On January 12, 2018, the Trump Administration released a statement that the US Government would renew waivers of certain sanctions provisions in compliance with the US Government’s commitments under the Joint Comprehensive Plan of Action (“JCPOA”). This same statement indicated, however, that future waivers would not be issued unless both the US Congress and US allies in Europe take action. This development further escalates the uncertainty about the future of the JCPOA that followed the Trump Administration’s October 2017 decision not to recertify Iran’s compliance with the requirements of the nuclear deal as described here.
On November 9, 2016, the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule (the “Final Rule”) imposing additional restrictions on North Korean banks and other financial institutions.  The Final Rule follows a related June 3, 2016 Notice of Proposed Rulemaking and FinCEN’s June 2, 2016 Finding that North Korea is a jurisdiction of primary money laundering concern under Section 311 of the USA PATRIOT Act, 31 U.S.C. 5318A.  These developments were discussed in our previous blog post.
The US Treasury Department’s Office of Foreign Assets Control (“OFAC”), the US Department of State’s Directorate of Defense Trade Controls (“DDTC”), and the US Department of Commerce’s Bureau of Industry and Security (“BIS”) have announced increases in the maximum civil monetary penalties (“CMPs”) that may be imposed for violations of OFAC sanctions programs, the International Traffic in Arms Regulations, and the Export Administration Regulations (“EAR”), respectively. The new maximum penalty amounts come into effect on August 1, 2016.
Under the Joint Comprehensive Plan of Action (“JCPOA”), Saturday, January 16, 2016, was “Implementation Day.” On that date, the US Government relaxed certain sanctions against Iran after the International Atomic Energy Agency confirmed that Iran had fulfilled its nuclear-related commitments under the JCPOA. These measures primarily affect parties who are not “U.S. persons” (i.e., US citizens or permanent residents (wherever located or employed), entities organized under the laws of the United States (including foreign branches), and persons…