Heightened Enforcement Actions in Economic Sanctions: Compliance Trends and Considerations
Overview:
The past year has seen the significant expansion and increased enforcement of U.S. sanctions programs. Aside from the re-imposition of nuclear sanctions against Iran, there were other key developments that also gained attention. These include the sanctions on seven Russian oligarchs and the new sanctions programs in relation to Nicaragua and U.S. election interference. The Office of Foreign Assets Control (OFAC) has also emphasized the expanded reach of its authorities and sanctions programs to the cryptocurrency landscape and other novel fields.
Counsel to companies should expect intensified enforcement activity as economic sanctions remain a vigorous tool of the U.S. foreign policy in 2019 and beyond. The need to secure up-to-date knowledge is crucial in the current regulatory landscape.
In this LIVE Webcast, a panel of distinguished professionals and thought leaders brought together by The Knowledge Group will help businesses and their counsel understand the important aspects of this significant topic. They will provide an in-depth discussion of the recent enforcement efforts under the U.S. economic sanctions. Speakers will also offer best practices in developing and implementing effective compliance practices in light of the recent developments.
Key topics include:
- U.S. Economic Sanctions: Recent Enforcement Developments
- Compliance Trends and Considerations
- Mitigating Risks and Pitfalls
- Best Compliance Practices
- What Lies Ahead
Agenda:
SEGMENT 1:
John E. Smith, Partner
Morrison & Foerster LLP
AND
Jennifer S. Talbert, Attorney
Morrison & Foerster LLP
AND
Kristofer G. Readling, Attorney
Morrison & Foerster LLP
- Overview of OFAC Enforcement; new trends in OFAC settlement agreements: FCPA-style compliance requirements, increased emphasis on foreign person liability, and increased emphasis on management accountability for sanctions compliance.
- Foreign persons need to be aware of their touchpoints with the United States.
- Effective merger due diligence can significantly mitigate sanctions risk.
- Companies should test their compliance software and have effective internal reporting lines.
- Companies should engage in customer and supplier due diligence, including supply chain audits.
SEGMENT 2:
Philip Urofsky, Partner
Shearman & Sterling
- The reemergence of blocking statutes and their potential impact on enforcement
- Penalty trends at OFAC: What does OFAC mean to by egregious? What is “deemed satisfied”?
- How does reasonable discussion become business overpowering compliance?
- How much knowledge is sufficient to impute intent?
SEGMENT 3:
Donald Kassilke, Member
Cozen O'Connor
- Overview of U.S. extraterritorial measures and jurisdiction over non-US persons (secondary sanctions).
- Beyond economic sanctions: the linkage between export controls and sanctions; and the revival of Helms Burton.
- The vulnerabilities of non-US persons and what constitutes nexus to the US.
- Compliance guidance for both US and non-US persons: OFAC’s “Framework For Compliance Commitments”.
Who Should Attend:
- Export Controls Vice Presidents, Directors and Managers
- Trade Compliance Administrators and Managers
- International Trade Specialists
- Regulatory and Policy Managers
- Corporate Counsel
- Risk Managers
- Multinational Companies (Public and Private)
- Other Related/Interested Professionals
John E. Smith, former Director of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), is co-head of Morrison …
Jennifer Talbert is an associate in Morrison & Foerster’s Washington, D.C. office. Her practice involves assisting clients on matters relating …
Kristofer Readling, an associate in Morrison & Foerster’s National Security practice group, focuses on sanctions and export control issues and …
Philip Urofsky, a partner in the firm’s Litigation Group, is a former federal prosecutor with extensive experience investigating and prosecuting …
Mr. Kassilke is a partner in the Transportation and Trade Practice Group at Cozen O’Connor and regularly advises clients on …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
General knowledge of international trade and sanctions laws
Course Code:
147865
NY Category of CLE Credit:
Areas of professional Practice
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About Morrison & Foerster LLP
With approximately 1,000 lawyers in 16 offices, Morrison & Foerster is a preeminent global law firm dedicated to delivering business-oriented results to clients across the United States, Europe and Asia. Dynamic technology and life science companies, large financial institutions, leading consumer product companies and other market leaders come to MoFo for knowledge, innovation and business aptitude. MoFo handles some of the world’s largest crossborder transactions and resolves major disputes across multiple jurisdictions. The firm has a long-standing commitment to pro bono work and social justice.
Website: https://www.mofo.com/
About Shearman & Sterling
Shearman & Sterling LLP distinguishes itself by harnessing the intellectual strength and deep experience of its lawyers across its extensive global footprint. The firm represents many of the world’s leading corporations, financial institutions, emerging growth companies, governments, and state-owned enterprises. Those clients, in turn, continue to choose Shearman & Sterling for its distinctive ability to leverage the knowledge and judgment of one of the world’s largest and most accomplished cross-border legal teams—a team ideally situated to help clients on their complex business transactions. With more than 850 lawyers in 23 offices across North America, Europe, Asia, Latin America, and the Middle East, the firm has an enviable blend of prestige, prowess, and reach.
Website: https://www.shearman.com/
About Cozen O'Connor
Ranked among the top 100 law firms in the country, Cozen O’Connor has more than 700 attorneys in 26 cities across two continents. We are a full-service firm with nationally recognized practices in litigation, business law, and government relations, and our attorneys have experience operating in all sectors of the economy. Our diverse client list includes global Fortune 500 companies, middle-market firms poised for growth, ambitious startups, and high-profile individuals.
Website: http://www.cozen.com/