UPDATE ON OFAC SANCTIONS PROGRAMS UNDER THE BIDEN ADMINISTRATION
By: Robert J. Ward, Jr.
Next Webinar to be held on Monday, May 17, 2021 through the World Trade Month at: 1:00 pm EDT | 12:00 pm CDT | 11:00 am MDT | 10:00 am PDT
The Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions programs based on U.S. foreign policy and national security goals against targeted countries, organizations and individuals that the United States government deems as a threat to its national security, foreign policy, or economy.
This one-hour webinar provides an introduction to the OFAC programs as well as potential policy changes under the new Biden Administration in regards to the Joint Comprehensive Plan of Action against Iran, as well as the 2017 law focused on and impacting Russia, Iran and North Korea. It will examine and share lessons learned from recent enforcement actions involving Apple, Amazon, Bitgo, PNG Paribas, Schlumberger, and ZTE, including ZTE’s re-designation for failure to discipline offending employees.
Join us on Monday, May 17, beginning at 1:00 pm EDT | 12 pm CDT | 11 am MDT | 10 am PDT for this important topic. Your instructor, Robert J. Ward, Jr., has more than 32 years of experience as an international trade law attorney having worked for three of the big four consulting firms as well as two Fortune 200 companies and a half dozen Fortune 500 companies. He has served as Chief Compliance Officer for the world’s largest maritime services company as well as for a globally deployed oil and gas telecommunications start-up company.
What You’ll Learn
- An understanding of the OFAC sanctions programs.
- Strategies for avoiding the OFAC penalties for compliance failures.
- How to select proper restricted party screening software and how to best manage potential match resolution.
- The OFAC reporting requirements when a true match is found.
Who Should Attend
- Company personnel responsible for legal, audit and compliance activities.
- Senior managers.
- International sales professionals.
Two recent OFAC enforcement actions underscore the importance of screening the IP address of a customer to ensure an embargoed country is not at issue.read more
This post describes the importance of proper “fuzzy logic” capabilities in screening software through review of two prominent OFAC cases: Apple (2019) & Amazon (2020).read more
OFAC provides two procedures for making a request for delisting based on mistaken identity or changed circumstances – requesting an in-person meeting with OFAC with competent counsel is a must.read more