All OFAC articles – Page 2
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News BriefOFAC sanctions more investment entities linked to Hamas
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.
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News BriefTreasury eases Venezuela sanctions amid electoral progress
The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.
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News Brief3M to pay $9.6M over Iran sanctions lapses
The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.
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News BriefEmigrant Bank to pay $32K in Iran sanctions case
New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Office of Foreign Assets Control addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.
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News BriefNew OFAC sanctions expand clamps on Russia tech supply chain
The Office of Foreign Assets Control widened its area of focus to disrupt Russia’s technology supply chain with new sanctions announced against entities in Finland and Turkey.
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OpinionWhistleblower goes above, beyond in Construction Specialties OFAC case
The impact of “see something, say something” was on display as part of Construction Specialties’ settlement with the Office of Foreign Assets Control for apparent Iran sanctions violations.
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News BriefConstruction Specialties to pay $660K in Iran sanctions case
Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.
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News BriefNeogen discloses avoided OFAC fine in Iran sanctions probe
Neogen Corp. disclosed the Office of Foreign Assets Control concluded a probe into potential sanctions violations regarding transactions by the food and animal safety company with parties in Iran without issuing a fine.
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News BriefOFAC doubles down on sanctions against Belarusian regime
The Treasury Department’s Office of Foreign Assets Control announced expanded sanctions against the Belarusian regime three years after the country’s disputed 2020 presidential election.
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PremiumCommon sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
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News BriefGuidance sets self-disclosure expectations for sanctions, export control lapses
Companies seeking credit for voluntarily self-disclosing potential violations of sanctions or export control laws must be mindful of the regimes at play from agencies including the DOJ, BIS, and OFAC and their differing expectations.
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PremiumPotential sanctions violations: To voluntarily self-disclose or not?
The Department of Justice scrutinizing sanctions on par with how it views bribery under the Foreign Corrupt Practices Act alters the calculus of whether a company should voluntarily self-disclose potential violations, experts discussed at CW’s TPRM Summit.
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News BriefOFAC head Andrea Gacki shifted to lead FinCEN
Treasury Secretary Janet Yellen announced the appointment of Andrea Gacki as director of the Financial Crimes Enforcement Network.
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News BriefOFAC orders Swedbank Latvia to pay $3.4M over Crimea sanctions violations
Swedbank Latvia agreed to pay more than $3.4 million to resolve apparent U.S. sanctions violations in the Crimea region of Ukraine, the Office of Foreign Assets Control announced.
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News BriefDXC Technology self-reports possible Russian sanctions violations
DXC Technology Company disclosed it might have violated U.S. sanctions and export controls against Russia in its sale of a Russian subsidiary.
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News BriefU.S. reinvigorates anti-Russia push with new sanctions, guidance
The United States once again ratcheted up sanctions against Russia in an attempt to further choke off the funds and military supplies the country is using in its war against Ukraine.
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News BriefMurad to pay $3.3M for ‘egregious’ Iran sanctions lapses
California-based cosmetics company Murad, a subsidiary of Unilever, agreed to pay $3.3 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations over an eight-year period.
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News BriefCrypto exchange Poloniex to pay $7.6M in OFAC sanctions case
Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.
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News BriefBritish American Tobacco to pay $635M in North Korea sanctions case
British American Tobacco will pay more than $635 million to settle allegations the company violated U.S. sanctions against North Korea using a complex, yearslong scheme to import tobacco products into the country.
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News BriefBusiness orgs fined $84K by DOJ over sanctioned Iran dealings
Taiwan-based DES International Co. and Brunei-based Soltech Industry Co. each agreed to pay fines of $83,769 after pleading guilty to Department of Justice charges of conspiring to violate U.S. export laws and sanctions by sending U.S.-origin goods to Iran.