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Erich Ferrari

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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. It is no secret that over the years Ferrari & Associates has represented parties seeking the rescission of their designations under OFAC-administered sanctions authorities. What may not be as well known is that often times…
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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, forensic accounting and white-collar crime. FEATURING KEYNOTE SPEAKERS: Andrea Gacki, Director of the Office of Foreign Assets Control at the U.S. Department of the Treasury and Erik Woodhouse, Deputy Assistant Secretary of the U.S. Department…
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 basic facts that were responded to: a U.S. entity sought to collaborate and partner with Iranian universities to facilitate the study of Iranian students at U.S. universities. The services to be provided as part of…
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 previously issued Frequently Asked Questions (“FAQs”). What prompted this action, you ask? An affirmative determination by OFAC that Nynas AB (“Nynas”)–the Swedish manufacturer of synthetic oil and bitumen products–was no longer blocked pursuant to…
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 targeting Iranian individuals and companies, as well as those acting for or on their behalf or providing support or services to them, under various sanctions programs. Indeed, this past Thursday, OFAC targeted 20 Iran and…
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. As readers of this blog may known, the Government of Venezuela is blocked pursuant to E.O. 13884. The action taken last week also involved the identification for blocking of a number aircraft which comprised Conviasa’s…
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 looking at OFAC’s recent designation of two senior officials of the Government of South Sudan. Today, the United States Department the Treasury’s Office of Foreign Assets Control (“OFAC”) announced the designations of the Minister of…
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, which expanded the level of detail required for OFAC blocking and reject reports, and extended the requirement of reject reporting to non-financial institutions. Then on July 1, 2019, OFAC sent out a reminder that the…
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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 Sanctions Regulations (“ITSR”), also known the Iran trade embargo. According to OFAC, State Street processed 45 transactions over a three and a half year period related to pension payments made to a U.S. bank account…