OFAC Trifecta
[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…
Clif Burns
OFAC Issues Iranian Financial Sanctions Regulations
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”).…
OFAC Whacks Bank for $600k Because of Three Wires to Sudan
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…
DDTC May End ITAR’s Requirement to Discriminate Based on National Origin
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…
Latifi Prosecution: The Happy Ending
ABOVE: Alex Latifi According to an online report posted today on the Birmingham News website, the Department of Justice agreed to pay Alex Latifi $290,000 in restitution arising out the government’s unsuccessful prosecution of Latifi on criminal export charges. Latifi…