LLP on 6/10/2021

On June 3, 2021, the White House issued a memorandum announcing anti-corruption as a core national security interest. The memorandum explains that, “[c]orruption threatens United States national security, economic equity,...more

Biden Administration Issues Sweeping New Sanctions On Russia In Response To Election Interference, Malicious Cyber Activity, And...

Morrison & Foerster LLP on 4/20/2021

On April 15, 2021, following discussions just days earlier of a potential summit between President Biden and Russian President Putin and as Russian troops amassed along the Ukrainian border, the Biden Administration issued...more

OFAC Guidance on Ransomware Payments Highlights Sanctions Violations Risk

Jones Day on 10/30/2020

The Situation: In an October 1, 2020, Advisory, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") warned that companies that make or facilitate ransomware payments to threat actors who are...more

FinCEN Issues Guidance on Ransomware Attacks

Jones Day on 10/23/2020

The prevalence, sophistication, and severity of ransomware attacks have increased anti-money laundering risks faced by financial institutions both as targets of ransomware attacks and as potential intermediaries in...more

Happy Cybersecurity Awareness Month: OFAC and FinCEN Issue New Advisories on Ransomware Payments

Cozen O'Connor on 10/9/2020

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) kicked off National Cybersecurity Awareness Month with a pair of advisories relating to...more

Potential Sanctions Risks for Facilitating Ransomware Payments

Neal, Gerber & Eisenberg LLP on 10/8/2020

On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory to highlight the sanctions risks associated with ransomware payments related to malicious cyber-enabled...more

Dear Ransomware Victim and Your Accountants, Attorneys and Forensic Specialists: The Government Just Made Your Life Harder

Lowndes on 10/7/2020

By now, most everyone knows that ransomware is software that infects your computer system, makes your data irretrievable and usually breaks things along the way. To unlock your system, the bad guys (or girls) demand you pay a...more

OFAC Issues Regulatory Advisory Warning Against Facilitating Ransomware Payments

Bilzin Sumberg on 10/6/2020

On October 1, 2020, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an “Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.” The Advisory, which does not carry the...more

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