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…
Category OFAC
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…
Lawsuit Challenges OFAC’s Efforts to Limit Right to Counsel
Just last week, I reported on guidelines newly issued by the Office of Foreign Assets Control (“OFAC”) relating to the use of blocked assets to pay attorneys fees to challenge orders blocking those assets. And I was more than a…
OFAC’s War on Right to Counsel Continues
The Department of Treasury’s Office of Foreign Assets Control (“OFAC”) last week revised its rules on the use of blocked funds to pay attorneys’ fees to challenge OFAC’s blocking order. Perhaps the single most odious practice OFAC is its use…