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Iran Sanctions White Collar Crimes

The Volkov Law Group

3M Pays OFAC $9.6 Million to Resolve Egregious Iran Sanctions Violations

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The past few weeks have not been kind to 3M. The company recently settled with the SEC for $6.5 million to resolve alleged FCPA violations related to its Chinese subsidiary’s dealings with Chinese state-owned healthcare...more

The Volkov Law Group

OFAC Settles with Construction Specialties, Inc. for $660,594 for Violations of Iran Sanctions

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Construction Specialties, Inc. (“CSI”), a U.S. company specializing in the sale of building materials, agreed to pay $660,594 to settle its liability for three violations of OFAC’s sanctions on Iran. CSI’s illegal conduct...more

The Volkov Law Group

Managing Third-Party Sanctions Risks (Part I of III)

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If there is one issue that is repeated over and over (and over), it is third-party risks.  Over the last ten years, we have witnessed an explosion in anti-corruption enforcement around the world.  And with this enforcement...more

The Volkov Law Group

OFAC Collects $133k from a US Individual for Violations of Iran Sanctions Program

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In May 2019, OFAC released its Framework for a Sanctions Compliance Program.  OFAC announced that it intended to increase the prosecution of individuals for sanctions violations.  OFAC has brought two cases against...more

The Volkov Law Group

DOJ Ends Standoff & Agrees to DPA with Huawei CFO Wanzhou Meng

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The long political and prosecution standoff between the U.S. Government/Department of Justice and Huawei/China ended abruptly last week when Wanzhou Meng, CFO of Huawei Technologies Co., Ltd. appeared in federal district...more

The Volkov Law Group

NewTek, Inc., a Software Provider, Settles OFAC Violations for $189,483

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The Treasury Department’s Offices of Foreign Assets Control (“OFAC”) continues its enforcement run in 2021, and added yet another tech company to its list of targets....more

The Volkov Law Group

Nordgas Settles with OFAC As Part of UniControls Violations of Iran Sanctions Program

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The Treasury Department’s Office of Foreign Asset Control (OFAC)continues to pile up sanctions enforcement actions.  As the Biden Administration slowly takes over the reins of the Department of Treasury, OFAC enforcement is...more

The Volkov Law Group

When Federal Prosecutors Break Bad – Federal Judge Orders Investigation of Prosecutors’ Misconduct in Criminal Sanctions Case

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Federal prosecutors take an oath to execute their duties faithfully. Yet, like all professions, some federal prosecutors have violated this oath. For years, prosecutorial misconduct has come under heightened scrutiny.  Do not...more

The Volkov Law Group

Berkshire Hathaway Agrees to Pay $4.1 Million for Iran Sanctions Violations

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What a year for OFAC – Amazon settled its case for OFAC violations and now add Berkshire Hathaway.  Lat year, Apple settled with OFAC for sanctions violations....more

The Volkov Law Group

Keysight Technologies Settles with OFAC for $473,157 for Violations of Iran Sanctions Program

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OFAC is a steady enforcement agency.  As the COVID-19 pandemic settled down, OFAC resumed aggressive enforcement of economic sanctions. ...more

The Volkov Law Group

OFAC On A Roll: Whitford Worldwide Company Agrees to Pay $824k for Violations of Iran Sanctions

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When you are hot, you are hot.  (And when you are not, you are not; Thank you Jerry Reed, Country Singer).  OFAC is hot and resumed its enforcement streak, settling three enforcement actions in three weeks....more

Foley Hoag LLP - White Collar Law &...

White Collar Year in Preview: Sanctions/Export Controls Trends in 2020

This is the sixth in our start-of-year series examining important trends in white collar law and investigations in the coming year. Our previous entry discussed enforcement by the Massachusetts Attorney General’s Office in...more

Ballard Spahr LLP

DOJ Charges Turkish State-Owned Halkbank With Money Laundering, Fraud, and Iran-Related Sanctions Offenses

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Indictment Alleges that Bank and its Officers Used Front Companies to Evade Prohibitions on Iran’s Access to the U.S. Financial System - The U.S. Attorney for the Southern District of New York has charged Turkish state-owned...more

The Volkov Law Group

OFAC Announces $1.7 Million Settlement with Truck Manufacturer for Violations of Iran Sanctions Program

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In yet another enforcement action, OFAC announced a $1.709 million settlement with PACCAR, Inc., for 63 apparent violations of the Iran Sanctions Program by DAF Trucks, a wholly-owned subsidiary based in Eindhoven,...more

Akin Gump Strauss Hauer & Feld LLP

Red Notice Newsletter - June 2019

ANTICORRUPTION DEVELOPMENTS - Deputy Assistant Attorney General Matt Miner Delivers Remarks at the American Bar Association, Criminal Justice Section Third Global White Collar Crime Institute Conference - On June 27,...more

The Volkov Law Group

OFAC Fines US Company for Iran Sanctions Violations

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There is no question that OFAC continues to dominate the enforcement landscape this year.  OFAC has provided plenty of warning and notice to global companies, especially those in the manufacturing and industrial sectors....more

The Volkov Law Group

DOJ and OFAC Announce Another Sanctions Settlement – UniCredit Group Banks Pay Over $1.3 Billion and Subsidiary Bank Agrees to...

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The Justice Department and the Treasury Department’s Office of Foreign Asset Control (OFAC) are on a roll. Global banks are facing renewed prosecutions, along with aggressive sanctions prosecutions of companies for...more

The Volkov Law Group

Standard Chartered Bank’s Continuing Culture Challenges and Sanctions Compliance (Part II of III)

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Standard Chartered Bank certainly has its troubles. You know a company is in trouble, however, when it breathes a sigh of relief after paying nearly $1.1 billion in fines and penalties and compares itself to BNP Paribas, the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Former Volkswagen CEO Martin Winterkorn is facing aggravated fraud charges from German prosecutors for his leadership of the automaker “when it deceived regulators about its vehicles’ diesel exhaust levels.” The criminal...more

The Volkov Law Group

Standard Chartered Pays Over $1 Billion for Continuing Sanctions Violations (Part I of III)

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Global banks are the poster children of sanctions violations and the importance of trade compliance. At the top of the heap is Standard Chartered Bank....more

The Volkov Law Group

OFAC Announces Yet Another Enforcement Action – Cement Clinker Company Settles for Violations of Iran Sanctions Program

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OFAC is definitely off to a fast start this year – it recently announced its fourth enforcement action for 2019. So far, OFAC has collected over $7 million in civil penalties. ...more

The Volkov Law Group

The Criminal Pursuit of Huawei China: DOJ Brings Two Indictments

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The Department of Justice has launched two separate criminal cases against Huawei China, the controversial Chinese telecommunications equipment provider. ...more

Akin Gump Strauss Hauer & Feld LLP

Red Notice Newsletter - November 2018

ANTICORRUPTION DEVELOPMENTS - Deputy Attorney General Rod Rosenstein Announces Pursuing Individuals Will be a “Top Priority” for Corporate Enforcement Actions - On November 29, 2018, Deputy Attorney General Rod J....more

The Volkov Law Group

JP Morgan Chase Bank Settles “Old” Sanctions Case for $5 Million

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The Treasury Department’s Office of Foreign Asset Control (“OFAC”) announced its third enforcement action for 2018. While OFAC has been busy with implementing new sanctions regimes and re-imposing the Iran sanctions regime,...more

The Volkov Law Group

OFAC Enforcement: The Epsilon Case and Third Party Risks

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The Department of Treasury’s Office of Foreign Asset Control (“OFAC”) recently announced the settlement of the Epsilon enforcement action. This case requires a theme song and there is none better than Trucking from Grateful...more

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