In May, the US Court of Appeals for the District of Columbia issued a rare ruling reversing in part monetary penalties issued by the Department of Treasury’s Office of Foreign Assets Control (OFAC) against California-based automotive electronics supplier Epsilon Electronics Inc. (Epsilon). OFAC issued a Penalty Notice to Epsilon in July 2014 assessing total monetary … Continue Reading
The Office of Foreign Assets Control (OFAC) has adopted a final rule amending the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR), to authorise additional transactions relating to medicine, medical devices and agricultural commodities. The rule expands existing general licences in the ITSR that are adopted under the Trade Sanctions Reform and Export … Continue Reading
