Focus on US economic sanctions compliance: OFAC imposes fines and expects more monitoring

Society of Corporate Compliance and Ethics (SCCE)
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Society of Corporate Compliance and Ethics (SCCE)

Report on Supply Chain Compliance 3, no. 2 (January 23, 2020)

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the primary U.S. government agency that administers U.S. economic sanctions, was busy at the end of 2019. In the first few weeks of December 2019, the agency designated individuals and entities in multiple countries under U.S. sanctions programs covering corruption, cybersecurity, human rights, Iran, Nicaragua, South Sudan and Venezuela. OFAC designated each of these parties as a Specially Designated National (SDN). As a result, other than in very limited situations, no U.S. individual or entity may transact with any of these parties.

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