Did you know that the anti-boycott laws are part of export compliance? If not, you are not alone as this is often an overlooked due diligence requirement necessary to comply with the U.S. export laws. Understanding what U.S. anti-boycott compliance means and how it affects day-to-day operations is key to adhering to the requirements. These…
Complying with export regulations can be hard! Knowing where to find the regulations, how to interpret them and apply them to your business in a constantly dynamic and changing environment is challenging to say the least; not to mention that regulations are not static. This means what was okay last week, may not be okay…
Two Russia-born U.S. citizens, Sergey Nefedov from Anchorage, Alaska, and Mark Shumovich from Bellevue, Washington, were arrested for allegedly operating a scheme to illegally export nearly half a million dollars’ worth of snowmachines and associated parts from the United States to Russia without the required export authorization and approvals through the company Absolut Auto Sales…
What Is OFAC & Why Is It Important? According to their website, the Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury “administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in…
“Toto, I have a feeling we’re not in Kansas anymore.” Sorry, Dorothy, but we aren’t over the rainbow, either. Specifically, we’re across the ocean … in a place called Russia. Talking about a Kansas-based company named (wait for it) … KanRus Trading. Here’s what transpired in this not-so-fairytale ending. Two Americans stand accused of violating…
In November, Binance Holdings, Ltd. (“Binance”) – the largest cryptocurrency exchange in the world – paid the largest settlement in OFAC history for alleged sanctions violations. Together with other agencies, the settlement totaled over $4 billion! On top of that, the CEO also pled guilty, has relinquished his role, and must pay a personal fine…
If you’ve spent the last year-and-a-half focused on Russia, hold that thought, and don’t take your eye off other bad actors around the world. That’s what the U.S. Government is warning with its third joint notice, published earlier this month. The previous two notices were specific to Russia. Now, the new notice warns U.S. institutions…
Most of us are familiar with, or even actively participate in, rewards programs. Maybe it’s through your place of employment or your favorite store. The rewards program can include consumer rebates and loyalty programs, sales incentives and employee rewards and recognition in the form of prepaid gift cards; perhaps to a local coffee chain, holiday…
Stop me if you’ve heard this one: “We don’t make munitions or sell weapons, so we are good on all those export-law requirements.” Statements like this make most trade compliance managers cringe. Why? Because there’s so much more to import/export compliance than just “selling munitions.” I can remember a case, years ago, when GEICO got…
Whether you’re a business owner, financial professional, or anyone transacting globally, understanding the Office of Foreign Assets Control (OFAC) is crucial. OFAC plays a vital role in enforcing economic and trade sanctions against targeted individuals, organizations, and countries. Our team helps companies in various industries maintain OFAC compliance, and today we will take a deep…