Office of Foreign Assets Control (OFAC) Embargoes and Sanctions

Rapidly changing national security and foreign policy priorities create major risks for both U.S. and foreign companies and financial institutions engaged in international business. Even routine business transactions can pose economic sanctions risks, while violations carry increasingly onerous penalties and the risk of serious reputational damage. Complicating compliance, sanctions regulation is often highly discretionary and lacking in clear guidance. Our dynamic and highly experienced team can help you navigate the nuances of this complex regulatory environment to manage the risks through pragmatic and cost-effective solutions.

Our full-service sanctions practice proactively helps clients manage risks by developing compliance programs and procedures that are tailored to both needs and resources. We routinely counsel clients on specific transactions and issues and, to meet their business needs, engage with OFAC to obtain licenses or interpretive guidance. Additionally, our team has vast experience navigating and resolving enforcement investigations and proceedings, with insights provided by a former OFAC compliance officer and a former Department of Justice prosecutor focusing on economic sanctions and anti-money laundering cases. We have vigorously defended against and resolved numerous enforcement matters, including complex multiagency, multijurisdictional proceedings brought jointly by OFAC, the Department of Justice, New York State regulators, and other agencies that included internal reviews and “look backs.” When necessary, we leverage the experience of our firm’s highly regarded white collar practice.

Our more than 30 years of sanctions experience derives from every area and industry, allowing us to give your business a big-picture perspective. Our diverse clients include some of the largest financial institutions and payments companies in the world, as well as domestic and foreign industry leaders in transportation, shipping, pharmaceuticals, telecommunications, energy, manufacturing, and defense.

• Represented European banks in “stripping” investigations and enforcement matters before the New York County District Attorney’s Office, Department of Justice, OFAC, and bank regulators in cases where references to sanctioned countries are “stripped” from financial transactions before being cleared through the U.S.
• Represented a financial services provider for retail auto sales and leases in resolving a civil enforcement matter related to their automobile leasing portfolio and supported their internal compliance program development efforts.
• Conducted due diligence on anticorruption, sanctions, and export compliance in numerous mergers and acquisitions.
• Represented a Middle Eastern bank in a request for a license from OFAC so that client can form relationships with U.S. banks to handle certain finances.
• Provided multiple U.S. and European clients with advice on Russian sanctions imposed by the United States and other countries.
• Represented clients in the health care products, financial services, aerospace, technology, telecommunications, transportation, and other industries in voluntary disclosures to OFAC, resolving most matters with warning letters.
• Developed and implemented economic sanctions compliance policies, transaction screening and due diligence procedures, and training programs.
• Advised clients on the application and use of general licenses and favorable licensing policies available under OFAC sanctions programs, such as those applicable to medical and pharmaceutical, agricultural, civil aviation, and technology products.
• Obtained specific licenses from OFAC authorizing otherwise prohibited transactions and unblocking funds blocked under various sanctions programs.