The Office of Foreign Assets Control (“OFAC”) today issued new guidanceand revised its FAQs, on its notorious fifty-percent rule. Under that rule, an entity in which a blocked person has a fifty percent interest or greater is itself blocked, even…
Avid readers of this blog will be familiar with the saga of the euphoniously named Nork vessel, the Chong Chon Gang, which was seized by the Panamanians in the Panama Canal while the vessel was attempting to carry a boatload,…
OFAC announced that it assessed a $4,073,000 penalty against California-based Epsilon Electronics Inc. Epsilon sells, among other things, audio and video equipment for cars (think of any number of MTV auto-improvement shows). OFAC alleged that over an almost four-year period from…
Processadoro Campofresco, Inc., a Puerto Rican fruit juice processor and packager, has agreed to pay to OFAC $27,000 in connection with its purchase of passion fruit juice and pulp from a Colombian company designated under OFAC’s narcotics trafficking sanctions. This…
OFAC just announced the addition of the three banks to the Sectoral Sanctions Identifications List (“SSIL”). As with the banks previously added to the SSIL, U.S. companies and individuals are prohibited in dealing in loans longer than 90 days or…