- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-11T19:27:00
Five agencies of the U.S. government combined to issue best practices guidance for entities in the maritime and other transportation industries to help reduce risk of sanctions and export control violations and evasion efforts.
The Department of Justice (DOJ), Commerce Department’s Bureau of Industry and Security, Department of Homeland Security’s Homeland Security Investigations, State Department’s Directorate of Defense Trade Controls, and Treasury Department’s Office of Foreign Assets Control (OFAC) released a joint compliance note Monday to highlight tactics commonly deployed by bad actors regarding the transportation sector. The note includes signs of sanctions evasion efforts and examples of relevant agency enforcement actions.
On the enforcement front, the DOJ announced in September a landmark criminal resolution involving a Greek-based shipping company’s transport of nearly 1 million barrels of contraband crude oil from Iran. Empire Navigation pleaded guilty to violating the International Emergency Economic Powers Act and was fined $2.5 million in addition to receiving three years of corporate probation as part of a deferred prosecution agreement.
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Ford Motor Co. agreed to pay $365 million to settle charges levied by the Department of Justice that the automaker purposefully dodged import duties for years by mislabeling and undervaluing hundreds of thousands of cargo vans it brought into the United States from Turkey.
Aerospace giant Boeing will pay a $51 million civil penalty to the State Department to resolve alleged export control violations related to unauthorized transfers and retransfers of technical data to foreign-person employees and contractors.
Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
