Results 1-10 of 75
5 August 2019
On August 2, 2019, the US announced that new sanctions will be imposed on Russia as required under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 in response to the March 2018 "novichok" nerve agent incident against Sergei...
US Court Ruling Against Chinese Banks in Sanctions Case Reaffirms Government Subpoena Authority to Require Non-US Banks to Produce Documents and Information Held Overseas
24 July 2019
A recent US court ruling reinforces the well understood rule that non-US banks with branches or correspondent accounts in the US must comply with US government subpoenas regardless of their own country's laws. Under the US PATRIOT Act, non-compliance risks...
15 May 2019
On April 17, 2019, the Trump Administration announced, in a break from the practice of three previous administrations, that it would no longer waive a provision of the "Helms-Burton Act" that allows US parties to sue non-US persons and entities for "trafficking"...
10 May 2019
On May 2, 2019, a federal district court judge found that a bank and its external counsel had become a de facto arm of the government through efforts to cooperate with the government and minimize the bank's exposure to criminal and regulatory penalties. The...
29 March 2019
The Committee on Foreign Investment in the United States ("CFIUS") has reportedly told Beijing Kunlun Tech Co. Ltd. to sell Grindr, the world's largest gay dating app. CFIUS' post-closing action in this case shows that it is not afraid to disrupt...
19 March 2019
Blockchain is the technology that underpins digital currencies such as Bitcoin – but it has far wider applications and is being used in a growing number of areas. Blockchain has the potential drastically to alter the global financial system. Trade finance...
4 March 2019
Over the past year, completely contrary to public expectations, President Trump has unleashed the power of US economic sanctions to champion human rights and fight corruption globally. As laudable as this initiative may seem at first glance on public policy grounds,...
22 February 2019
On February 21, 2019, OFAC announced a $506,250 settlement with ZAG IP, LLC relating to five apparent violations of the Iranian Transactions and Sanctions Regulations (31 C.F.R. part 560).
15 February 2019
On February 14, 2019, OFAC announced a settlement with Germany-based AppliChem GmbH for 304 violations of the Cuban Assets Control Regulations (31 C.F.R. part 515). This is OFAC's third settlement of 2019, and largest financial penalty imposed this year...
8 February 2019
On February 7, 2019, OFAC announced its second settlement of 2019. The settlement with Kollmorgen Corporation ("Kollmorgen") related to six apparent violations of the Iranian Transactions and Sanctions Regulations, committed by its Turkish affiliate,...