News & Analysis as of

Office of Foreign Assets Control

Private Equity and the New Trump Administration: Your Top Ten Questions Answered

by Foley & Lardner LLP on

The election of President Trump contained some positive signs for Private Equity (PE) fund managers. These included potential lower corporate taxes, a ten-percent tax holiday for funds parked overseas, large infrastructure...more

OFAC Updates the Specially Designated Nationals List

by Fox Rothschild LLP on

Today the Office of Foreign Assets Control (“OFAC”) updated its Specially Designated Nationals List (“SDN List”). OFAC frequently updates the SDN List to add or remove names as necessary and appropriate....more

TD Bank and Sanctions Violations

by Michael Volkov on

Sanctions enforcement continues to be a significant risk. With the focus on unraveling elaborate corporate ownership schemes, the risk of conducting business with sanctioned individuals or entities is increasing....more

United Medical Instruments Inc. Settles Potential Civil Liability for Alleged Violations of the Iranian Transactions and Sanctions...

by Arnall Golden Gregory LLP on

On February 28, 2017, United Medical Instruments, Inc. (UMI), a California corporation, settled its potential civil liability with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) in the amount of...more

Distillations: A Rum Thing

by Fish & Richardson on

The first time this blogger wrote about the HAVANA CLUB trademark dispute, it was for the November/December issue of World Trademark Review in 2006. Even then, it was a long-running and complicated feud. I wrote at the...more

The Long Road: Boeing Continues the March into Iran

by Bass, Berry & Sims PLC on

- Boeing announces deal to sell aircraft to Iran Aseman - The deal was apparently authorized by the U.S. Treasury Department, but Congressional foes fight to block it - If the deal goes through, further loosening of...more

Red Notice Newsletter - March 2017

Anticorruption Developments - SEC Chairman Nominee Jay Clayton Receives Confirmation Hearing - On March 23, 2017, SEC Chairman Nominee Jay Clayton testified before the Senate Banking Committee at his confirmation...more

Indictment of Alleged High-Profile Financier of Terror Focuses on Transactions with U.S. Businesses

by Ballard Spahr LLP on

On March 24, 2017, the U.S. Department of Justice unsealed an indictment charging Kassim Tajideen, an alleged prominent financial supporter of the Hizballah terror organization, with evading U.S. sanctions and conspiring to...more

HAVANA CLUB: The Rum’s Back on Ice

Last year, I blogged about the decades-long dispute for the HAVANA CLUB trademark in the United States. Nearly ten months later, well, its spirit lives on....more

ZTE Corporation to Be Removed from Entity List as of March 29, 2017

Zhongxing Telecommunications Equipment Corporation (ZTE Corporation) and ZTE Kangxun Telecommunications Ltd. (ZTE Kangxun) (collectively "ZTE" or "the companies") will be removed from the Department of Commerce's Bureau of...more

Post-Election Update on Cuba

by Carlton Fields on

New Administration’s Cuba Policy Plans - Prior to President Trump’s inauguration, and in an effort to continue normalizing U.S.-Cuba relations, President Obama ended the "wet-foot, dry-foot" policy which since 1995 has...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

ZTE Settlement Highlights Broad Extraterritorial Application of U.S. Sanctions and Export Controls to Non-U.S. Companies

On March 7, U.S. authorities settled criminal and civil proceedings involving Zhongxing Telecommunications Equipment Corporation and certain of its affiliates ("ZTE"). ZTE is the largest publicly traded telecommunications...more

From Obama to Trump – Sanctions Roundup

by King & Spalding on

The Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury has issued several significant updates to various sanctions programs over the last several weeks. Beginning during President Barack Obama’s last...more

ZTE Pays the Price for Circumventing Sanctions and Export Controls

by Michael Volkov on

Here is a real zinger – clients sometimes do not tell their lawyers the truth. I will wait a minute while you get off the floor because I know everyone is shocked and amazed that this happens. But in the recent ZTE case,...more

ZTE Is Assessed $1.19 Billion in Penalties for Criminal and Civil Violations of Export Control and Economic Sanctions Laws and...

On March 7, 2017, the U.S. government announced that China's Zhongxing Telecommunications Equipment Corporation and its affiliate, ZTE Kangxun Telecommunications Ltd. (collectively "ZTE"), have agreed to a global settlement...more

"US Announces Record-Setting Penalties for Violations of Export Controls and Economic Sanctions"

On March 7, 2017, the United States announced that China’s Zhongxing Telecommunications Equipment Corporation and ZTE Kangxun Telecommunications Ltd. and their respective affiliates (collectively, ZTE) had agreed to a record...more

Three Important Lessons to Be Learned from the $1.2 Billion ZTE Settlements

by Baker Donelson on

On March 7, we learned that Zhongxing Telecommunications Equipment Corporation (ZTE) concluded 3 settlement agreements that could result in penalties as high as $1.2 billion for its violations of U.S. sanctions and export...more

Private Equity and the New Trump Administration: Your Top Ten Questions Answered

by Foley & Lardner LLP on

The election of President Trump contained more than a few positive signs for Private Equity (PE) firms. Promises of a lower corporate tax environment, a ten-percent tax holiday for funds parked overseas, large infrastructure...more

Red Notice Newsletter - February 2017

Acting SEC Chief Limits Subpoena Authority to Enforcement Division Acting Director - On February 15, 2017,The Wall Street Journal reported that the acting Chair of the Securities and Exchange Commission (SEC), Michael...more

New Administration Ramps up Enforcement Efforts

by Foley & Lardner LLP on

The Trump administration has vowed to bring jobs back to the states. One of the methods it appears it’ll take advantage of is continued, aggressive enforcement of U.S. laws governing exports and international conduct....more

New York Implements New BSA/AML/OFAC Certification and Monitoring/Filtering Regulation for Banks and Money

by Arnall Golden Gregory LLP on

Financial firms that are chartered or licensed to do business in New York should be aware of an important new regulation that became effective on January 1, 2017. Money laundering and terrorist financing are generally thought...more

OFAC Increases Civil Monetary Penalties

by Kelley Drye & Warren LLP on

On February 10, 2017, the U.S. Treasury Department announced an increase in civil monetary penalties across a number of Treasury offices, including the Office of Foreign Assets Control (OFAC). Understanding the potential...more

Changes to Sudanese Sanctions Program Could Benefit U.S. Life Sciences Companies (A Little)

by Arnall Golden Gregory LLP on

On January 13, 2017, President Obama signed the Executive Order “Recognizing Positive Actions by the Government of Sudan and Providing for the Revocation of Certain Sudan-Related Sanctions” that revoked many U.S. economic...more

Federal District Court Rebuffs Attempt by Navy Sailors to Satisfy Judgment Against Republic of Sudan by Attaching Assets Held by...

A recent decision by the United States District Court for the Southern District of New York delivered a victory to banks seeking to prevent judgment creditors from attaching assets “blocked” pursuant to Office of Foreign...more

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Cybersecurity

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