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The U.S. Office of Foreign Assets Control (OFAC) has released new guidance on strengthening sanctions compliance programs for companies based in or conducting business in the U.S. In the same month, there have been developments in sanctions in the U.S., China, Russia, Ukraine and Iran, and signs that...
Nothing evokes the public and personal perils of high-level corruption more powerfully than photos of the billionaire chairman of a corporate conglomerate being led to a prison bus in handcuffs. Or almost nothing. Images of his 95-year-old wheelchair-bound father, the founder of the conglomerate, leaving...
With the recent burst of OFAC fines issued to businesses, sanctions represent a very real and potentially damaging area for any business trading internationally.
Recent cases include the New York Branch of National Bank of Pakistan, who received a total fine of $55,952.14 for wire transfers...