There was an interesting colloquy on Tuesday during the State Department’s daily press briefing. After Assistant Secretary Philip Crowley announced the approval of export licenses to permit sale of military radar systems and components to Taiwan, one reporter asked what…
[This is the third post in a row on OFAC, which is just a coincidence. The blog is not about to be renamed OFACLawBlog.] Last week the Department of Treasury’s Office of Foreign Assets Control (“OFAC”) announced a settlement with…
Last week, the Department of Treasury’s Office of Foreign Assets Control (“OFAC”) published a final rule in the Federal Register adopting the Iranian Financial Sanctions Regulations as required by the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”).…
The latest batch of civil penalties released by the Treasury Department’s Office of Foreign Assets Control (“OFAC”) has a real eye-opener. Alabama-based Compass Bank, a subsidiary of the Spanish global banking company BBVA, agreed to pay $607,500 to settle charges…
Last Friday, the State Department’s Directorate of Defense Trade Controls (“DDTC”) issued a Notice of a Proposed Rule that would eliminate the requirement for DDTC approval before a foreign licensee could transfer technical data about a licensed defense article to…