Sanctions Against Iran Target Foreign Entities Owned or Controlled by U.S. Companies and Hold U.S. Companies Responsible for Their Violations

BIS, Commerce Dept, EAR, Export License, Finance & Banking, Iran, Licensing, Sanctions

By: Suzanne Reifman, Vinson & Elkins, 202-639-6577, sreifman@velaw.com Over the past two years, the United States has continued to escalate sanctions against Iran, targeting both U.S. and non-U.S. persons and particularly those persons dealing with or supporting...

U.S. Targets Foreign Financial Institutions for ‘Causing’ Violations of Sanctions Regulations

Embargoes, Export License, Finance & Banking, OFAC, Sanctions

By: Christopher R. Wall and Thomas M. deButts The U.S. Department of Justice and the New York District Attorney’s Office, together with the Office of Foreign Assets Control and federal and state bank regulators, have brought a number of cases in 2009 – 2010 against...

Management Consultant Facing 30 Years in Prison for Iran Violations

Finance & Banking, Iran, Kuwait, OFAC, Sanctions, Saudi Arabia, Treasury Dept

By: Danielle McClellan A former McKinsey and Co. management consultant is currently facing over 30 years in prison after violating the International Emergency Economic Powers Act (IEEPA) and several other violations involving unlicensed money transmitting. Mahmoud...

Credit Suisse Gets $536 Million Fine

Burma/Myanmar, Cuba, Denied & Restricted Parties, Export License, Finance & Banking, Iran, OFAC, Sanctions, Sudan, Violations & Fines

By: Danielle McClellan OFAC recently announced its largest sanctions policy ever…$536 million. Credit Suisse AG, a Switzerland-based bank agreed to the momentous fine after processing 5,000 electronic funds transfers (EFTs) on behalf of banks and individuals in Cuba,...

Lloyds TSB Bank Pays $217 Million Fine

Finance & Banking, Iran, Libya, OFAC, Sanctions, Sudan, Treasury Dept

By: Danielle McClellan Lloyds TSB Bank, plc, located in London has agreed to pay a settlement of $217 million to settle allegations of violations of the Iranian Transactions Regulations, the Sudanese Sanctions Regulations, and the Libyan Sanctions Regulations....

Canada Implements Export and Financial Sanctions on Burma

Burma/Myanmar, Canada, Finance & Banking, Information Technology

2008/01/29 By: Danielle McClellan Canada has released the implementation to the Special Economic Measures (Burma) Regulations applying sanctions against Burma. The main measures taken by Canada prohibit: The export from Canada to Burma of any goods, excepting only the...