In early October, OFAC announced a US$2,718,581 settlement with The General Electric Company (GE) of Boston, Massachusetts. GE, on behalf of three GE subsidiaries, Getsco Technical Services Inc., Bentley Nevada and GE Betz (collectively, the “GE Companies”), agreed to settle its potential civil liability for 289 alleged violations of the Cuban Assets Control Regulations (CACR). Specifically, between December 2010 and February … Continue Reading
On 6 December 2017, OFAC announced a settlement agreement for US$1,220,400 with DENTSPLY SIRONA INC. (DSI), a US company incorporated in Delaware, the successor in interest to DENTSPLY International Inc. (DII), in connection with 37 violations of the Iranian Transactions and Sanctions Regulations between November 2009 and July 2012. According to the OFAC press release, … Continue Reading
On 17 November, OFAC announced a settlement agreement with BCC Corporate SA (BCCC), a Belgium-based credit card issuer and corporate service company, in connection with 1,818 violations of the Cuban Assets Control Regulations occurring between April 2009 and February 2014. During this time, BCCC was a wholly owned subsidiary of Alpha Card Group, which in … Continue Reading
OFAC announced two separate settlement agreements for alleged violations of the Cuban Assets Control Regulations: (1) a US$614,250 settlement agreement with CGG Services S.A. and its affiliated companies, and (2) a US$304,706 settlement agreement with Halliburton Atlantic Limited and Halliburton Overseas Limited. OFAC also issued a Finding of Violation to MasterCard International Incorporated for violations of the Reporting, Procedures and … Continue Reading
OFAC announced settlement agreements with Crédit Agricole Corporate and Investment Bank (CACIB) and Banco do Brasil for apparent violations of US sanctions. CACIB agreed to pay a total of US$787.3 million in criminal and civil financial penalties, which included penalties assessed by multiple government authorities, in connection with thousands of apparent violations of US sanctions. … Continue Reading
After multiple extensions of negotiations in Atlanta, Georgia, the Trans-Pacific Partnership (TPP) Ministerial Meeting concluded early Monday morning with the announcement of a final deal. TPP negotiators spent Saturday into Monday morning hashing out final compromises on biologics exclusivity, dairy market access, sensitive products, investor-state dispute settlement, and other last-minute issues. The deal culminates negotiations … Continue Reading
