Results 1-10 of 47
5 September 2019
Further to Executive Order 13851, "Blocking Property of Certain Persons Contributing to the Situation in Nicaragua" and several previously announced sanctions against high-ranking Nicaraguan officials, OFAC announced on September 3, 2019, the Nicaragua...
26 August 2019
Debarment regimes exclude companies from public procurement opportunities following conviction for specified offences. We examine the global trend towards the strengthening of these regimes and how this is likely to affect companies in the Asia Pacific.
19 August 2019
On August 16, 2019, OFAC announced a settlement with Atradius Trade Credit Insurance, Inc. ("ATCI"), a US subsidiary of Netherlands-based Altradius N.V.1 ATCI paid $345,316 to settle potential civil liability for two apparent violations of the Foreign...
7 August 2019
On August 6, 2019, OFAC announced that U.S. parent company PACCAR Inc had settled potential civil liability for 63 apparent violations of the Iranian Transactions and Sanctions Regulations committed by its Dutch wholly owned subsidiary, DAF Trucks N.V. PACCAR Inc...
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...
26 July 2019
In its July 23, 2019, "Iran-Related Civil Aviation Industry Advisory," the US Department of Treasury Office of Foreign Assets Control delivered a warning as to the "deceptive practices by Iran with respect to the Civil Aviation Industry.&q...
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...
Sanctions with Chinese Characteristics: PRC Government Threatens to Brand 'Unreliable' Foreign Companies
18 June 2019
China's Ministry of Commerce (MOFCOM) introduced a new layer of complexity for companies doing business with Chinese companies with the announcement of its new "Unreliable Entity List" (UEL) on 31 May 2019. According to the announcement, the...
14 May 2019
Officials from the US Office of Foreign Assets Control (OFAC) have been teasing for months that they would issue guidelines to help companies comply with US sanctions regulations. On 2 May 2019, OFAC made good and published the much-anticipated "A Framework...
3 May 2019
Last year, OFAC signaled that it would be issuing much-anticipated guidance for companies on building sanctions compliance programs and, on May 2, 2019, OFAC delivered. "A Framework for OFAC Compliance Commitments" (the "Framework") sets forth...