Iran Related Sanctions and Export Controls Update: March 2023
On February 27, 2022, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a final rule (the “Iran Final Rule”) imposing new export control measures against Iran caused by...
View Article[Event] 17th Annual Flagship Conference on U.S. Economic Sanctions...
The American Conference Institute is hosting their 17th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance on April 25-26, 2023, in Washington! Don’t miss the opportunity...
View ArticleEconomic Sanctions in the Shipping Industry: 2022 Highlights
Shipping companies should remain focused on sanctions compliance for 2023. The sanctions space has been bursting with activity as a result of the Russia-Ukraine war, which shows no signs of abating....
View ArticleUphold HQ Settles OFAC Violations for $72,230
Uphold is a California-based money service business. Uphold agreed to pay OFAC $72,230 to resolve multiple sanctions program violations....By: The Volkov Law Group
View ArticleOFAC sanctions network supporting Iran’s military programs
On April 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 13382, against one individual and six entities involved in a...
View ArticleSupreme Court Authorizes Criminal Prosecution of Foreign State-Owned Entities
The Supreme Court rejected a challenge by Halkbank, a Turkish state-owned bank, to its criminal prosecution for anti-money laundering violations and evasion of Iran Sanctions. In a 7-2 decision,...
View Article[Event] European Forum on Global Economic Sanctions - June 1st - 2nd, Berlin,...
Hosted by C5 Group, the European Forum on Global Economic Sanctions is recognized as Europe's Premier, longstanding gathering for financial institutions and global exporters. The industry across Europe...
View ArticleOFAC sanctions Iranian senior officials for wrongfully detaining U.S. nationals
On April 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 14078, against four senior officials of Iran’s Islamic Revolutionary...
View ArticleOFAC reaches $3.3 million settlement with cosmetics company for Iranian...
The U.S Treasury Department’s Office of Foreign Assets Control (OFAC) recently announced settlements with a California-based cosmetics company and a former senior company executive to resolve potential...
View ArticleMurad Pays OFAC $3.3 Million for Iran Sanctions Violations; Former Senior...
Over an eight-year period ending in 2018, Murad, a U.S. cosmetics company, illegally exported goods and services to Iran in 62 separate transactions worth approximately $11 million. Murad was acquired...
View ArticleCanadian Sanctions Update: The Latest Regulatory Developments
In this post, we describe the economic sanctions imposed by Canada since our March 28, 2023 update, including additional designations of Russian, Belarusian, Iranian and Haitian persons under existing...
View ArticleCommerce, Justice, State and Treasury Issue Unprecedented Joint Advisory...
In a relatively rare move for four (4) Cabinet-level Departments, the U.S. Departments of Commerce, Justice, State and Treasury issued an advisory notice on June 9, 2023, aimed specifically at...
View ArticleOFAC Settles with Construction Specialties, Inc. for $660,594 for Violations...
Construction Specialties, Inc. (“CSI”), a U.S. company specializing in the sale of building materials, agreed to pay $660,594 to settle its liability for three violations of OFAC’s sanctions on Iran....
View ArticleInternational Trade Enforcement Roundup – August 2023 Update
August saw two noteworthy Russia-related enforcement actions. First, a dual Russian-German national was arrested and charged with violating the Export Control Reform Act (ECRA) when he allegedly...
View ArticleDOJ Resolves First Corporate Sanctions Case Involving Iran Sanctions Program
The Justice Department has touted the upcoming wave of corporate prosecutions for criminal sanctions violation as the era of “The New FCPA.” DOJ’s reference is intended to communicate a strong message...
View Article3M Pays OFAC $9.6 Million to Resolve Egregious Iran Sanctions Violations
The past few weeks have not been kind to 3M. The company recently settled with the SEC for $6.5 million to resolve alleged FCPA violations related to its Chinese subsidiary’s dealings with Chinese...
View ArticleOFAC Imposes Modest $31,867 Penalty on Emigrant Bank for Iran Sanctions...
Emigrant Bank (“Emigrant”), a U.S.-based financial institution that bills itself as the oldest bank in New York City, is the latest sanctions violator to be swept up in OFAC’s ongoing enforcement push....
View Article2nd Circuit: Court upholds dismissal of whistleblower suit alleging Iran...
On October 27, the U.S. Court of Appeals for the Second Circuit denied a petition for a panel rehearing en banc in a False Claims Act (FCA) suit that was dismissed in 2020. The whistleblower suit,...
View ArticleEpsilon Electronics Loses Lawsuit over Violation of Economic Sanctions
The Department of the Treasury and OFAC initiated administrative proceedings against Epsilon Electronics, alleging that the company had violated ITAR Compliance by exporting goods to Iran. The case was...
View ArticleNasdaq Settles Iran Sanctions Violations for Pennies on the Dollar, Thanks to...
When it comes to OFAC sanctions violations, honesty is the best policy. Promptly and voluntarily disclosing violations upon their discovery can pay serious dividends....By: The Volkov Law Group
View ArticleIllegal Export Scheme: US Seizes Funds in Civil Forfeiture Action
In a recent legal breakthrough that highlights the importance of ITAR compliance and arms regulation, the United States has achieved a significant milestone. Through a rigorous investigation into an...
View Article[Event] 8th Annual Canadian Forum on Global Economic Sanctions - March 6th -...
Immerse yourself in the only comprehensive economic sanctions event of its kind in Canada, spanning two days of invaluable insights and practical knowledge. Designed to cover U.S., EU, and major global...
View ArticleTrade Matters - Lowenstein Sandler's Global Trade & National Security...
On December 11, the Department of Justice, the Department of Commerce’s Bureau of Industry and Security (BIS), the Department of Homeland Security, the Department of State’s Directorate of Defense...
View Article2023 in Review: An Eventful Year in Sanctions and Enforcement
The sanctions world experienced another action-packed year in 2023. Sanctions against Russia dominated the year in terms of the number of designations and new restrictions, and the attacks perpetrated...
View ArticleRisk to Israeli Entities Posed by International Sanctions – What Is the...
The executive order signed by United States President Joseph Biden in February 2024 states that the violence being committed by Israeli settlers has reached intolerable levels; poses a serious threat...
View ArticleUK Weekly Sanctions Update - Week of March 4, 2024
1. Russia Sanctions - UK Government increases the deadline for providing certain information in relation to the Maritime Services Ban and Oil Price Cap Exception: On March 8, 2024, the UK Government...
View ArticleUK Sanctions Year in Review 2023
2023 was another significant year for UK sanctions. The UK government has continued to implement new sanctions against Russia in response to its illegal war in Ukraine, including through new...
View Article[Event] European Forum on Global Economic Sanctions - June 5th - 6th, Berlin,...
Hosted by the C5 Group Inc., the 2024 European Forum on Global Economic Sanctions will explore the evolution of the global economic sanctions landscape, analyzing everything from the shifting...
View Article
