Yes, it’s true. The United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) uses the internet. Before you unsubscribe because you think this either a) a stupid post; or b) I’ve lost my mind, let me explain.
Continue Reading How did you end up on the OFAC SDN List? OFAC Checked the Internet.
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Continue Reading 14th Annual Advanced Forum On U.S. Economic Sanctions Enforcement & Compliance
The 14th Annual Advanced Forum on Economic Sanctions Enforcement and Compliance is widely regarded as the flagship event for senior executives and practitioners, who work in the areas of global sanctions compliance, internal audits and investigations, international trade, banking, insurance,
Continue Reading 14th Annual Advanced Forum on U.S. Economic Sanctions Enforcement and Compliance
Recently, I reviewed a response by the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) responded to a request for interpretative guidance, or in the alternative, specific license authorization. Here is a run down of the
Continue Reading A Little Bit of Guidance on OFAC General License G
Yesterday, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced that it was issuing two revised general licenses issued under the Venezuela Sanctions Regulations (“VSR”), 31 C.F.R. Part 591, and made conforming changes to two
Continue Reading Clean Up Duty: OFAC Acknowledges an Unblocking Under the 50 Percent Rule and Re-issues Venezuela-related General Licenses
Despite most of the world being in self-quarantine mode to prevent the spread if COVID-19, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”)–as well as the United States Department of State–have continued their work of
Continue Reading OFAC Continues Iran Designations Despite COVID-19 Outbreak
Last week, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) identified Consorcio Venezuelano de Industrias Aeronauticos y Servicios Aereos, S.A. (“Conviasa”) as blocked due to its being a part of the Government of Venezuela.
Continue Reading Conviasa: Is OFAC Closing the Cabin Door?
It has been a while since we have posted, but we’re back by popular demand (actually, just one person’s polite request), and will try to begin posting on Sanctionlaw more often in 2020. We start off these renewed efforts by
Continue Reading South Sudan Sanctionable
The United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has been busy over the past few weeks. First, a couple of weeks ago, they issued the amended Reporting, Procedures, and Penalties Regulations, 31 C.F.R. Part 501,
Continue Reading Observe and Report: OFAC Issues Reminder on Annual Blocked Property Reports
Last week, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced the issuance of a Finding of Violation (“FOV”) to State Street Bank and Trust Company (“State Street”) for violations of the Iranian Transactions and
Continue Reading Common Problem, Uncommon Consequence: The State Street Bank and Trust OFAC Enforcement Matter
