This briefing provides an update on the extraordinary developments during 2011 with respect to the United States economic and trade sanctions administered by the Office of Foreign Assets Control ("OFAC") within the United States Department of the Treasury, with particular emphasis on recent developments and emerging issues that affect in-house counsel, compliance personnel, directors and senior executives.
Topics discussed include:
Legislation
- Major Legislative Proposals Regarding Iran, Syria, Cuba and the Export Administration Act Reform
Executive Orders
- 13566 Blocking Property and Prohibiting Certain Transactions Related to Libya
- 13570 Prohibiting Certain Transactions With Respect to North Korea
- 13572 Blocking Property of Certain Persons With Respect to Human Rights Abuses in Syria
- 13573 Blocking Property of Senior Officials of the Government of Syria
- 13574 Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Sanctions Act of 1996, as Amended
- 13581 Transnational Criminal Organizations
- 13582 Blocking Property of the Government of Syria and Certain Transactions
- 13590 Iran's Energy and Petrochemical Sectors
Regulations
- Cuban Assets Control Regulations (amendments to permit increased licensing of travel to Cuba for educational, cultural, religious, and journalistic activities and to expand licensing of remittances to Cuba)
- Belarus Sanctions Regulations (amendment to revoke a general license)
- Taliban (Afghanistan) Sanctions Regulations
- Iranian Human Rights Abuses Sanctions Regulations (to implement Executive Order 13553 of September 28, 2010))
- North Korea Sanctions Regulations
- Iran Diplomatic Operations/TSRA General Licenses issued
- Yugoslavia: Certain Sanctions Removed
- Western Balkans Stabilization Regulations
- Weapons of Mass Destruction Proliferators Sanctions Regulations (General Licenses 1 and 3 revoked, 4 and 5 issued)
- Libya Sanctions Regulations and General Licenses 1A, 1AB, 2, 3, 4, 5, 6, 7, 7A, 8, 8A, 9, 10 issued
- Sudanese Sanctions Regulations and Diplomatic Operations/TSRA General Licenses; Also guidance re the new state to be formed by the secession of Southern Sudan.
- Syria: General Licenses 1 through 14 issued
- SDN List No Longer Printed in Regulations Appendix – Available On-Line
Other
- Cuba: Guidelines regarding license applications to engage in travel-related transactions re Cuba to reflect amendments to the Cuban Assets Control Regulations; Guidance regarding travel to Cuba and People-to-People Groups
- Iran: Advisory regarding IRISL (Presentation of Fraudulent Shipping Documents)
- Iran and Southern Sudan (Guidance re Food-Medicine Donations; Guidance re Central Bank of South Sudan)
- Somalia (Guidance regarding Humanitarian Donations)
- Libya: Statement of Licensing Policy re trade in hydrocarbon fuel
- SDN Search Tool
Major Enforcement Actions
- Aon International Energy, Inc
- Trans Pacific National Bank
- Aegis Electronic Group, Inc.
- McGriff, Seibels & Williams of Texas, Inc.
- Metropolitan Life Insurance, Co.
- HCC Insurance Holdings, Inc.
- Robbins Instruments, Inc.
- General Reinsurance Corporation
- Norton Lilly International
- CMA CGM (America) LLC
- JPMorgan Chase Bank N.A.
- Flowserve Corporation
- Sunrise Technologies and Trading Corporation
- Zurigo Trading, Inc.
- Wilson Tool International, Inc.
- ASF, Inc.
- Commerzbank AG
And finally, a look forward to 2012
Who should attend this program:
In-house counsel, compliance officers, directors, senior executives, finance and audit staff, marketing executives and business development managers responsible for overseas business.
Our Panelists:
Judith A. Lee — Co-Chair of Gibson Dunn's International Trade Regulation and Compliance Practice. Ms. Lee practices in the areas of international trade regulation, including USA Patriot Act compliance, Foreign Corrupt Practices Act, economic sanctions and embargoes, export controls, customs, international privacy issues, international intellectual property issues and international labor issues. Ms. Lee was selected as a Leading International Trade Lawyer in 2007–2011 in Chambers USA: America's Leading Lawyers for Business Guide, and is listed in the Best Lawyers in America® guide for 2006–2012. She is included in Euromoney's 2007 and 2008 "Guide to the World's Leading International Trade Lawyers," U.S. Section.
Marcellus A. McRae — Partner in the Los Angeles office of Gibson, Dunn & Crutcher. He is Co-Chair of the firm’s White Collar Defense and Investigations Practice Group and a member of the firm’s Litigation, Labor and Employment, and Media and Entertainment Practice Groups. Mr. McRae’s litigation and white-collar criminal defense practices focus on a wide variety of business disputes, internal investigations, and criminal prosecutions including defense of individuals and corporations in cases involving allegations of: financial fraud, public corruption, violation of federal and state environmental laws, health care fraud, wrongful death, criminal antitrust violations, and other matters.
Andrea F. Farr — Staff Attorney in Gibson Dunn's International Trade Regulation and Compliance Practice. Ms. Farr counsels clients regarding OFAC administered sanctions laws and regulations, the Export Administration Regulations as well as the FCPA. She assists clients in the development of export control compliance programs and in obtaining and complying with export licenses. In addition, Ms. Farr represents clients in trade-related administrative and appellate proceedings.
MCLE Credit Information:
This program has been approved for credit in accordance with the requirements of the New York State Continuing Legal Education Board for a maximum of 1.5 credit hours, of which 1.5 credit hours may be applied toward the areas of professional practice requirement. This course is NOT approved for transitional credit.
Attorneys seeking New York credit must obtain an Affirmation Form prior to watching the archived version of this webcast.
Please contact Jeanine McKeown (National Training Administrator), at 213-229-7140 or jmckeown@gibsondunn.com to request the CLE form.
Gibson, Dunn & Crutcher LLP certifies that this activity has been approved for MCLE credit by the State Bar of California in the amount of 1.5 hour.
California attorneys may claim "self-study" credit for viewing the archived version of this webcast. No certificate of attendance is required for California "self-study" credit.