Sanctions

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On June 5, 2013, President Obama issued the Executive Order 13645 “Implementing Sanctions Set Forth in the Iran Freedom & Counter-Proliferation Act of 2012” that would become effective on July 1, 2013.

EO 13645 implements several statutory provisions of Iran Freedom and Counter-proliferation Act (IFCA) of 2012 but also imposes additional sanctions. Click here to read the entire Client Advisory.…
Read More Client Advisory – President Obama Issues Executive Order Imposing Additional Iran Sanctions

The Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury recently launched a new version of SDN Search, the search tool for searching its Specially Designated Nationals (“SDN”) and blocked persons list. According to OFAC, the new version of SDN Search provides users with much more leeway when searching for names. For example, SDN Search no longer returns only exact matches. …
Read More New Search Tool Available for Checking the Names of Specially Designated Nationals and Blocked Persons Subject to U.S. Sanctions

In response to country-wide turmoil and civil unrest and growing reports of deadly attacks by the Libyan government upon protesters, on February 25, 2011, President Barack Obama by Executive Order imposed broad economic sanctions against Muammar Qadhafi and his sons, senior officials of the Libyan government, persons involved in human rights abuses in Libya, persons providing financial or other support to Colonel Qadhafi, his family, the Libyan government or those violating human rights, persons owned or controlled by or acting on behalf of any of such persons and the families of any of such persons (“Blocked Libyan Person(s)”). …
Read More President Obama imposes Sanctions on Libya

On September 23, 2010, David Brummond, Senior Sanctions Advisor for Insurance at the Office of Foreign Assets Control (“OFAC”) in the U.S. Treasury Department, gave a presentation at the HR Litigation Conference on International Economic Sanctions on “Regulation of Business – Important Considerations for Insurance and Reinsurance.”  Mr. Brummond’s presentation gave an overview of the role of OFAC with respect to insurance industry related activities. …
Read More OFAC Gives Presentation on Regulation of Business – Important Considerations for Insurance and Reinsurance

The enactment of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2009 (the “Iran Sanctions Act”), signed by President Obama in the first week of July, threatened the status quo regarding the insurance and reinsurance by international insurance firms of risks relating to the Iranian petroleum industry, including cargos of oil and petrochemical equipment. …
Read More A Consensus Emerges on Iranian Sanctions: Compliance May be Easier for Global Insurers

Credit Suisse announced on December 15, 2009  that it is nearing a $536 million settlement with the New York County District Attorney’s office and the US Department of Justice, Federal Reserve Board, Federal Reserve Bank of New York and the Office of Foreign Assets Control (OFAC). 

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Read More Credit Suisse to Settle Iran Sanctions Claims