On May 23, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License No. 25 under the Syrian Sanctions Regulations, marking a measured but far-reaching reconfiguration of...more
6/3/2025
/ Economic Sanctions ,
Energy Sector ,
Export Administration Regulations (EAR) ,
Foreign Policy ,
International Trade ,
Investment ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Requirements ,
Syria ,
U.S. Treasury
The recent sentencing of Israeli freight forwarder Gal Haimovich to two years in federal prison for violations of U.S. export controls serves as a striking example of the aggressive enforcement posture adopted by U.S....more
The U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) recently issued a Final Order against The Indium Corporation of America, citing eleven (11) alleged violations of the Export Administration Regulations...more
1/10/2025
/ Bureau of Industry and Security (BIS) ,
Compliance ,
Economic Sanctions ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Requirements ,
Russia ,
Sanction Violations ,
U.S. Commerce Department
In a significant development underscoring the U.S. government’s continued efforts to counter Russia’s destabilizing activities, the U.S. Department of the Treasury recently announced the designation of Gazprombank as a...more
1/7/2025
/ Banks ,
Cross-Border Transactions ,
Economic Sanctions ,
Financial Transactions ,
Foreign Financial Institutions (FFI) ,
Foreign Policy ,
Foreign Relations ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
U.S. Treasury
In one of the more notable enforcement actions of 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently imposed a $1,104,408 civil penalty on a U.S. person for 75 separate violations...more
12/5/2024
/ Economic Sanctions ,
Enforcement Actions ,
Financial Institutions ,
Fines ,
Foreign Policy ,
Foreign Relations ,
Iran ,
Iran Sanctions ,
ITSR ,
Money Services Business ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
SDN List
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently settled with American Life Insurance Company (“ALICO”), a Delaware-based subsidiary of MetLife, Inc., for $178,421, addressing apparent...more
12/4/2024
/ Compliance ,
Corruption ,
Economic Sanctions ,
Enforcement Actions ,
Foreign Policy ,
Health Insurance ,
Iran ,
Iran Sanctions ,
ITSR ,
Life Insurance ,
MetLife ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Politically Exposed Person (PEPs) ,
Sanction Violations ,
U.S. Treasury ,
United Arab Emirates (UAE) ,
White Collar Crimes
On July 3, 2024, the Council of the European Union (“EU Council”) officially promulgated a new set of best practices (“best practices” or “guidance”) for organizations seeking to comply with the latest sanctions regulations...more
On July 3, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced that it had amended entries for a multitude of entities sanctioned under the Treasury’s Russian Harmful Foreign...more
On May 17, 2024, Nevada-based DXC Technology Company (“DXC”)—a global IT services provider—officially filed its required annual 10-K Form with the U.S. Securities and Exchange Commission (“SEC”) indicating that...more
On December 22, 2023, President Joseph R. Biden, Jr. issued an executive order—”Taking Additional Steps With Respect to the Russian Federation’s Harmful Activities”—that subjects certain foreign financial institutions that...more
1/9/2024
/ Biden Administration ,
CAPTA List ,
Economic Sanctions ,
Executive Orders ,
Financial Transactions ,
Foreign Financial Institutions (FFI) ,
Foreign Policy ,
Foreign Relations ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
U.S. Treasury