Region: United States of America

Five European banks sued over terror finance claims

Wounded US veterans and their families are suing five major European banks for processing Iranian money which was allegedly used to fund a string of terrorist attacks in Iraq.

11 November 2014

OFAC gets its FAQs wrong

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has published a correction to one of the answers to its frequently asked questions section, according to the Sanction law blog.

07 November 2014

Jordan asks US court to consider Arab Bank appeal

The Jordanian government has asked a federal court in New York to allow Arab Bank to appeal against a conviction that it was responsible for helping terrorists carry out attacks in Israel, according to court documents.

07 November 2014

Lawsky to increase use of corporate monitors

New York’s Department of Financial Services chief Benjamin Lawsky plans to increase the use of corporate monitors to prevent wrongdoing at banks. According to reports, Lawsky said that monitors have been successful at ensuring that banks comply with terms of settlement agreements, and that he wants to use their skills to prevent wrongdoing from occurring as well.

07 November 2014

Sanctions roundtable

This year has seen a raft of stringent US and EU sanctions against Russia and Ukraine, together with the largest fine in history for sanctions violations, which was imposed on BNP Paribas in June. GIR invited five leading practitioners to discuss how private practice lawyers and in-house counsel should navigate an ever changing enforcement landscape.

05 November 2014

OFAC fines health insurers

The US Treasury’s Office of Foreign Assets Control (OFAC) has imposed a US$129,000 penalty on three Florida subsidiaries of UK health insurer Bupa for sanctions violations. OFAC said the companies provided health insurance to individuals who were subject to US sanctions.

30 October 2014

US Standard Chartered sanctions probe reopened

The US Department of Justice (DoJ) and New York’s Department of Financial Services (DFS) are investigating whether UK bank Standard Chartered deliberately withheld evidence that showed it violated Iran sanctions.

30 October 2014

DoJ points to sectors most vulnerable to corruption in LatAm

Evidence from investigations around Latin America suggests that the extractive, utilities and health sectors are among those most vulnerable to corruption, says James Koukios, senior deputy chief of the fraud section in the criminal division of the US Department of Justice.

17 October 2014

Olympus fraud probe delays Commerzbank sanctions settlement

A settlement between Commerzbank and US authorities has been postponed to allow prosecutors to resolve a separate investigation into the Olympus accounting fraud, which the bank is allegedly implicated in.

16 October 2014

Aramark counsel rejoins Cozen O'Connor

George Gowen has returned to Cozen O’Connor's Philadelphia office after working for Aramark, a food and clothing provider, for nearly five years.

09 October 2014

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