Blog

Category: OFAC

ofac-violations-epsilon

Exporting “with knowledge.” The case of Epsilon Electronics

We all know that OFAC can impose civil penalties against any person who exports goods to a third party, when that person has reason to believe the goods are destined for Iran. But how far does OFAC have to go to prove that the goods were actually reexported to Iran? A recent decision by the U.S. Court of Appeals sheds some light.

Ready to export to Iran? Read this first.

On July 14, the P5 +1 countries (United States, United Kingdom, China, Russia, France and Germany) and Iran agreed on a Joint Comprehensive Plan of Action (JCPOA) to ensure that Iran’s nuclear program would be peaceful. As part of the agreement, the parties have agreed to sanctions relief which will come in phases and be based on successful implementation of nuclear commitments outlined in the deal.

Don’t miss these updates on Cuba foreign policy

If you missed the first BIS call-in programs regarding the changes in U.S. Foreign Policy towards Cuba, there are still three more opportunities to attend. BIS will host additional call-in programs on July 7, August 11 and September 8 at 2 p.m. EDT.

National Bank of Pakistan penalized by OFAC

The New York branch office of the National Bank of Pakistan (NBP) has agreed to pay $28,800 to settled alleged violations of the Office of Foreign Assets Control (OFAC) Global Terrorism Sanctions Regulations. This stems from a series of funds transfers processed by the bank to an entity on OFAC’s Specially Designated Nationals (SDN) List.

A new watch list to watch

Due to the recent Ukraine and Russian conflict, the U.S. government has added additional sanctions on Russia. This includes the creation of a new watch list that should be added to your company's restricted parties list screening process.