OFAC Sanctions Enforcement Guidelines Archives - Corruption, Crime & Compliance

27 Jun, 2019

Applying OFAC’s Sanctions Enforcement Guidelines to Determine A Civil Monetary Penalty (Part II of II)

In yesterday’s posting, I examined the General Factors identified by OFAC to determine whether to initiate a civil penalty proceeding and the amount of any civil monetary penalty. After analyzing these factors, OFAC determines the base penalty using a formula that depends on whether (a) the company voluntarily disclosed the matter; and (b) whether the violations are “egregious” or “non-egregious.” 1. Egregious case. OFAC determines whether...

General

26 Jun, 2019

Understanding the OFAC Sanctions Enforcement Guidelines (Part I of II)

The Treasury Department’s Office of Foreign Asset Control is an enforcement agency – it is not a regulatory agency. That sounds like a lot of bureaucratic speak but it does have some real significance. OFAC staff view themselves and act like an enforcement agency. Yes, they regulate in the sense that they authorize general and specific licenses and provide guidance. OFAC guidance is sometimes provided...