District Court Throws Out OFAC Penalty, Citing Due Process, Unclear Regulations

Enforcement, OFAC, Sanctions, Ukraine, Violations & Fines

By Nicholas Turner, Meredith Rathbone, Brian Egan and Ed Krauland (Steptoe & Johnson LLP) On December 31, 2019, the U.S. District Court for the Northern District of Texas threw out a $2 million fine issued in 2017 by the Treasury Department’s Office of Foreign...

OFAC Updates Iran-Related FAQs

Iran, OFAC, Sanctions

The Department of Treasury’s Office of Foreign Assets Control (OFAC) amended Iran General License (No. K-1) which caused OFAC to amend three Iran-related Frequently Asked Questions: FAQ 804 FAQ 806 FAQ 807 OFAC Notice:...

Secondary Sanctions’ Implications and The Transatlantic Relationship

OFAC, Sanctions

By: Samantha Sultoon, Visiting Senior Fellow, press@atlanticcouncil.org; and Justine Walker, Sanctions Policy Director, UK Finance, press@ukfinance.org.uk The term secondary sanctions provokes strong reactions from allies and markets. Due to the power of the US...

Indonesian Man and Three Companies Charged with Violating Iran Sanctions

Commerce Dept, Denied & Restricted Parties, Enforcement, Indonesia, Iran, OFAC, Sanctions, Violations & Fines

By: Danielle Hatch Sunarko Kuntjoro, a citizen of Indonesia, and three Indonesian-based companies have been charged with violating US export laws related to the US sanctions against Iran. PT MS Aero Support (PTMS), PT Kandiyasa Energi Utama (PTKEU), and PT Antasena...

OFAC Releases Two New Iran FAQs

Iran, OFAC, Sanctions, Treasury Dept

The Office of Foreign Assets Control (OFAC) has issued two new Iran-related frequently asked question (FAQs). New FAQs: http://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_iran.aspx#810 In addition to this notice, OFAC added/made changes to individuals...

Apple Fined $466,912 for Screening Failure

BIS, Denied & Restricted Parties, Enforcement, OFAC, Sanctions, Violations & Fines

By: Danielle Hatch Apple, Inc. voluntarily disclosed to the Office of Foreign Assets Control (OFAC) its violations related to the Foreign Narcotics Kingpin Sanctions Regulations (FNKSR). In 2008 Apple entered into an app development agreement with SIS, d.o.o. (SIS), a...