by Maryam Liaqat | Jun 13, 2017 | Articles |
June 13, 2017
By Simon Hirsbrunner and Alice Lauterjung
The recently reported resignation of cement manufacturer LafargeHolcim’s CEO has thrown a spotlight on the risks of operating commercial activities in countries targeted by economic sanctions. [1] Without drawing any conclusions on the legal qualification of LafargeHolcim’s conduct in the specific circumstances, the following provides an overview of the principal issues at stake in this case. (more…)
by Maryam Liaqat | Mar 23, 2017 | Articles |
March 22, 2017
By Anna Sayre, Legal Content Writer SanctionsAlert.com
On March 7, three U.S. regulators – the Department of Treasury’s Office of Foreign Assets Control (OFAC), the Department of Commerce’s Bureau of Industry and Security (BIS), and the Department of Justice (DOJ) – entered into a coordinated settlement with Zhongxing Telecommunications Equipment Corporation (ZTE), in which the company agreed to a record-breaking combined $1.19 billion in civil and criminal penalties for knowingly shipping illegal telecommunications equipment to Iran and North Korea in violation of U.S. sanctions law. ZTE, a Chinese publicly traded telecommunications manufacturer, is the largest in China and the fourth largest telecommunications manufacturer in the world. (more…)
by Saskia Rietbroek | Feb 2, 2017 | Articles |
February 2, 2017
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com
On January 19, 2017, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) amended the Export Administration Regulations (EAR) to implement a new phase of export control cooperation between the U.S. and India.
The new rule marked the first major change to India’s “Validated End User” (VEU) status since July 2009 and follows recognition of India by BIS as a “Major Defense Partner” on June 7, 2016. (more…)
by Mamta Borkar | Oct 24, 2016 | Articles |
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…)
by Saskia Rietbroek | Oct 15, 2016 | Articles |
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…)
