The Relatively Little-Known Role of the U.S. State Department in Sanctioning Terrorists and its Consequences

December 5, 2017

In addition to the U.S. Treasury, the U.S. State Department has great influence over the implementation of U.S. sanctions policy in designating terrorists. Despite this important role, over 90% of compliance professionals recently polled by SanctionsAlert.com are either “not so familiar” with the State Department’s designations or “did not know” at all that it could designate.

The imposition of sanctions by the U.S. against terrorists, terrorist organizations, and their support structures is a powerful tool in the detection and prevention of terrorism. (more…)

A ‘Modest Proposal’ for Cuba: OFAC, BIS and State Department Implement President’s New Cuba Policy

November 24, 2017
By: EdKraul and, Brian Egan, Keith Huffman, Meredith Rathbone, Jack Hayes, Anthony Rapa, and Peter Jeydel*

Effective November 9, 2017, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) amended the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), respectively, to implement changes to US Cuba sanctions policy articulated by President Trump in a presidential memorandum issued June 16, 2017. Concurrently, as required by the presidential memorandum, the Department of State published a list of 180 entities and sub entities associated with Cuban military, intelligence, and security services (Cuba Restricted List).  (more…)

Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
November 17, 2017

EU removes FARC from terrorist list; imposes first set of sanctions on Venezuela

On November 13, 2017, the E.U. removed Colombian guerilla group FARC from its terrorism sanctions list following its disarmament and re-launch as a political party. Earlier, in September 2016, the E.U.had suspended its terrorism sanctions on FARC in recognition of the peace agreement signed between FARC and the Colombian government.

(more…)

OFAC Enforcement Actions By the Numbers: What Makes a Penalty?

Cuba, Iran, Sudan Top the List of OFAC Actions; Recent Trend Suggests Voluntary Disclosure Could Mitigate Penalty Amount

November 7, 2017
By Anna Sayre, SanctionsAlert.com

The dread of an OFAC penalty is something that no institution or company wants to face. But the Iran and Cuba sanctions regimes are more frequently enforced than others. The amount of sanctions enforcement cases based on violations of these two programs dwarfs any others by a wide margin. And, once you find out that your company has made a sanctions misstep, and you tell OFAC about it, you may mitigate the penalty amount.Since 2013, the benefits of voluntary disclosure have begun to show as part of a downward trend. (more…)

OFAC Enforcement Actions By the Numbers: Who’s At Risk?

Recent Up Tick in Number of OFAC Enforcement Actions against IT/telecom, Offshore Services; California, New York and Texas Companies Most At Risk

October 20, 2017
By Anna Sayre, SanctionsAlert.com

Are you a business that thinks OFAC only takes action against New York-based financial institutions? Think again.

Since 2014, OFAC enforcement actions have significantly increased against non-financial institutions, particularly in IT/telecom and offshore services industries. Furthermore, in addition companies in New York, those in Texas, and especially California, remain highly at risk. (more…)

Cross-Sector Conference in New York Engages Top Experts to Reveal the Trends in Sanctions and Export Controls Risk Management and Enforcement

October 13, 2017

Whether you work at a financial institution or corporation, sanctions compliance comes with a host of risks that require well-developed processes to address them. Such risks were the subject of the inaugural SanctionsAlert.com Sanctions Risk Management Symposium, co-hosted with Compliance Week and Financial Research Associates,which took place in New York last month. Sanctions compliance professionals and experts from companies representing different industries– such as Uber, Standard Chartered Bank, ZTE, AXA Group, Google, and others – gathered in NYC to exchange ideas and discuss their favored processes for mitigating the risks associated with sanctions and export controls. (more…)