On June 5, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended the Syrian Sanctions Regulations (“SSR”), 31 C.F.R. Part 542 and issued and amended frequently asked questions (“FAQs”) related to the SSR. According to a new OFAC FAQ, these changes are aimed, in part, at facilitating humanitarian assistance and internet-based communication services to Syrian civilians. The SSR has been revised as follows: OFAC also issued one new SSR FAQ…
On the Connect on Tech blog, Justine Phillips, Sylwia Lis, and Alex Lamy have published a post about export control considerations that companies should keep in mind when managing cyber incidents and data exfiltration. The blog, “Cyber Transparency, Risk & Sanctions: How Cyber Incidents Give Rise to Export Control Issues,” can be found here.
On May 1, 2024, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) and the US Department of State designated nearly 300 individuals, entities, and vessels to the List of Specially Designated Nationals and Blocked Persons (“SDN List”) mainly targeting Russia’s military capacity. On the same day, OFAC also issued three new general licenses (“GLs”) authorizing limited transactions involving certain SDNs. We summarize these developments below. SDN Designations According to OFAC’s press…
Please join Baker McKenzie and ICPA for a fireside chat with Lawrence Scheinert, Associate Director for Enforcement, Compliance, and Analysis at the US Treasury Department’s Office of Foreign Assets Control (OFAC). During the discussion, Lawrence will outline OFAC’s enforcement program and priorities. He will also share his insights on enforcement actions, multilateral coordination and cooperation with other US regulators such as BIS, FinCEN, and the DOJ, impact of enforcement actions on non-US companies, among other topics. Please…