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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jaclyn Jaeger2019-07-02T19:40:00
Chief compliance officers seeking some much-needed guidance on how to build a well-crafted sanctions compliance program would be remiss to ignore the first-ever “Framework for OFAC Compliance Commitments” published by the Department of the Treasury’s Office of Foreign Assets Control. The guidance includes a non-exhaustive list of common “root causes” of sanctions violations identified during the investigative process and in the context of recent enforcement actions.
“OFAC developed this framework in our continuing effort to strengthen sanctions compliance practices across the board,” said OFAC Director Andrea Gacki. “This underlines our commitment to engage with the private sector to further promote understanding of, and compliance with, sanctions requirements.”
The 12-page sanctions compliance framework, published May 2, applies not just to U.S. companies, but also to companies that may find themselves subject to U.S. sanctions laws—such as foreign entities that conduct business in or with the United States, those that employ U.S. citizens, or that use U.S.-origin goods or services.
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News and analysis for the well-informed compliance or audit exec.
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2020-09-11T17:33:00Z By Jaclyn Jaeger
As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.
2020-03-04T16:16:00Z By Aly McDevitt
Compliance Week spoke with Tiffany Archer, regional ethics and compliance officer and corporate counsel at Panasonic Avionics Corporation, on demystifying OFAC’s 50 Percent rule.
2019-12-06T20:04:00Z By Lori Tripoli
Some companies might scramble to comply with more—and sometimes quickly shifting—sanctions requirements as the U.S. government chalks up record enforcement levels.
2024-06-26T14:37:00Z By Aaron Nicodemus
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
2024-06-21T16:37:00Z By Jeff Dale
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
2024-06-12T02:35:00Z By Jeff Dale
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
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