All economic sanctions articles

  • Blog

    Société Générale to pay $1.34B for economic sanctions violations


    Société Générale has been slapped with a $1.34 billion criminal penalty for conspiring to violate the Trading with the Enemy Act and the Cuban Asset Control Regulations, representing the second largest penalty ever imposed on a financial institution for violations of U.S. economic sanctions.

  • Blog

    Congress considers secondary sanctions against North Korea, banking partners


    Proposed legislation would create the “toughest financial sanctions ever directed at North Korea.” Secondary sanctions would bar foreign banks from the U.S. financial system if they have business relationships with the rogue nation.

  • Blog

    Treasury in ‘hand-to-hand financial combat’ with North Korea


    Current and future sanctions efforts by the Treasury Department to financially strike back against North Korean aggression were dissected by Assistant Treasury Secretary Marshall Billingslea during a recent House committee hearing.

  • Article

    Compliance remedies for new sanction headaches


    Compliance officers will want to reevaluate their trade sanction compliance policies, following new sanctions legislation signed into law this month.

  • Blog

    Deloitte names new AML and economic sanctions leaders


    Frederick Curry has been named Deloitte Advisory anti-money laundering (AML) and economic sanctions practice leader. Michael Shepard has been named Deloitte Global AML, economic sanctions and financial crimes leader. They succeed Alison Clew who will retire in May.

  • Blog

    Treasury Amends Russia and Ukraine Sanctions List


    The Department of the Treasury’s Office of Foreign Assets Control yesterday designated and identified 34 new individuals and entities under four executive orders related to Russia and Ukraine. The updated sanctions list also provides several new lessons for compliance officers.

  • Blog

    Hitachi Settles Case With African Development Bank


    The African Development Bank Group (AfDB) announced this week that it reached a settlement agreement with Japan-based Hitachi. The African Development Bank (AfDB) Integrity and Anti-Corruption Department alleged that Germany-based Hitachi Power Europe, and its South African subsidiary, Hitachi Power Africa, engaged in sanctionable practices in exchange for a boiler ...

  • Blog

    Deutsche Bank to Pay $258 Million for Sanctions Violations


    Deutsche Bank today reached a $258 million settlement with the New York State Department of Financial Services and the Federal Reserve regarding transactions with countries and entities subject to U.S. sanctions, including Iran, Libya, Syria, Burma, and Sudan. As part of the settlement, the bank also has agreed to install ...

  • Article

    Distilling Compliance Lessons of U.S. Sanctions Laws


    Crédit Agricole, fined nearly $790 million last week for violations of U.S. sanctions law, is the latest cautionary tale on this particularly nettlesome patch of corporate compliance. Penalties for sanctions lapses are surging, and the regulations themselves are growing exponentially more complicated. Sanctions compliance was a prime topic at one ...

  • Blog

    Crédit Agricole to Pay $787 Million for Sanctions Violations


    Crédit Agricole will pay a total of $787.3 million in criminal and civil financial penalties for economic sanctions violations. Federal and local agencies allege that Crédit Agricole engaged in a series of schemes to process more than $32 billion in U.S. dollar payments through its New York branch from its ...

  • Blog

    Standard Chartered Beefs Up Efforts to Combat Financial Crime


    London-based Standard Chartered today announced a trio of appointments as the banking giant continues to beef up its efforts to combat financial crime following multiple enforcement actions by U.S. enforcement authorities in 2012. One of those appointments includes a new head of sanctions compliance. Details inside.

  • Blog

    PayPal to Pay $7.7 Million for 486 Sanctions Violations


    PayPal, an electronic payments company, this week reached a $7.7 million settlement with the Treasury Department’s Office of Foreign Assets Control for processing 486 transactions in violation of OFAC regulations governing sanctions programs. The civil penalties could have been significantly higher, had PayPal not self-reported the violations and cooperated with ...

  • Blog

    Schlumberger Subsidiary Fined $232.7 Million for Sanctions Violations


    Schlumberger Oilfield Holdings, a subsidiary of oilfield services giant Schlumberger, has entered into a guilty plea and will pay a record $232.7 million criminal fine for economic sanctions violations. The amount is the largest criminal fine in connection with an International Emergency Economic Powers Act prosecution. Details inside.

  • Blog

    OFAC Introduces New Sanctions List Format


    As part of an effort to better assist screening programs and create a global sanctions list, the Treasury Department has announced a new format for its Specially Designated Nationals and Blocked Persons List. The new format was developed with the United Nations and the Wolfsberg Group of International Banks and ...

  • Blog

    Sanctions Rewrite Will Open Cuba to U.S. Companies


    Seeking to normalize relations between the United States and Cuba, President Barack Obama has announced an easing of decades-old sanctions. Authorizing the export of goods for private sector Cuban companies "essentially throws the market open to U.S. companies,” Judith Lee, chair of the law firm Gibson Dunn's International Trade Regulation ...

  • Blog

    Justice Department Extends Standard Chartered DPA


    The U.S. Attorney's Office for the District of Columbia and the Department of Justice have decided to extend for three more years a deferred prosecution agreement reached with British bank Standard Charted Bank in 2012, finding that it has not satisfied the requirements of the original agreement—and may have ...