News & Analysis as of

Office of Foreign Assets Control (OFAC) Sanction Violations Supply Chain

American Conference Institute (ACI)

[Event] 9th Annual Canadian Forum on Global Economic Sanctions - February 26th - 27th, Toronto, ON, Canada

CI’s 9th Annual Canadian Forum on Global Economic Sanctions is designed to cover your top compliance challenges, offering unparalleled networking and benchmarking opportunities for economic sanctions, trade, financial crime,...more

The Volkov Law Group

Supply Chain Sanctions Liability — The Importance of Supply Chain Audits (Part III of IV)

The Volkov Law Group on

Global companies face significant risks in their supply chains of compliance with OFAC’s economic sanctions regime.  OFAC has emphasized the importance of conducting supply chain risk assessments and audits....more

American Conference Institute (ACI)

FCPA, Export Controls, and Sanctions Enforcement: Adjusting Compliance Strategies for the New Normal

As the interplay between export controls, trade sanctions, and anticorruption enforcement continues to intensify, multinational companies must remain vigilant in ensuring that their compliance programs address the many...more

The Volkov Law Group

Supply Chain and Sanctions Compliance (Part III of IV)

The Volkov Law Group on

While OFAC’s enforcement actions and guidance points to important steps exporters must take when relying on third-party distributors and other intermediaries, the “reason to know” and affirmative obligations to monitor resale...more

The Volkov Law Group

Distribution Chains and Sanctions Compliance (Part II of IV)

The Volkov Law Group on

Companies rely on robust distribution chains as an efficient mechanism to enter new markets without requiring a significant investment.  Additionally, companies may maintain parallel sales activities in markets between their...more

Snell & Wilmer

United States Announces Largest Round of Sanctions Since the Start of Russia’s War in Ukraine

Snell & Wilmer on

The U.S. Government recently announced the largest round of sanctions against the Russian Federation (Russia) since the invasion of Ukraine two years ago. This multi-agency effort enacted over 500 sanctions against foreign...more

Akin Gump Strauss Hauer & Feld LLP

U.S. Sanctions Compliance Guidance Released for the Global Maritime, Energy and Metals Sectors

- On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the maritime industry regarding common deceptive shipping practices used to subvert U.S. and United...more

Society of Corporate Compliance and Ethics...

Sanctions news: Russian group designated as global terrorists; British American Tobacco under investigation

Report on Supply Chain Compliance 3, no. 9 (April 30, 2020) - For the first time in history, the U.S. designated a white supremacist group as a terrorist organization. The group, based in Russia, fell afoul of Executive...more

Society of Corporate Compliance and Ethics...

Sanctions news: US targets China, Syria, Venezuela and Iran

Report on Supply Chain Compliance 3, no. 7 (April 2020) The United States Department of the Treasury’s Office of Foreign Assets Control has stayed busy during the coronavirus outbreak. The office made several new additions...more

Dechert LLP

COVID-19: International Trade Navigation

Dechert LLP on

The outbreak of COVID-19 is impacting international trade as global markets deal with uncertain supply and companies and governments work to ensure personal safety while developing contingency plans for handling the virus. In...more

Akin Gump Strauss Hauer & Feld LLP

Red Notice Newsletter - December 2019

IN THIS ISSUE • Anticorruption Developments • Export Control Sanctions and Customs Enforcement • Export Control and Sanctions Developments • Global Investigations Resources • Writing and Speaking Engagements ...more

Society of Corporate Compliance and Ethics...

Sanctions news: COSCO de-listed; settlement between OFAC and Eagle Shipping; SDN update

Report on Supply Chain Compliance 3, no. 4 (February 20, 2020) - The United States lifted sanctions[1] on a subsidiary of COSCO Shipping Corporation Ltd., the Chinese shipping giant. Last September, the U.S. Department of...more

Kilpatrick

3 KEY TAKEAWAYS: OFAC’s 2019 Sanctions Enforcement

Kilpatrick on

2019 was a busy year for the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”): in May, OFAC provided a compliance roadmap in its “Framework for OFAC Compliance Commitments” guidance document (see our 6 Key...more

Society of Corporate Compliance and Ethics...

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

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...more

Society of Corporate Compliance and Ethics...

Apple, Inc. agrees to settle alleged sanctions violations

Report on Supply Chain Compliance 2, no. 23 (December 12, 2019) - The United States Department of the Treasury’s Office for Foreign Asset Control (OFAC) reached a settlement with Apple, Inc. for “apparent violations of the...more

Society of Corporate Compliance and Ethics...

Iranian businessman jailed for sanctions violations

Report on Supply Chain Compliance 2, no. 22 (November 21, 2019) - Behzad Pourghannad, an Iranian citizen, was sentenced to 46 months in prison for illegally importing carbon fiber from the United States into Iran from 2008...more

Society of Corporate Compliance and Ethics...

US reaches settlement with General Electric over alleged sanctions violations

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

Society of Corporate Compliance and Ethics...

US continues trying to enforce ‘secondary sanctions’

Report on Supply Chain Compliance, Volume 2, no. 19 (October 10, 2019) - In a trend that reaches back at least 18 months, the U.S. designated entities for violating sanctions against Iran and Venezuela. In both cases, the...more

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