Companies should prepare for more U.S. sanctions to be levied against China and Russia under the Biden administration, two former financial crime regulators predicted Tuesday at Compliance Week’s “Financial Crimes Risks, Trends, and Proven Practices” virtual conference.
Charlie Steele, who retired last year as chief counsel for the Office of Foreign Assets Control (OFAC) and is now a partner at consulting firm Forensic Risk Alliance, told an audience of compliance practitioners he expects OFAC to issue a slew of new sanctions in 2021. The rollout will be slow at first, he said.
