Category: OFAC

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. Please Note: This...

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...

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. According to the Department of Justice press release, Kuyumcu’s company planned to ship the metallic powder through an intermediary in Turkey in order to conceal the ultimate destination of...

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...

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 dial-in information is as follows: Toll Number: 1-210-838-9521 Toll Free Number:...

The New York branch office of the National Bank of Pakistan (NBP) has agreed to pay $28,800 to settle 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. The parent company’s Schlumberger Oilfield Holdings Ltd. (SOHL), which is a wholly-owned subsidiary of Schlumberger Ltd., agreed to a guilty plea for conspiring to violate the International Emergency Economic Powers Act (IEEPA) by willfully...

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. There are many ways...

“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. With the recent announcements from the Department of the Treasury, Office of Foreign Assets Control (OFAC), concerning the amendments to the Cuban Assets Control Regulations (CACR) to...

Due to the recent Ukraine and Russian conflict, the U.S. government has added additional sanctions on Russia. One of these involves the creation of a new list of individuals and companies restricted from receiving U.S. goods. The Department of the Treasury, Office of Foreign Assets Control (OFAC) has created the Sectoral Sanctions Identifications (SSI) List....