BIS Adds 22 Entities to the Entity List

Denied & Restricted Parties, France, Iran, Lebanon, Pakistan, Sanctions, Saudi Arabia, Singapore, Syria, Turkey, UAE, UK

On November 13, 2019 the Bureau of Industry and Security (BIS) added 22 more entities to the current Entity List. BIS also removed three entities from the list in the same Federal Register Notice. BIS imposes a license requirement for all items subject to the EAR and...

Standard Chartered Bank Agrees to Pay Over $6 Million for Sanctions Violations

Cuba, Enforcement, Iran, OFAC, Sanctions, Syria, Violations & Fines

By: Danielle Hatch Standard Chartered Bank (SCB) has reached a settlement agreement with the US Department of Treasury’s Office of Foreign Assets Control (OFAC) regarding violations of the Cuban Assets Control Regulations, now-repealed Burmese Sanctions Regulations,...

OFAC Releases Countries Requiring Cooperation with Boycotts

Antiboycott, Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, UAE, Yemen

Recently, a Federal Register notice was released that provided a current list of countries which require or may require participation in, or cooperation with, an international boycott. The Department of Treasury has released the following list: Iraq Kuwait Lebanon...

OFAC Reaches $5 Million Settlement with JPMorgan Chase Bank

Enforcement, Iran, OFAC, Sanctions, Syria, Violations & Fines

By: Danielle Hatch The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced this month that it had reached a $5,263,171 settlement with JPMorgan Chase Bank, N.A. for 87 violations of the Cuban Assets Control Regulations, the Iranian...

Treasury Publishes List of Countries Requiring Cooperation with an International Boycott

Antiboycott, Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen

Source: Federal Register The Department of the Treasury has named the following countries as requiring or may requiring participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986). Iraq...

Treasury Fingers Countries Enforcing the Arab League Boycott of Israel

Iraq, Kuwait, Lebanon, Libya, OFAC, Qatar, Sanctions, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen

Editorial By: John Black Note:  I love this list.  It gives me a chance to say tertiary.   As my career winds down its things like this that I will miss. N.B.:  I don’t remember ever seeing anybody write an editorial piece about Treasury publishing this list, probably...