The annual September 30 deadline for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) is fast approaching. Under federal regulations, "all U.S....more
As we previously reported, effective April 24, 2024, the statute of limitations for most civil and criminal violations of the International Emergency Economic Powers Act (IEEPA) or the Trading with the Enemy Act (TWEA) has...more
The annual Sept. 30 deadline for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) is approaching once again. Under federal regulations, all...more
The annual September 30 deadline for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) is approaching once again. Under federal regulations, all...more
On October 1, 2020, the U.S. Treasury's Office of Foreign Assets Control (OFAC) issued a new advisory spotlighting sanctions risks for companies that facilitate ransomware payments, including financial institutions, cyber...more
The September 30 deadline is fast approaching for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC). ...more
The September 30 deadline is fast approaching for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC). ...more
Two related enforcement actions by the U.S. Department of Treasury’s Office of Foreign Assets Compliance (OFAC) are stark reminders that health insurance providers (and other insurers) must maintain adequate U.S. trade...more
A recent enforcement action by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) against MasterCard International Incorporated (“MasterCard”) stands as a reminder of the importance of strictly...more
The U.S. Department of Commerce’s Office of Foreign Assets Control (OFAC) announced that Navigators Insurance Company, which is headquartered in New York and specializes in marine insurance and related lines of business,...more
8/10/2015
/ Compliance ,
Cuba ,
Insurance Industry ,
Iran ,
Iran Sanctions ,
Liability Insurance ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Professional Liability ,
Sanctions ,
Sudan ,
Umbrella Policies ,
Vessels
On Dec. 19, 2014, President Obama issued Executive Order 13685, “Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to the Crimea Region of Ukraine,” to impose sanctions relating to the...more
8/6/2015
/ Banking Sector ,
Banks ,
Crimea ,
Executive Orders ,
Financial Institutions ,
Obama Administration ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Sanctions ,
SWIFT ,
Trade Policy ,
U.S. Treasury ,
Ukraine
There has been much fanfare surrounding the reestablishment of diplomatic relations with Cuba, starting with President Obama’s announcement of the resumption of bilateral relations, and followed by the formal establishment of...more
7/28/2015
/ Air Carriers ,
Aircraft Equipment ,
American Express ,
Bureau of Industry and Security (BIS) ,
Credit Cards ,
Cuba ,
De Minimus Quantity Exemption ,
Debit Cards ,
Domain Names ,
E-1 ,
Email ,
Embargo ,
Export Administration Regulations (EAR) ,
Federal Aviation Administration (FAA) ,
Financial Institutions ,
MasterCard ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
Social Networks ,
Software ,
State Sponsors of Terrorism ,
Trade Restrictions ,
U.S. Commerce Department ,
VoIP ,
Websites
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $7,658,300 settlement with PayPal, Inc. (PayPal) to resolve potential civil liability for 486 alleged violations of the Iranian,...more
The Department of the Treasury, Office of Foreign Assets Control (OFAC), amended the Iran personal communications General License D-1 (GL D-1) on Feb. 7, 2014, expanding, clarifying and superseding the May 2013 General...more
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury enforces comprehensive sanctions that regulate, and largely forbid, most forms of trade and financial transactions by U.S. persons with Iran....more