The Trump administration’s designation of Mexican cartels as terrorist organizations in February has made doing business in Mexico riskier than ever before for corporations.
Sanctions
Posted inSanctions
Sanctions, tariffs, customs and sustainability create global headache for compliance in the $7.9T logistics sector
The global logistics and transport sector is vast and constantly growing – as is the host of regulations that apply to it. Compliance managers must consider everything from planning regulations to employment law and health and safety, to import duties and customs rules, and global sanctions.
Posted inRegulatory Enforcement
OFAC cracks down on Iran’s oil trade with new sanctions sweep
More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
Posted inSanctions
NY plastics manufacturer fined $6.8M for underpaying customs duties on imported Chinese resin
Recent enforcement actions by U.S. agencies overseeing customs payments and export control laws indicate increased scrutiny of business transactions between U.S. and Chinese companies.
Posted inRegulatory Enforcement
Poor monitoring of sanctions compliance led to thousands of violations, $11.8M fine for brokerage firm
A brokerage and investment firm will pay $11.8 million for providing services to individuals under U.S. sanctions, as well as people located in countries sanctioned by the U.S.
Posted inRegulatory Enforcement
Harman Industries, despite self-reporting violating U.S. sanctions on Iran, fined $1.4M
A Connecticut-based audio electronics company will pay a $1.4 million fine for violating U.S. sanctions, after middle managers at a foreign distributor knowingly diverted the company’s products to Iran.
Posted inSanctions
OFAC fines logistics company Key Holding $609k for violating U.S. sanctions on Cuba
A Delaware logistics company paid a $608,825 fine for violating U.S. sanctions on Cuba, a breach that the company self-disclosed to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
Posted inAnti-Bribery
DOJ targets $14.6B in health care fraud with focus on transnational crime
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
Posted inAML
FinCEN bars three Mexican financial institutions for aiding cartels in fentanyl trade
Three Mexican financial institutions will be barred from transacting with U.S.-based banks after a U.S. Treasury agency determined that the institutions allowed their networks to aid the illegal fentanyl trade of Mexican criminal organizations.
Posted inSanctions
Venture capital firm self-reports sanctions violations of M&A target to DOJ, receives declination
After self-reporting that a recently purchased subsidiary broke U.S. sanctions and export control laws, a Texas-based venture capital fund will receive no penalty from the U.S. Department of Justice.
