- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-05-20T17:48:00
Flex disclosed in a public filing the Treasury Department’s Office of Foreign Assets Control (OFAC) is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.
In its annual report Friday, Flex said it self-disclosed to OFAC “possible noncompliance with U.S. economic sanctions requirements among certain non-U.S. Flex-affiliated operations” in February 2019. The company received a no-action letter from OFAC in February that the probe had been closed without further action.
The company further disclosed in September 2020 it made a submission to OFAC that completed its voluntary disclosure based on the results of an internal investigation.
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2024-05-20T15:21:00Z By Kyle Brasseur
IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.
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A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
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Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.
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The U.K.’s Serious Fraud Office has made its first use of an enforcement tool that was meant to bring oligarchs and kleptocrats to book. But lawyers are unsure whether the move signifies either a change in direction or fortune for the agency.
2024-12-05T13:00:00Z By Ruth Prickett
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
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With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
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