Category: OFAC

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....

One of the myths I often hear from foreign companies is that they’re not subject to the jurisdiction of U.S. export control regulations. Like so many myths, I think some people believe that if they simply repeat this often enough, it will eventually become true. (Never mind that the file cabinets of U.S. export enforcement...

There’s a lot of chatter among the export control community this week about the status of export license applications and other activities in light of the U.S. federal government shutdown. Some of the questions I’ve seen posted to discussion boards and blogs include: And my personal favorite … In some ways, I think it’s too...

Earlier this month, the U.S. Department of Energy (DoE) published a proposed new rule that would make formal its expectations for contractors to comply with export control laws and regulations. The new rule also establishes some mandatory export control requirements for DoE contractors (explained below). In my mind, this proposed rule is a signal of...

The Department of Treasury, Office of Foreign Assets Control (OFAC) has released a new Specially Designated Nationals screening tool for the public to use. One of the improvements is that this new tool employs “fuzzy logic.” In simple terms, that means the tool will screen for other possibilities that are not a true, 100% match....

On October 9, the president signed an executive order designed to tighten existing sanctions against Iran. This order, which implements portions of the Iran Threat Reduction and Syria Human Rights Act of 2012 (ITRSHRA), imposes additional restrictions against non-U.S. entities which are owned or controlled by U.S. entities. In essence, this order makes it illegal...