In addition to federal workers impacted by the current government shutdown, companies who rely on the federal government to support their import/export compliance are also feeling the impact. We thought it might be helpful to provide the status of the various government agencies involved with assisting importers and exporters during this shutdown.
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.
Earlier this month, Erdal Kuyumcu, the CEO of Global Metallurgy, LLC, was arrested for allegedly exporting a cobalt-nickel metallic powder from the United States to Iran.
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.
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.
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.
Last week, oil and gas giant Schlumberger plead guilty to facilitating trade with Iran and Sudan, in violation of U.S. sanctions. This represents the largest criminal fine in connection with an IEEPA prosecution in history.
I’m something of a “news junkie.” If you’re like me, then you are constantly hearing about certain countries that can’t seem to keep themselves out of the news. You may even occasionally hear the name of a country that your company either does business with, or is contemplating as a customer.
“Did you hear? The Cuban sanctions have been lifted! I can’t wait to go on a vacation and bring back some cigars.” Whoa! Not so fast there, buddy.
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.