Category: OFAC

Two subsidiaries of Schlumberger Limited – one current and one former – were hit with sanctions violations in dual press releases this week.  The combined fines totaled more than $1.5 million. According to the Treasury Department’s Office of Foreign Assets Control (OFAC), Cameron International Corporation provided oil and gas services to the Russian energy firm…

We all remember the cute nursery rhyme “Peter Piper.”  (Try reciting it five times fast!)  But in today’s world of ransomware attacks, many U.S. companies are caught in a troublesome “pickle” trying to figure out what to do. Here’s the scenario.  Over a weekend (particularly holiday weekends), your company may find itself hit by a…

SAP SE $8 million settlement Those of us with children know that some kids choose to learn “the hard way” while others take “the easy way.”  The same can be said for companies trying to comply with U.S. sanctions and export control regulations. Last month, German software behemoth SAP SE (“SAP”) agreed to pay more…

As the whole world is seemingly swept-up in the “crypto craze,” the Treasury Department’s Office of Foreign Assets Control (OFAC) just issued a stark warning to those companies whose businesses involve digital currency.  This comes less than a year after slapping Amazon for similar violations. In a recent press release, OFAC announced that is has…

Unlicensed Exports Apply To All Foreign National Students It’s been several years since the imprisonment of John Reece Roth, a former University of Tennessee electrical engineering professor who was convicted of conspiracy, wire fraud and fifteen (15) violations of exporting ITAR controlled defense articles.  Professor Roth was involved in a U.S. Air Force contract for…

There is an unprecedented rise of ransomware attacks against companies and financial institutions who are trying to cope with the global impact of COVID-19. As a result, many companies are finding themselves victims to cyber-attackers demanding monumental payments to avoid shutting down their business operations. OFAC (Office of Foreign Asset Control) concerns that must be…

OFAC Sanctions And Your Business Overview The U.S. Department of Treasury, Office of Foreign Assets Control (OFAC) is a governmental agency responsible for administering sanctions against targeted foreign governments, individuals, entities, and practices. OFAC is tasked with using the economic force of the United States to help enact foreign policy, anti-proliferation, and other goals. The…

What Does OFAC Compliance Mean For Your Business? We frequently talk about BIS and DDTC when it comes to export compliance, but less often, do we discuss the importance of OFAC compliance. When it comes to OFAC compliance, there are three mistakes we often see companies make: Failing to Understand How Far-Reaching the OFAC Sanctions…

Capital One is famous for its slogan, “What’s in your wallet?”  But in the world of trade compliance officers, the pertinent question might be, “What’s in your compliance plan?” Earlier this year, OFAC published “A Framework for Compliance Commitments.”  This framework provides direction and insight into what the agency believes are essential elements of a…

According to Treasury Department statistics, during the first six months of 2019, the Office of Foreign Assets Control (OFAC) has issued nearly $1.3 billion in penalties. That represents 18 settled cases and is an amount which is 17 times greater than all of 2018 (when there were seven settled cases.) The totals for OFAC penalties…