OFAC's global reach
The enforcement of U.S. sanctions is increasingly extending into foreign countries
July 30, 2012 at 08:00 PM
16 minute read
The Treasury Department's Office of Foreign Assets Control (OFAC) set a record June 12 with its $619 million settlement with ING Bank N.V. related to violations of U.S. sanctions against countries including Cuba and Iran. Other recent high-profile OFAC settlements include a
$536 million settlement with Credit Suisse AG, a $217 million settlement with Lloyds TSB, a
$176 million settlement with Barclays and an $88 million settlement with JPMorgan Chase, all related to violations of U.S. sanctions.
OFAC Director Adam Szubin said in a statement announcing the June 12 ING settlement, “Today's historic settlement should serve as a clear warning to anyone who would consider profiting by evading U.S. sanctions.”
By now, however, large financial institutions seem to have gotten the message and are suitably scared.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5First Lawsuit Filed Alleging Contraceptive Depo-Provera Caused Brain Tumor
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250