Economic sanctions

Subscribe to Economic sanctions RSS Feed

Increasing US Enforcement Action for Sanctions Violations by Crypto Exchanges Likely to Have Ripple Effect in UK and Europe

The investigation and enforcement of potential sanctions violations by crypto exchanges is an area of focus in the US at present.  The US Department of the Treasury’s Office of Foreign Assets Control’s (OFAC) recent settlement with Kraken, a global virtual currency exchange, is the most recent OFAC case demonstrating the risks for virtual currency platforms … Continue Reading

OFAC Announces Settlement with Virtual Currency Exchange Kraken

On November 28, 2022, the Office of Foreign Assets Control (“OFAC”) announced a settlement agreement with Payward, Inc., known as Kraken (“Kraken”), a United States-based virtual currency exchange. Kraken agreed to pay $362,158.70 to resolve its potential civil liability for 826 apparent violations of the Iranian Transactions and Sanctions Regulations (“Apparent Violations”). The settlement amount … Continue Reading

Russian Sanctions Update: Will “Biting” Eighth EU Sanctions Package Prohibit Legal Services?

“Russia should not benefit from European knowledge and expertise.”  That is the view of European Commission (“EC”) President Ursula von der Leyen, who recently proposed an eighth package of sanctions against Russia in response to “escalation” in Ukraine.  Among the “biting” new sanctions will be a wider ban on the provision of European services to … Continue Reading

The UK’s OFSI Provides Guidance on Strict Liability Sanctions Breach Penalties

The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, which is the authority for implementing financial sanctions in the UK, have published guidance to clarify how they will use their new powers to impose civil monetary penalties for sanctions breaches on a strict liability basis from Monday 15 June 2022.  The full message … Continue Reading

Series: Overview of Ways to Legally and Practically Protect Your Company from Industrial Espionage

As we discussed in a previous article, companies can be at risk from internal and external sources of industrial espionage, in an attempt to gain an unfair competitive advantage or disrupt operations. Legal Protections Owners of a trade secret have a federal cause of action against an individual or company that misappropriates their trade secret … Continue Reading

New DOJ KleptoCapture Task Force to Enforce Russia Sanctions

On March 2, 2022, the U.S. Department of Justice (“DOJ”) announced the creation of the interagency Task Force KleptoCapture (the “Task Force”) to enforce the sanctions, export restrictions, and economic countermeasures against Russian officials and oligarchs in response to the conflict in Ukraine. The Task Force will consist of prosecutors and agents from numerous federal … Continue Reading

What Price Privacy? UK Drive For Foreign Owners’ Transparency

I wanted to take a moment to thank WealthBriefing.com for featuring my recent article “What Price Privacy?  UK Drive for Foreign Owners’ Transparency”. As the geopolitical landscape evolves and global financial sanctions take hold,  the Economic Crime (Transparency and Enforcement) Bill introduced into UK law this month is worth reviewing.  Will the new legislation prevent … Continue Reading

Ransomware Payments can lead to Sanctions and Reporting Obligations for Financial Institutions

With cybercrime on the rise, two U.S. Treasury Department components, the Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”), issued advisories on one of the most insidious forms of cyberattack – ransomware.… Continue Reading

Sanctions Considerations for Companies and NGOs Exporting Supplies to Iran

In an earlier post, here, we scrutinized the form and content of the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)’s March 6, 2020 guidance pertaining to the provision of humanitarian goods and assistance to the people of Iran consistent with U.S. sanctions. In this concluding post, we discuss the factors the … Continue Reading

OFSI Russian Sanctions Penalty; Foreshadows Increasing UK Enforcement?

On March 31, 2020, the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) levied its largest monetary penalty to date of GBP 20.47 million. OFSI penalized Standard Chartered for loans to Denizbank, a Turkish bank that was majority owned by Sberbank, a state-owned Russian bank.  Accordingly, those loans violated European Union restrictions on making certain … Continue Reading
LexBlog