On June 6, the European Union Commission adopted a delegated regulation amending the Annex to Council Regulation (EC) No. 2271/96 of 22 November 1996. Council Regulation (EC) No. 2271/96 is the notorious EU blocking regulation which forbids individuals and companies in EU…
ABOVE: Denis Chaibi In response to the current administration’s hourly threats to pull out of the nuclear deal with Iran, it appears that the EU might not only remain in the deal but also adopt blocking regulations prohibiting E.U. firms…
The Office of Foreign Assets Control (“OFAC”) recently announced that it has extracted $204,277 from American Express as a result of 1,818 credit card transactions in the amount of $583,649.43 for purchases made in Cuba. At issue were Mastercard and…
The Office of Foreign Assets Control (“OFAC”) recently whacked “Toronto-Dominion Bank … a financial institution headquartered in Toronto, Canada,” with a $516,105 fine for various sanctions violations including — get this — maintaining bank accounts for 62 Cubans in Canada. Yes, OFAC…
According to an announcement released yesterday by the Office of Foreign Assets Control (“OFAC”), the agency fined American Express $5,226,120 because Amex’s overseas offices booked travel to and from Cuba. OFAC justified the size of the fine with a litany…