Wells Fargo to pay nearly $98 million for sanctions violations
The US civil sanctions enforcer said Wells Fargo failed to prevent a European bank from using its software to undertake more than 120 illicit transactions.
The US civil sanctions enforcer said Wells Fargo failed to prevent a European bank from using its software to undertake more than 120 illicit transactions.
Critics of the law, which requires agents of foreign governments to make certain public disclosures, say it is confusing and in dire need of modernisation.
The UK’s civil sanctions enforcement agency has detailed, for the first time, the due diligence steps that companies can take to reduce potential fines for breaching sanctions.
The Justice Department announced the newly created position as part of a broader surge of resources toward national security enforcement.
China recently issued export control penalties against Lockheed Martin and Raytheon that could reach billions of dollars. Lawyers don’t expect them to pay a cent, but other companies might not be so …
Brooklyn federal prosecutors have obtained a warrant to seize a plane belonging to a Russian state energy company for alleged breaches of US export controls and sanctions against Russia.
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“National security risk should be vaulting up the corporate compliance risk chart because it's going to be more and more the subject of attention from the Department of Justice,” a senior DOJ official said.
The US has recently stepped up enforcement of the Foreign Agents Registration Act, but some lawyers say the law is antiquated and overdue for an update.
The US’ civil sanctions enforcer should provide more clarity on when cases are considered egregious and provide further details on its cooperation with international partners as part of its enforcement guidance overhaul, practitioners said.
GIR has obtained the guiding principles that the UK’s tax and customs agency uses to resolve criminal investigations into companies accused of violating export restrictions.
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