International Trade Lawyers from Gump discuss fresh OFAC regulations in an article published on their website.
The Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken a significant step in enforcing U.S. sanctions against Syria and Iran. In a recent notice, OFAC designated new parties as 'Foreign Sanctions Evaders' (FSE).
This latest action by OFAC focuses on its authority to sanction individuals and entities that have violated, attempted to violate, conspired to violate, or caused to violate U.S. sanctions against these countries. The implications of this action for U.S. companies and individuals are discussed in an article published by Law360.
The article, titled 'Another Restricted-Party List For Your OFAC Collection', was written by Gump international trade partner Wynn Segall, counsel Rebekah Jones, and associate Gola Javadi. It provides valuable insights into the potential impacts of OFAC's latest actions.
According to the article, the newly added entities designated as FSE are not publicly specified in the provided information. However, U.S. companies and individuals are advised to review their business dealings and ensure they are not inadvertently engaging with these parties.
The authors stress the importance of due diligence and maintaining up-to-date knowledge of OFAC's restricted-party lists. Non-compliance with U.S. sanctions can result in severe penalties, including financial fines and criminal charges.
To read the article in its entirety, visit the Law360 website. It's crucial for U.S. companies and individuals to stay informed about OFAC's actions and the parties it designates as FSE to avoid potential legal and financial risks.
Read also:
- Railway line in Bavaria threatened by unstable slope - extensive construction site at risk
- Wind Farm Controversy on the Boundary of Laois and Kilkenny
- Delaware's contentious offshore wind project faces uncertainty as the Trump administration reverses course on clean energy initiatives.
- "US Wind criticizes the Trump administration's decision to abandon the Delmarva offshore wind farm project, accusing it of being politically driven"
