U.S. could ban all Huawei products


New moves from the Commerce Department suggest a full domestic ban on products from the Chinese telecom giant Huawei are forthcoming.


World Bank Group debars Sieyuan Electric


The World Bank Group has placed a 15-month debarment on Shanghai-based Sieyuan Electric relating to fraudulent practices under the Inter-Zonal Transmission Hub Project.


UniCredit Group Banks to pay $1.3B for sanctions violations


UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...


Standard Chartered Bank to pay $1.1B for sanctions violations


Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.


New, tough regulator to oversee U.K. audit


The U.K. Financial Reporting Council will soon be replaced by a new regulator acting on recommendations from Sir John Kingman of the London Stock Exchange. The government hopes to ensure the United Kingdom going forward has “a world-class audit and accounting regulator.”


Huawei sues U.S. gov. for ‘unconstitutional sales restrictions’


Controversial tech giant Huawei has filed a complaint in a U.S. federal court that challenges the constitutionality of government restrictions on its products.


E3 moves to circumvent U.S. sanctions on Iran


The E3 has set up a special trade channel designed to allow companies in the European Union to circumvent U.S. sanctions in an effort to continue humanitarian trade with Iran.


New system opens up EU business trade with Iran


The United Kingdom, Germany, and France have created a new payments system to allow European businesses to trade with Iran without falling foul of U.S. sanctions.


U.S. Treasury sanctions Petroleos de Venezuela


The Department of the Treasury’s Office of Foreign Assets Control has designated Venezuelan state-owned oil company Petroleos de Venezuela under Executive Order 13850 for operating in the oil sector of the Venezuelan economy.


Treasury lifts sanctions on Rusal, En+, ESE


The U.S. Department of Treasury announced that it has lifted sanctions on three companies controlled by Russian oligarch Oleg Deripaska: power company EuroSibEnergo, aluminum producer UC Rusal, and Rusal’s parent company, En+ Group. Following this news, En+ Group announced an overhaul of its board of directors.


Huawei Technologies and U.S. affiliate indicted for theft of trade secrets, wire fraud


In court documents unsealed Jan. 28, a grand jury this month returned a 10-count indictment by two affiliates of Chinese telecommunications conglomerate Huawei Technologies for theft of trade secrets, wire fraud, and obstruction of justice.


Waters builds new agenda for Financial Services Committee


With new leadership, Rep. Maxine Waters (D-Calif.), the House Financial Services Committee is setting its agenda for the new session of Congress.


Leveraging data and technology for sanctions compliance: OFAC’s '50 Percent Rule'

2019-01-03T11:45:00+00:00Provided by

Complying with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) regulations on sanctions against foreign entities requires much more than checking a list of restricted companies and individuals.


OFAC to lift sanctions on three Russian companies


The U.S. Department of the Treasury’s Office of Foreign Assets Control notified Congress on Dec. 19 of its intention to lift sanctions imposed on three Russian companies.


As tensions grow, so do China-related compliance risks


Tariffs, trade secrets, and arrests fuel high-risk scenarios for companies that do business with organizations in China.