U.S. Office of Foreign Assets Control (OFAC) Archives - Page 18 of 24

CATCH UP ON DTL’S TOP BLOGS FROM 2018!

We want to make sure you stay up to date with the hottest trade topics from 2018. below is a summary of what you missed by category. Enjoy!

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Chinese Telecom Giant, ZTE, Faced with Largest Penalty Ever Levied

In our previous post, we discussed ZTE’s record penalty for selling technology with US-origin chips to North Korea and Iran, in violation of US trade laws. The company initially received a $1.19 billion in penalties and was ordered to reprimand the executives responsible for the malfeasance’s as a condition to re-enter the United States (US) market after a three-year suspension. Despite telling the US government that the guilty executives had been properly punished, it became clear that they were instead rewarded with bonuses. This violation triggered an automatic ban of ZTE from the US market for seven (7) years. As the 4^th largest seller of cell phones to the US, the ban on ZTE serves as a means of protecting American production.

After the announcement, the ensuing backlash from Beijing, as well as trade talks in China, President Trump stated that he and Chinese president Xi Jiping are working together to bring ZTE “back into business”.

Now, the Trump administration threw a metaphorical lifeline to this tech giant, seemingly easing tensions with Beijing. Secretary Ross announced a $1.4 Billion dollar settlement with ZTE.

ZTE has agreed to severe additional penalties and compliance measures to replace the U.S. Commerce Department’s Bureau of Industry and Security (BIS) denial order imposed as a result of ZTE’s violations of its March 2017 settlement agreement. Under the new agreement, ZTE must pay $1 billion and place an additional $400 million in suspended penalty money in escrow before BIS will remove ZTE from […]

By Jennifer Diaz|2022-07-07T12:44:45-04:00June 8, 2018|Export, penalty, Technology, U.S. Bureau of Industry and Security (BIS), U.S. Office of Foreign Assets Control (OFAC)|2 Comments

Exporting 201 – Advanced Exporting Webinar 5/22 – RSVP Today!

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By Jennifer Diaz|2022-07-07T12:39:19-04:00May 7, 2018|CTPAT, Customs Expert, Events, Export, FDA Issues, International Law, International Trade, Pre-compliance, Speaking, U.S. Bureau of Industry and Security (BIS), U.S. Customs and Border Protection (CBP), U.S. Office of Foreign Assets Control (OFAC)|0 Comments

OFAC Increases Civil Monetary Penalties

On March 19, 2018, the Office of Foreign Assets Control (OFAC) adjusted its maximum civil monetary penalties for inflation (per the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015). The rationale for this increase is to maintain and improve the effectiveness and deterrent effect of civil monetary penalties. Any increase applies to penalties assessed after the effective date regardless of whether the violation occurred prior to such date.

How much did civil monetary penalties increase? […]

By Jennifer Diaz|2022-07-07T12:36:25-04:00April 4, 2018|Export, U.S. Office of Foreign Assets Control (OFAC)|9 Comments

Trump Administration Tightens Cuba’s Sanctions Program

Since June 2017, we have been anxiously awaiting changes to the Cuba sanctions program since President Trump signed an executive order and emphatically stated that his administration would tighten loose regulations established under the Obama Administration.

On November 8, 2017, the U.S. Department of the Treasury stated,

“We have strengthened our Cuba policies to channel economic activity away from the Cuban military and to encourage the government to move toward greater political and economic freedom for the Cuban people”

The U.S. Department of the Treasury’s Office of Foreign Assets (OFAC) has implemented the Treasury-specific changes via amendments to its Cuban Assets Control Regulations (CACR), codified at 31 C.F.R. 515. Similarly, the Department of Commerce’s Bureau of Industry and Security (BIS) has implement necessary changes via amendments to its Export Administration Regulations (EAR), codified at 15 C.F.R. 730-746.

Additionally, the State Department has established corresponding initiatives to implement the policy changes promulgated by OFAC and BIS that target impeding economic activities from the Cuban military, intelligence, and security services. OFAC, BIS, and the State Department have taken steps to ensure policy implementations maintain opportunities for Americans to engage in authorized travel to Cuba and support the private, small business sector in Cuba.

The policy changes are effective TODAY, November 9, 2017, pursuant to Federal Register Notice.

The OFAC has already provided a three page FACT SHEET on its website discussing the main questions and answers you are likely pondering yourself. Here is a summary of the main changes:

Financial Transactions

The Embargo […]

By Jennifer Diaz|2022-07-07T12:23:07-04:00November 9, 2017|Best Practices, Cuba, Export, International Business, International Law, International Trade, International Travel, Pre-compliance, U.S. Bureau of Industry and Security (BIS), U.S. Department of Commerce (DOC), U.S. Department of State (DOS), U.S. Office of Foreign Assets Control (OFAC)|2 Comments

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