Under the General License, the property and interests in property of the Government of Sudan, and any entity owned or controlled by the Government of Sudan, that are or come into the United States or the possession or control of a U.S. person no longer must be blocked. Additionally, the importation of goods or services of Sudanese origin into the United States is now permitted, as is the exportation or reexportation to Sudan of goods, technology, or services from the United States or by a U.S. person (wherever located), subject to obtaining any required export licenses. U.S. persons also are permitted to facilitate transactions with Sudan by non U.S. persons. … [Read more...] about United States suspends Sudan sanctions
Why sudan is sanctioned country
Presently, the U.S. Sanctions Program targets the following countries/regions, and/or individuals or entities in those countries/regions: the Balkans (former Yugoslavia-Serbia), Belarus, Burma, Ivory Coast (Cote d’Ivoire), Cuba, Republic of Congo, Iran, Iraq, Lebanon, Libya, North Korea, Somalia, Sudan, Syria, and Zimbabwe. Most recently, the U.S. imposed several sanctions on Russia and Ukraine nationals and Russia’s Bank of Rossiya as a result of Russia’s actions in the Crimean Peninsula. The most recent sanctions against Russia were issued on April 11, 2014. The U.S. Sanctions Program regulations against the Balkans, Belarus, Congo, Ivory Coast, Lebanon, Russia, Somalia, Ukraine, and Zimbabwe do not prohibit U.S. nationals or U.S. Companies from engaging in activities to protect their intellectual property rights in those countries. As a result, intellectual property owners may file and prosecute applications, receive protection, renew … [Read more...] about Implications of U.S. Sanctions Program on Intellectual Property Owners
Due to costly settlements secured by U.S. regulatory agencies, banks, insurers, and corporations are increasingly inserting rigorous OFAC sanctions compliance language into their credit agreements, insurance policies, and corporate acquisition agreements.A current trend by banks, insurers, and acquisition-minded corporations is to insert rigorous Office of Foreign Assets Control (OFAC) sanctions compliance provisions into credit agreements, insurance policies, and acquisition agreements. This trend is no doubt driven in part by the recent surge in huge settlements obtained by U.S. regulatory agencies arising out of enforcement actions for economic sanctions violations by major banks. … [Read more...] about Office of Foreign Assets Control (OFAC) Sanctions Compliance Provisions in Agreements
The Role of the Court. The recent developments in the Fokker case highlight the complications that may arise after a company is basking in the relief of a settlement announcement. It’s not over until it’s (really) over. More than a month after the settlement was announced, Judge Leon expressed his apprehensions about the relative leniency of the penalty amount, the lack of criminal charges against the individuals involved, and a media report raising a question of whether the government knew about the violations in 2008, long before Fokker’s apparent self-disclosure. The Court has also asked that the parties submit filings comparing how Fokker’s proposed settlement matches up against other deferred prosecution agreements. Last year, we discussed how Judge Leon’s questioning of a proposed settlement between IBM and the Securities and Exchange Commission for alleged books and records violations possibly contributed to … [Read more...] about Export Controls and Sanctions Violations Lead to $21 Million in Penalties for Fokker Services B.V.
Recordkeeping Requirements and Potential RevocationIt is important to note that OFAC did not preview a complete lifting of its Sudan sanctions. U.S. individuals and companies will remain prohibited from dealings with Sudan, but as of January 17, those dealings will be authorized by a General License. U.S. persons who use this authorization must therefore comply with OFAC’s recordkeeping requirements, by keeping a “full and accurate record” of its Sudan-related transactions for a minimum of 5 years. (31 C.F.R. § 501.601) The authorization may also be amended, modified, or revoked at any time. (31 C.F.R. § 501.803) … [Read more...] about OFAC Conditionally Lifts U.S. Embargo on Sudan, but Certain Sanctions Remain