by Saskia Rietbroek | Sep 6, 2016 | Articles |
Date: September 6, 2016
By: Daniel Calloway, SanctionsAlert.com
In September of 2015, ex-CEO of Arc Electronics Inc., Alexander Fishenko, plead guilty to a 19 count indictment which included charges of the illegal export of microelectronics, money laundering, wire fraud, obstruction of justice, and acting as an unregistered agent of the Russian government. Unlike many cases in the banking sector, where no executives have been accused of wrongdoing after violation of US sanctions laws, Mr. Fishenko, on July 21, 2016, was sentenced by a New York federal judge to 10 years in prison for his crimes. (more…)
by C G | Aug 17, 2016 | Articles |
Date: August 17, 2016
The US Treasury Department’s Office of Foreign Assets Control (OFAC) plays, arguably, the biggest role in implementation and enforcement of US sanctions. All US persons, including US financial institutions, must comply with OFAC regulations. Despite this fact, OFAC does not specifically require that financial institutions set up policies or programs to ensure compliance with sanctions laws. OFAC simply requires that financial institutions do not break the laws that it administers. Nevertheless, the potential consequences of not having a comprehensive sanctions compliance policy should not be taken lightly. (more…)
by C G | Jul 26, 2016 | Articles |
Date: July 26, 2016
By: Anna Sayre, Legal Content Writer SanctionsAlert.com
In the last 20 years, the United States has exponentially increased its use of economic sanctions against foreign states. It has imposed comprehensive, or countrywide, economic sanctions, against Iran, Cuba, North Korea Syria, Sudan, as well as many targeted sanctions against individuals, firms and financial transactions of certain nations. Presently, the US has 28 sanctions regimes in place, reflecting a large increase since the 1990s. (more…)
by C G | Jul 11, 2016 | Articles |
Date: July 11, 2016
On June 30, 2016, the New York banking regulator issued new rules that puts pressure on boards and senior management of financial institutions to make sure they don’t do business with sanctioned entities and other bad actors. (more…)
by C G | May 9, 2016 | Articles |
Date: May 9, 2016
If any business thinks getting caught evading a sanctions program of the US Office of Foreign Assets Control (OFAC) is inconsequential in money and reputation, they should look closely at the settlement agreements OFAC signs with each penalized business. (more…)
