OFAC, State Department, and Coast Guard Issue New Guidance About Sanctions Evasion Practices in Shipping Industry

On May 14, 2020, the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the US Department of State, and US Coast Guard issued a Sanctions Advisory for the Maritime Industry, Energy and Metal Sectors, and Related Communities (the "Advisory"). The Advisory focuses on Iran, North Korea, and Syria, and offers information about, and tools to combat, emerging trends related to illicit shipping and sanctions evasion practices. Read more

Corporate Crime update – Spring 2020

Welcome to the Spring 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more

OFAC Issues Finding of Violation — but No Penalty — for Sanctions Violations Caused by Compliance System Defects and Human Error

On April 30, 2020, the US Department of Treasury's Office of Foreign Assets Control (“OFAC”) issued a Finding of Violation to American Express Travel Related Services Company (“AMEX”). OFAC’s findings, and its decision not to penalize AMEX, highlight three important sanctions compliance considerations for US and non-US companies alike. Read more

Corporate Crime update – Winter 2020

Welcome to the Winter 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more

Corporate Crime update – December 2019

Welcome to the December 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more

Corporate Crime update – Autumn 2019

Welcome to the Autumn 2019 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This bumper edition covers a number of jurisdictions, and includes content from the summer break. Read more

High Court finds terms of English law Facility Agreement allowed borrower to withhold interest payments given risk of US “secondary” sanctions

In a recent decision, the High Court has found that the terms of a Facility Agreement governed by English law allowed the borrower to withhold payment of interest instalments where there was a risk of secondary sanctions being imposed on the borrower under US law, notwithstanding that the Facility Agreement had no connection with the … Read more