This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including a review of the first year of GDPR enforcement, analysis of...more
10/3/2019
/ Anti-Money Laundering ,
Appeals ,
Blocking Statutes ,
Bribery ,
CFTC ,
China ,
CLOUD Act ,
Communication Restrictions ,
Compliance ,
Conspiracies ,
Cooperation Agreement ,
Crime (Overseas Production Orders) Act 2019 (the COPO Act) ,
Criminal Prosecution ,
Cross-Border Transactions ,
Cryptocurrency ,
Cybersecurity ,
Deferred Prosecution Agreements ,
Denial of Certiorari ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Disclosure ,
Dodd-Frank ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
EURIBOR ,
Exports ,
Extradition ,
Extraterritoriality Rules ,
Financial Conduct Authority (FCA) ,
Financial Records ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Exchanges ,
France ,
Fraud ,
General Data Protection Regulation (GDPR) ,
Government Investigations ,
Hackers ,
Hungary ,
Imports ,
India ,
Indictments ,
Information Sharing ,
Iran Sanctions ,
Israel ,
Lithuania ,
Money Laundering ,
Morrison v National Australia Bank ,
Multinationals ,
Office of Foreign Assets Control (OFAC) ,
Opioid ,
Pharmaceutical Industry ,
Popular ,
Rate-Rigging ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Spoofing ,
Subpoenas ,
Swiss Supreme Court ,
Switzerland ,
Tax Crimes ,
Tax Evasion ,
Tax Treaty ,
Turkey ,
UK ,
United States ,
Venezuela ,
Wal-Mart
The U.S. government recently took several actions involving the Venezuela- and Russia-related sanctions. On May 21, 2018, following the re-election of President Nicolás Maduro, President Donald Trump issued an executive order...more
On May 8, 2018, President Donald Trump announced that the United States was withdrawing from its participation in the Joint Comprehensive Plan of Action (JCPOA), the agreement the P5+1 (the United States, China, France,...more
5/15/2018
/ Economic Sanctions ,
EU ,
General Licenses ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Presidential Memorandum ,
Rescission ,
SDN List ,
Secondary Sanctions ,
Trump Administration ,
Winding Down
On May 1, 2018, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General Licenses 12B and 13A authorizing additional transactions and activities involving certain persons subject to the...more
On April 23, 2018, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Ukraine- and Russia-related General Licenses 12A and 14, and additional guidance to further minimize immediate...more
On April 6, 2018, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against seven Russian oligarchs, 12 companies owned or controlled by these oligarchs, 17 senior Russian government...more
4/13/2018
/ Blocked Person ,
CAATSA ,
Economic Sanctions ,
Executive Orders ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Reporting Requirements ,
Russia ,
SDN List ,
Secondary Sanctions ,
Trump Administration ,
U.S. Treasury ,
Ukraine
On November 8, 2017, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), the U.S. Department of Commerce's Bureau of Industry and Security (BIS), and the U.S. Department of State announced...more
11/30/2017
/ Bureau of Industry and Security (BIS) ,
Business Travel ,
Cuba ,
Cuba Restricted List ,
Cuban Assets Control Regulations (CACR) ,
Export Administration Regulations (EAR) ,
Exports ,
General Licenses ,
Obama Administration ,
Office of Foreign Assets Control (OFAC) ,
Travel Restrictions ,
Trump Administration
In recent weeks, the U.S. government has taken a number of significant steps to implement sanctions on Russia under the Countering America’s Adversaries Through Sanctions Act (CAATSA), which President Donald Trump signed into...more
11/9/2017
/ Banking Sector ,
CAATSA ,
Economic Sanctions ,
Energy Exploration ,
Energy Sector ,
Office of Foreign Assets Control (OFAC) ,
Offshore Drilling ,
Pipelines ,
Russia ,
SDN List ,
Section 232 ,
Trump Administration ,
Ukraine ,
US State Departments
Pursuant to the Iran Nuclear Agreement Review Act of 2015 (INARA), the president is required to make certifications every 90 days that Iran is complying with its obligations under the Joint Comprehensive Plan of Action...more
10/24/2017
/ Decertify ,
Economic Sanctions ,
Foreign Policy ,
Iran Nuclear Agreement Review Act of 2015 (INARA) ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Nuclear Weapons ,
Office of Foreign Assets Control (OFAC) ,
P5+1 Nations ,
Proposed Legislation ,
Trump Administration
On September 21, 2017, President Donald Trump issued Executive Order (E.O.) 13810, which broadly expanded U.S. sanctions against North Korea. E.O. 13810 targets, among others, individuals and entities that are part of certain...more
On August 25, 2017, the U.S. government dramatically increased sanctions on the government of Venezuela. Unlike the Venezuela-related sanctions already in effect, which are list-based and to date have targeted only specific...more
8/31/2017
/ Blocked Person ,
Bonds ,
Capital Markets ,
Citgo ,
Debt-Equity ,
Dividends ,
Economic Sanctions ,
Executive Orders ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Securities Transactions ,
State-Owned Enterprises ,
Trump Administration ,
Venezuela
As previously reported, the Policing and Crime Act 2017 (the Act) introduced a series of major changes to the U.K. financial sanctions regime. The changes, which came into force on April 1, 2017, included the creation of new...more
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
3/10/2017
/ Attorney General ,
Bureau of Industry and Security (BIS) ,
China ,
Civil Monetary Penalty ,
Corporate Counsel ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Embargo ,
Export Administration Regulations (EAR) ,
Export Controls ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Iran Sanctions ,
ITAR ,
National Security ,
North Korea ,
Obstruction of Justice ,
Office of Foreign Assets Control (OFAC) ,
Plea Agreements ,
Sanction Violations ,
Settlement ,
Software ,
Telecommunications
On January 13, 2017, President Obama and the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the interim lifting of sanctions on Sudan, with a path to a permanent revocation of sanctions in six...more
1/19/2017
/ Barack Obama ,
Darfur ,
Economic Sanctions ,
Export Administration Regulations (EAR) ,
Exports ,
General Licenses ,
ITAR ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Revocation ,
State Sponsors of Terrorism ,
Sudan
On December 22, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced amendments to the general license (GL) that authorizes the export or re-export of certain medical devices to Iran....more
On October 14, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) announced further amendments to ease U.S. sanctions and...more
10/28/2016
/ Aviation Industry ,
Barack Obama ,
Bureau of Industry and Security (BIS) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Financial Institutions ,
General Licenses ,
Humanitarian Assistance ,
Imports ,
International Travel ,
Medical Research ,
Office of Foreign Assets Control (OFAC) ,
Pharmaceutical Industry
After nearly two decades, the United States has formally ended economic sanctions on Burma (Myanmar). Citing substantial efforts undertaken to promote democracy, President Barack Obama issued an executive order, on October 7,...more
10/15/2016
/ Anti-Money Laundering ,
Barack Obama ,
Burma ,
Economic Sanctions ,
Executive Orders ,
Financial Transactions ,
FinCEN ,
Foreign Investment ,
Imports ,
Office of Foreign Assets Control (OFAC) ,
Patriot Act ,
SDN List ,
US Department of State
In response to Burma’s peaceful and competitive elections in November 2015, on May 18, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) further eased U.S. sanctions against Burma (Myanmar). These...more
5/24/2016
/ Burma ,
Economic Sanctions ,
Exports ,
Financial Institutions ,
Foreign Investment ,
General Licenses ,
Myanmar ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
SDN List ,
State-Owned Enterprises
In the wake of the Panama Papers controversy, the U.S. government has taken major steps this month to promote financial transparency. First, the Financial Crimes Enforcement Network (FinCEN) finalized its proposed rule issued...more
5/17/2016
/ Anti-Money Laundering ,
Banks ,
Customer Due Diligence (CDD) ,
Due Diligence ,
Economic Sanctions ,
EU ,
Financial Institutions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Ownership Requirements ,
Popular ,
Transparency ,
White Collar Crimes
On March 15, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) announced regulatory amendments that further eased U.S....more
On January 27, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) further eased U.S. sanctions and export control regulations...more
On January 16, 2016, the International Atomic Energy Agency verified that Iran had complied with the nuclear-related technical aspects of the Joint Comprehensive Plan of Action it had to complete before the first phase of...more
1/28/2016
/ Banking Sector ,
Economic Sanctions ,
EU ,
Foreign Entities ,
IAEA ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Nuclear Weapons ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
SDN List
Editor’s note: This article includes news developments through January 18, 2016.
The historic agreement that the P5+1 (the United States, the United Kingdom, France, China, Russia and Germany) and the European Union...more
On September 21, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) amended their respective Cuba regulations to...more
9/30/2015
/ Airlines ,
Bureau of Industry and Security (BIS) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Export Administration Regulations (EAR) ,
Export Controls ,
Financial Institutions ,
Financial Transactions ,
Information Technology ,
Internet Service Providers (ISPs) ,
Licenses ,
Office of Foreign Assets Control (OFAC) ,
Physical Presence Test ,
Sanctions ,
Telecommunications ,
U.S. Commerce Department ,
Vessels
Editor’s note: This article was updated on July 23, 2015, to Editor’s note: This article was updated on July 23, 2015, to reflect certain additional information in U.N. Security Council Resolution 2231.
On July 14, 2015,...more
7/21/2015
/ Aircraft ,
Aircraft Equipment ,
Automotive Industry ,
Banks ,
Crude Oil ,
Energy Sector ,
EU ,
Financial Institutions ,
Implementation Day ,
Imports ,
International Atomic Energy Agency ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Metals ,
Non-US Entities ,
Nuclear Power ,
Nuclear Weapons ,
Office of Foreign Assets Control (OFAC) ,
P5+1 Nations ,
SDN List ,
Shipping ,
Software ,
Transition Day ,
United Nations