• 7-year denial order imposed against Chinese telecommunications equipment maker
• Denial order strictly limits business with company
• Action comes as U.S. imposes other trade restrictions on China
On April 16, U.S....more
4/23/2018
/ CFIUS ,
China ,
Economic Sanctions ,
Export Controls ,
Exports ,
Mergers ,
National Security ,
Sanction Violations ,
Semiconductors ,
Telecommunications ,
Trump Administration
On March 12, 2018, President Trump blocked Broadcom, a Singapore-based semiconductor manufacturer, from pursuing the purchase of U.S.-based Qualcomm, a rival chip maker. Broadcom’s offer, reportedly for $117 billion or...more
This Post at a Glance -
- Company made false statements related to import duty charges
- Investigation initiated by whistleblower complaint from company’s competitor
- Trump Administration likely to impose...more
2/21/2018
/ Anti-Dumping Duty ,
China ,
Countervailing Duties ,
Customs ,
Department of Justice (DOJ) ,
False Claims Act (FCA) ,
False Statements ,
Fraud ,
Furniture Industry ,
Government Investigations ,
Imports ,
Settlement Agreements ,
Tariff Classifications ,
Trump Administration ,
Underpayment ,
Unfair or Deceptive Trade Practices ,
Whistleblower Awards ,
Whistleblowers
- MoneyGram and Ant Financial mutually terminate $1.2 billion proposed merger
- CFIUS’s concerns focused on cyber and information security
- Scrutiny of buyers’ information security processes is likely to increase
On...more
1/22/2018
/ Acquisitions ,
CFIUS ,
China ,
Cross-Border Transactions ,
Cybersecurity ,
Data Security ,
Foreign Investment ,
Mergers ,
Moneygram ,
National Security ,
Technology Sector ,
Trump Administration
•Many medical products can be exported to Iran – so long as a license is obtained
•Imposition of successor liability underscores importance of pre-transaction due diligence
•OFAC enforcement, as in the past, continues...more
1/10/2018
/ Aggravating Factors ,
Distributors ,
Due Diligence ,
Enforcement Actions ,
Exports ,
Iran Sanctions ,
Licenses ,
Manufacturers ,
Medical Supplies ,
Mergers ,
Mitigating Factors ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Sanction Violations ,
Statute of Limitations ,
Subsidiaries ,
Successor Liability ,
Voluntary Disclosure
Post at a glance:
• FinCEN imposes $8 million penalty against California’s biggest and oldest card club
• Club failed to implement and maintain an effective anti-money laundering (AML) program and failed to detect,...more
11/22/2017
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Casinos ,
Enforcement Actions ,
Financial Institutions ,
FinCEN ,
Fines ,
Penalties ,
Reporting Requirements ,
Suspicious Activity Reports (SARs) ,
Willful Violations
This Post at a Glance:
- FinCEN imposes $2 million penalty against community bank
- Bank failed to conduct appropriate due diligence related to Mexican customer
- Small banks, other financial institutions need to...more
11/14/2017
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Due Diligence ,
Financial Institutions ,
FinCEN ,
Mexico ,
Money Laundering ,
Policies and Procedures ,
Securities Fraud
More Acquisitions May Be Blocked in the Future -
Last month, asserting national security concerns, President Trump blocked a $1.3 billion acquisition of Oregon-based Lattice Semiconductor by a subsidiary of the Canyon...more
Over the past month, we have closely monitored efforts by the U.S. Congress to tie the president’s hands over sanctions on Russia. Today, the president signed the Countering America’s Adversaries Through Sanctions Act...more
On July 20, 2017, the U.S. Treasury Department Office of Foreign Assets Control (OFAC) announced that ExxonMobil (Exxon) must pay a $2 million penalty for violating U.S. sanctions on Russia. On the same day, Exxon responded...more
On June 19, 2017, the U.S. Senate overwhelmingly passed a bill mandating sanctions against Russia and Iran and a 30-day congressional review period should the president attempt to reduce those sanctions....more
It is rare for companies to go to court to fight penalties imposed by the Office of Foreign Assets Control (OFAC) for violations of U.S. sanctions. It is even more rare for a court to make any sort of finding against the...more
6/24/2017
/ Administrative Procedure Act ,
Appeals ,
Arbitrary and Capricious ,
Economic Sanctions ,
Enforcement Actions ,
Exports ,
Iran Sanctions ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Remand ,
Sanction Violations ,
Subpoenas
On June 8, the Office of Foreign Assets Control (OFAC) announced a monetary penalty against American Honda Finance Corporation (American Honda) for alleged violations of the Cuban Assets Control Regulations (CACR), the...more
- Proposed legislation targets current gaps in U.S. financial crime law and enforcement
- Bi-partisan Senate legislation would likely expand compliance obligations for banks and others in financial services industry
-...more
6/9/2017
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Banks ,
Economic Sanctions ,
FATF ,
Financial Crimes ,
Financial Services Industry ,
Foreign Banks ,
Office of Foreign Assets Control (OFAC) ,
Patriot Act ,
Proposed Legislation
- 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
On March 7, 2017, Chinese telecommunications company, Zhongxing Telecommunications Equipment Corp. (ZTE), signed on to three separate settlement agreements with the United States, agreeing to pay $892 million for violations...more
- Canadian bank pays penalties for U.S. dollar transactions involving Cuba and Iran
- Bank receives Finding of Violation – but no penalty – for violations by European subsidiaries
- Disclosure and cooperation...more
1/30/2017
/ Banks ,
Canada ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Economic Sanctions ,
Enforcement Actions ,
Exports ,
Financial Transactions ,
Foreign Subsidiaries ,
Imports ,
Iran Sanctions ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
Settlement
- Virtually all U.S. sanctions on Sudan lifted effective January 17, 2017
- Sanctions could be permanently lifted in six months
- There continue to be practical challenges to doing business in Sudan...more
1/19/2017
/ Barack Obama ,
Economic Sanctions ,
Executive Orders ,
Export Administration Regulations (EAR) ,
Exports ,
General Licenses ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Revocation ,
State Sponsors of Terrorism ,
Sudan
For those of us who live and breathe U.S. economic sanctions, we are used to most people largely ignoring what goes on in our world. The United States’ recent imposition of new sanctions against Russia, however, was not one...more
1/4/2017
/ Barack Obama ,
CIA ,
Congressional Investigations & Hearings ,
Cyber Attacks ,
Cyber Crimes ,
Economic Sanctions ,
Executive Orders ,
FBI ,
Office of Foreign Assets Control (OFAC) ,
Presidential Elections ,
Public Officials ,
Russia ,
SDN List ,
Trump Administration ,
Vladimir Putin
Effective December 23, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended the Iranian Transactions and Sanctions Regulations (ITSR) to expand the scope of medical devices that can be exported to...more
In what may be a harbinger of things to come, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has issued new guidance regarding what may occur if the United States re-implements economic sanctions...more
Lest U.S. companies think that Cuba and Iran are entirely open for business, a U.S. government settlement announced earlier this month with National Oilwell Varco, Inc. (NOV), a U.S. oilfield services company, will serve as a...more
11/29/2016
/ Civil Monetary Penalty ,
Cuba ,
Economic Sanctions ,
Enforcement Actions ,
Exports ,
Iran ,
Iran Sanctions ,
Non-Prosecution Agreements ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
Settlement ,
UK
With the results in from the U.S. presidential election, companies should begin to consider the potential impact of a Trump presidency on their international business. U.S. economic sanctions were among the hot-button issues...more
11/22/2016
/ Barack Obama ,
Cuba ,
Economic Sanctions ,
Executive Orders ,
Federal Contractors ,
General Licenses ,
Iran ,
Joint Comprehensive Plan of Action (JCPOA) ,
Office of Foreign Assets Control (OFAC) ,
Repeal ,
Russia ,
Trump Administration
Over the past year, the big news for companies doing or considering business in Iran has been the scaling back of U.S. and EU economic sanctions. Many global businesses are now permitted to operate in this once prohibited...more
11/2/2016
/ Certification Requirements ,
Economic Sanctions ,
False Claims Act (FCA) ,
Federal Acquisition Regulations (FAR) ,
General Licenses ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
System For Award Management (SAM)