Enforcement Actions, Office of Foreign Assets Control (OFAC), Canada

International Compliance Digest – November 2024

Adams & Reese on 12/3/2024

While the incoming administration has blanketed the news cycle with newly threatened tariffs against typical targets like China, and against neighboring allies like Canada and Mexico, the current administration has quietly...more

United States, European Union, United Kingdom and Canada Coordinate Further Sanctions Against Belarus

The Volkov Law Group on 12/21/2021

In an interesting announcement, the US, EU, UK and Canada implemented additional sanctions against Belarus. The coordinated announcement reflected the Biden Administration’s diplomatic commitment to joint sanctions actions. ...more

Travel Insurance Companies Hit with OFAC Enforcement Actions

The Volkov Law Group on 12/19/2019

The Treasury Department’s Office of Foreign Asset Control (“OFAC”) continues to rack up settlements. Two travel insurance companies recently settled OFAC enforcement actions for violations of the Cuban Embargo....more

US reaches settlement with General Electric over alleged sanctions violations

Society of Corporate Compliance and Ethics... on 10/29/2019

Report on Supply Chain Compliance 2, no. 20 (Oct. 24, 2019) - The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) reached a settlement with General Electric Company regarding transactions involving a...more

TD Bank and Sanctions Violations

The Volkov Law Group on 4/13/2017

Sanctions enforcement continues to be a significant risk. With the focus on unraveling elaborate corporate ownership schemes, the risk of conducting business with sanctioned individuals or entities is increasing....more

OFAC Sanctions: No Entity Too Small or Too Far for Enforcement

Bass, Berry & Sims PLC on 1/30/2017

- 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