TheOffice of Foreign Assets Control (OFAC)is a key agency within the U.S. Department of Treasury and part of the Treasury Office of Terrorism and Financial Intelligence, responsible for implementing commercial andeconomic sanctionsto support U.S. security and foreign policy objectives. Established in...
The Office of Foreign Assets Control (OFAC) oversees economic and trade sanctions. OFAC can be complex to navigate: Nexis Diligence makes understanding it easy.
What is the Office of Foreign Assets Control? The Office of Foreign Assets Control (OFAC) is the regulatory authority responsible for economic and trade sanctions designated by the United States. The successor to the Office of Foreign Funds Control (FFC), OFAC administers and enforces sanctions ...
In some cases, the importance of regulatory compliance is as simple as allowing an organization to operate. Some requirements must be in place for operations to run legally. Failure to adhere to regulatory compliance requirements can result in an organization being fined or even closed down. ...
It also partners with other financial intelligence agencies, both domestically – such as the Office of Foreign Assets Control (OFAC), the US Treasury body responsible for enforcing economic and trade sanctions – and internationally. Additionally, FinCEN is a member of the Egmont Group, a body ...
This means the contractor is responsible for: Engineering or design Procurement of equipment and materials Construction Preparing the project for use and handover to the owner. In addition to delivering a complete facility, the contractor must deliver at a guaranteed price by a specific date. ...
For example, after the US Office of Foreign Assets Control (OFAC) sanctioned the Evil Corp ransomware gang, victims stopped paying ransoms to avoid penalties from OFAC. In response, Evil Corpchanged the nameof its ransomware to keep the payments coming. ...
How to Protect Yourself from Business Email Compromise Attacks What to Do as a Victim of a Business Email Compromise Attack? What is the Main Goal of a BEC Attack? Who is Responsible for BEC Attacks? Phishing vs. Business Email Compromise Using Technology to Prevent BEC AttacksBusiness...
The inevitable conclusion of these discussions is that US sanctions won't actually stop Russian diamonds legally entering the country, providing they have been "substantially transformed" elsewhere. Alrosa, responsible for the vast majority of Russia's diamond output, has a sizeable manufacturing ...
The Bureau of Industry & Security (BIS), the Directorate of Defense Trade Controls (DDTC) and the Office of Foreign Assets Control (OFAC) all strongly recommend audits and even provide guidelines for doing them (see “Resources” below), but there is no rule that mandates them....