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…
Another day. Another restriction against China. Earlier this month, President Biden signed an executive order targeting U.S. investment in certain national security technologies where that investment involves “countries of concern.” Currently, these “countries of concern” are China, Hong Kong and Macau … but mostly, China. On the same day this order was signed, the Treasury…
In the 2008 comedy Burn After Reading, Brad Pitt and Francis McDormand play two clueless gym employees who try (and fail) to make money selling government secrets. And while bribery, espionage and money laundering sound like all the good plot points for any spy comedy, you don’t expect to find them in the real world…
On July 26th, U.S. government agencies published a “tri-seal note” describing the Voluntary Self-Disclosure (VSD) policies applicable to export controls. This is the second joint document issued by three key U.S. regulators – the Department of Commerce, Bureau of Industry and Security (BIS), the Department of the Treasury, Office of Foreign Assets Control (OFAC), and…
Not surprisingly, last month’s G7 Summit solidified the persistent and unified commitment in support of Ukraine through new sanctions and export restrictions on Russia and Belarus. The purpose remains the same – the G7 countries’ continuation to cripple Russia’s ability to source goods and technology required for the war in Ukraine. This results in the…
Export compliance can sometimes feel like a jigsaw puzzle that keeps adding pieces faster than you can find out where they go. In recent years, these regulations continue to change and become more complex. (Just count the pages in the Federal Register notices. They keep piling up!) Now more than ever, it’s crucial to understand…
Is it getting hot in here? Or is it just summer approaching? If you’re feeling a little “toasty,” we’re here to say that you aren’t imagining things. The agency responsible for the Export Administration Regulations (EAR) just turned up the heat on exporters. Earlier this month, the Bureau of Industry and Security (BIS) released updated…
In the Chinese zodiac, 2023 is the Year of the Rabbit. The rabbit symbolizes many different attributes, including cautiousness and self-protection. During a recent gathering of trade compliance professionals, I heard someone mention that 2023 is “the year of export enforcement.” I must say that I agree. These two types of “years” seem to fit…
It’s been a year since Russia launched its invasion of Ukraine. During that time, the Treasury Department’s Office of Foreign Assets Control (OFAC) has implemented sweeping sanctions, export controls and other measures against Russia. This includes adding more than 2,500 targets to the SDN List and sanctioning 80% of Russian banks. Now, OFAC is targeting…
Earlier this month, a 72-year-old Virginia man pleaded guilty to conspiring to violate Iranian sanctions. Behrouz Mokhtari of McLean, VA, is a naturalized U.S. citizen and a native of Tehran, Iran. According to the Justice Department, from March 2018 until approximately September 2020, Mokhtari conspired to evade Iranian sanctions administered by the Treasury Department’s Office…