Cuba sanctions eased, but enforcement trend well behind the curve

December 14, 2016
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

On November 28, 2016, the first normally scheduled commercial flight landed in Havana from Miami on an American Airlines jet. The flight took place exactly 13 years 5 months and 1 day after the airline settled a US$47,250 enforcement action with US Treasury’s Office of Foreign Assets Control (OFAC) in 2003 for sanctions violations involving travel-related services to Cuba. (more…)

PanAm Seed case shows how (not) to respond when OFAC knocks on the door

October 24, 2016
By: Daniel Calloway, Legal Content Writer, SanctionsAlert.com

On September 13, 2016, Pan American Seed Company, a US-based producer of flower seeds, agreed to pay over $4,000,000 to settle potential civil liability for alleged violations of the Iranian Transactions and Sanctions Regulations.

The settlement comes after the Office of Foreign Assets Control (OFAC) – the US Treasury’s agency tasked with US sanctions administration and enforcement – allegations that PanAm Seed, indirectly exported flower seeds to two Iranian distributors on 48 separate occasions. (more…)

Alcon to pay $7.6M fine as OFAC takes a harder line against medical tech companies with faulty sanctions compliance programs

October 15, 2016
By: Dan Calloway, Legal Content Writer, SanctionsAlert.com

The Obama administration sent a message this summer that it was taking a more aggressive stance on medical tech firms as it reached its second consecutive and record settlement with a company for exporting medical-use products to sanctioned countries. (more…)

In the corporate sector, executives do not remain unscathed after sanctions violations

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…)