International Economic Sanctions & OFAC Compliance

Experience

    • We have advised a number of US and non-US clients on how to structure transactions involving Russian sectorally sanctioned counterparties. In these cases, we have advised clients on how to structure terms so that they are not engaging in new debt or equity issued by the sectorally sanctioned entities; we also have considered how the so-called “50% rule” applies to JVs and other structures.
    • We have worked with a number of bank clients and others on implications of dealings with entities that are headed by sanctioned individuals. We have, in these instances, counseled on how to avoid direct dealings with those individuals (which presents sanctions risks) but on how to deal with the non-sanctioned entities that these individuals head.
    • An Indian company in the sanctions implications of its involvement with a Middle-Eastern oil company with operations in U.S. sanctioned jurisdictions.
    • Siemens’ Audit Committee in a worldwide investigation into possible corrupt payments to government officials leading to an early settlement with the U.S. and German authorities.
    • A leading financial institution in a Department of Justice investigation relating to alleged money laundering and Bank Secrecy Act violations.
    • Bank of New York in a U.S. Department of Justice investigation into allegations of money-laundering and deficient AML controls, as well as other Bank Secrecy Act issues.
    • Major institution in a New York State Department of Financial Services enforcement action regarding sanctions compliance issues.
    • Multinational industrial companies in self-reporting potential violations to UK AML authorities.
    • A U.S. financial services company with respect to the activities of a Chinese joint venture, including compliance with AML policies and regulations.
    • Numerous clients on the interplay between U.S. and international sanctions laws, blocking statutes (such as those maintained in Canada, Mexico and the E.U.) and anti-boycott requirements.
    • Numerous U.S. financial services companies in investigating and self-reporting potential sanctions violations to OFAC.
    • Numerous reinsurance companies in determining whether contract payments are permissible under U.S. and EU sanctions.
    • Numerous clients in drafting and updating compliance programs and training materials regarding AML and sanctions.
    • Numerous clients in conducting due diligence in cross-border transactions and negotiating reps and warranties and other contract provisions regarding AML and sanctions compliance.
    • Numerous exporters in compliance with U.S. and EU export controls.