Organisation: Office of Foreign Assets Control (USA)

OFAC fines 3M over Iran sanctions violations

The nearly $10 million penalty from the US civil sanctions enforcer comes just a month after the company agreed to pay $6.5 million to resolve an FCPA-linked probe by the SEC.

22 September 2023

BNP Paribas uncovered suspected sanctions circumvention pattern in Switzerland

04 September 2023

OFAC resolves Iranian sanctions investigation without enforcement

A Michigan food safety and veterinary products company disclosed that the Treasury Department concluded an investigation into potential sanctions violations without taking an enforcement action.

18 August 2023

OFAC fines construction materials company over Iran sanctions violations

OFAC found that two employees at a Dubai-based subsidiary engaged in a “big job” of reexporting US-made building materials to fulfil a shopping mall contract in Iran’s capital.

17 August 2023

“Go home and get nothing”: Western companies grapple with Russian exit taxes

Moscow’s draconian regulations force Western companies to sell their Russian assets at an extreme discount and tack on a special tax to the sale. Meanwhile, the US wants companies to apply for a special licence to divest their Russian assets. Lawyers say the conflicting rules are hard to navigate.

11 August 2023

Bittrex agrees to pay $24 million over registration failures

11 August 2023

Latest DOJ, Treasury, Commerce guidance implies more than it updates

Lawyers told GIR the latest joint guidance from the agencies backs up recent statements about deepening their collaboration.

28 July 2023

Head of OFAC appointed as new director of US financial watchdog

Andrea Gacki, who served for 15 years at the US civil sanctions enforcement agency, will replace FinCEN’s outgoing acting director Himamauli Das.

13 July 2023

Former Russian bank board members sue US over sanctions listing

Two former board members who left a major Russian bank in protest against the invasion of Ukraine argue that the State Department and the Department of the Treasury violated their due process by unnecessarily delaying their petition to be removed from the sanctions list.

21 June 2023

Swedbank to pay $3.45 million for US sanctions violations

The DOJ, SEC and New York’s state financial regulator continue to investigate the bank.

19 June 2023

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