On February 18, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a half-million dollar settlement with BitPay, Inc. (“BitPay”), a U.S. company that processes digital currency transactions, for apparent sanctions violations involving buyers located in embargoed jurisdictions.
On October 8, 2020, the Attorney General’s Cyber-Digital Task Force (“the Task Force”) issued its Cryptocurrency Enforcement Framework (the “Report”), which offers background on virtual assets, enforcement milestones, and plans for increasing scrutiny into the use of cryptocurrency, following the Task Force’s inception in 2018.
On October 1, 2020, the Office of Foreign Assets Control (“OFAC”) issued guidance warning of potential sanctions risks for making ransomware payments related to malicious cybersecurity incidents. The same day, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory related to the role of financial institutions in processing ransomware payments.
In December 2019, the Department of Justice (“DOJ”) announced a new Export Control and Sanctions Enforcement Policy for Business Organizations (the “Policy”) regarding voluntary self-disclosures of potentially criminal violations of export control and sanctions laws…
On Friday, January 31, courts in the U.S., U.K., and France approved a multinational deferred prosecution agreement (DPA) with Airbus SE to settle bribery and corruption charges in connection with the company’s use of third-party consultants to secure aircraft sales…
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released a comprehensive framework on five essential components of an economic sanctions compliance program.
On December 1, Meng Wanzhou, the chief financial officer (CFO) of Chinese telecommunications giant, Huawei Technologies, was arrested by Canadian authorities at the request of the United States.