Tagged: OFAC Sanctions enforcement

OFAC Fines US Company for Iran Sanctions Violations

There is no question that OFAC continues to dominate the enforcement landscape this year.  OFAC has provided plenty of warning and notice to global companies, especially those in the manufacturing and industrial sectors.  OFAC has exercised its prosecutorial discretion to underscore the risks global companies face in their distribution channel, i.e. use of third party distributors, and in its supply chain.  These twin risk areas...

Stanley Black and Decker Settles OFAC Enforcement Action for $1.9 Million

Stanley Black and Decker (“Stanley”) and its Chinese subsidiary Jiangsu Guoqiang Tools Co. (“GQ”) agreed to pay approximately $1.9 million to settle OFAC charges that it violated the Iran Sanctions Program.  The OFAC enforcement action was the fifth in 2019.  Stanley voluntarily disclosed the apparent violations to OFAC. See Here for a copy of OFAC Enforcement Action. Between June 2013 and December 2014, GQ exported...

Sanctions Enforcement and Compliance Year in Review

The Department of Treasury’s Office of Foreign Asset Control (OFAC) has steadily expanded its influence in the enforcement landscape.  Global companies now face a complex regime of sanctions that require careful navigation. As the U.S. government expands its reliance on sanctions to influence foreign actors and advance foreign policy interests, global companies have to design and implement robust trade compliance programs.  In recognition of this...