Heightened Enforcement Actions in Economic Sanctions: Compliance Trends and Considerations
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
John E. Smith, Partner
Morrison & Foerster LLP
Jennifer S. Talbert, Attorney
Morrison & Foerster LLP
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.
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?
Donald Kassilke, Member
- 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 & Foerster’s National Security practice, and a member of the Global Risk + Crisis Management group and Investigations + White Collar group. After serving 11 years as a top official at OFAC and three years as its Director, Mr. Smith brings to the firm unmatched experience in economic sanctions, enforcement, and national security.
Both in the United States and globally, clients turn to Mr. Smith for his deep experience and unique perspective on the complexities and escalating risk of U.S. and multilateral sanctions. He is a trusted advisor for clients navigating significant civil and criminal enforcement actions by U.S. and other government prosecutors and regulators. While serving as a top official at OFAC, Mr. Smith was centrally involved in all aspects of developing, implementing, and enforcing U.S. government sanctions requirements. As OFAC Director, he oversaw every OFAC enforcement case against financial institutions and global operating companies.
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 to economic sanctions, banking and financial services, anti-money laundering, and money transmission and payments. Ms. Talbert assists clients in matters involving economic sanctions laws administered by the Office of Foreign Assets Control (OFAC) and other international trade matters involving export controls and the Committee on Foreign Investment in the United States (CFIUS). Ms. Talbert also advises financial institutions and financial services companies on regulatory compliance and government enforcement matters by various federal and state agencies. She is experienced in guiding clients on issues arising under financial services laws, including the Bank Secrecy Act (BSA), the Fair Credit Reporting Act (FCRA), the Community Reinvestment Act (CRA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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 investigations, having most recently served as an Enforcement Officer in the Enforcement Division of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). At OFAC, Kristofer investigated violations of various U.S. sanctions programs, led large, complex enforcement cases, developed and implemented novel investigative strategies and enforcement theories, and negotiated settlements. His cases involved exports of controlled U.S.-origin content to sanctioned countries, trade-based extensions of credit to sanctioned Russian entities, sanctions evasion attempts by Iranian businesses, and international mergers and acquisitions involving prior corporate dealings with sanctioned persons. To support OFAC’s mission, Kristofer advised OFAC staff on difficult issues with few legal or policy precedents and helped to establish many OFAC Enforcement precedents by bringing novel public actions against U.S. and foreign companies for violations of U.S. sanctions.
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 criminal and civil violations of the FCPA, the money laundering and mail and wire fraud statutes, and economic sanctions laws and regulations. He advises clients on conducting internal investigations, designing and implementing compliance programs, as well as conducting due diligence in mergers & acquisitions, joint ventures, securities offerings, and concerning retention of third parties.
Additionally, Philip has extensive experience responding to and defending against federal, state, and international criminal, civil, and administrative investigations, prosecutions, and trials on behalf of both business entities and individuals.
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 transactional and regulatory matters, focusing on air, ocean, and inland transportation, and international trade. He regularly advises companies on U.S. export controls, trade sanctions, and customs regulations and has secured favorable resolutions of matters before the Office of Foreign Assets Control and the Bureau of Industry and Security. In addition, Mr. Kassilke has been involved with a wide range of commercial transactions, antitrust, and regulatory matters, and has successfully represented clients involved in commercial litigation before federal courts and administrative agencies.
Mr. Kassilke has a degree in International Relations from the University of Pennsylvania and a master's degree in political science from Auburn University at Montgomery. He received his law degree with honors from the George Washington University School of Law.
Mr. Kassilke is a partner in the Transportation and Trade Practice Group at Cozen O’Connor and regularly advises clients on …
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Method of Presentation:
General knowledge of international trade and sanctions laws
NY Category of CLE Credit:
Areas of professional Practice
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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.
About Shearman & Sterling
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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.