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…
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…
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…
The latest monthly release of civil penalty information by the Office of Foreign Assets Control (“OFAC”) describes a penalty “settlement’ with the United Nations Federal Credit Union, which agreed to pay $500,000 to settle charges that the UNFCU “dealt in…
House and Senate conferees announced yesterday that they had reached agreement on the Iran sanctions legislation passed earlier this year by the House and Senate. The conferees also released the text of the newly agreed bill, now titled the Comprehensive…