OFAC Enforcement & Compliance

Tuesday, June 17, 2008

About

The Treasury Department’s Office of Foreign Assets Controls (OFAC) is stepping up enforcement of U.S. economic sanctions. U.S. companies operating in the global market face significant compliance challenges as stricter and broader restrictions are imposed to prevent trade or financial transactions with targeted governments or entities. Risks associated with U.S. embargo programs are also increasing, as U.S. companies are restricted from doing business with third-country entities and persons acting on behalf of a sanctioned government.

The American Conference Institute is proud to introduce this publication from its inaugural National Forum on OFAC Compliance and Enforcement. This advanced program brings together the leading experts from industry and government who will analyze the most recent developments and requirements in OFAC regulations, including:

  • Key components of an effective sanctions compliance program
  • Facilitation risks when working with non-US third parties
  • How OFAC evaluates voluntary disclosures
  • Minimizing your risks when providing financing to overseas companies
  • What OFAC wants to see in a license application
  • Effect of new IEEPA-based civil penalties on retroactive and current cases

Contents & Contributors

About

The Treasury Department’s Office of Foreign Assets Controls (OFAC) is stepping up enforcement of U.S. economic sanctions. U.S. companies operating in the global market face significant compliance challenges as stricter and broader restrictions are imposed to prevent trade or financial transactions with targeted governments or entities. Risks associated with U.S. embargo programs are also increasing, as U.S. companies are restricted from doing business with third-country entities and persons acting on behalf of a sanctioned government.

The American Conference Institute is proud to introduce this publication from its inaugural National Forum on OFAC Compliance and Enforcement. This advanced program brings together the leading experts from industry and government who will analyze the most recent developments and requirements in OFAC regulations, including:

  • Key components of an effective sanctions compliance program
  • Facilitation risks when working with non-US third parties
  • How OFAC evaluates voluntary disclosures
  • Minimizing your risks when providing financing to overseas companies
  • What OFAC wants to see in a license application
  • Effect of new IEEPA-based civil penalties on retroactive and current cases

Contents & Contributors

FACILITATION: WHAT IS IT, AND HOW TO MINIMIZE RISKS
Ingrid Busson, Calyon (New York, NY)
J. Daniel Chapman, Baker Hughes Incorporated (Houston, TX)
Judith A. Lee, Gibson, Dunn & Crutcher LLP (Washington, DC)

IMPLEMENTING AN EFFECTIVE SCREENING AND SANCTIONS COMPLIANCE PROGRAM
Edward J. Krauland, Steptoe & Johnson LLP (Washington, DC)
Serena D. Moe, Citigroup (Washington, DC)
Stevenson Munro, UBS Investment Bank (New York, NY)
Alison L.Clew, Deloitte Financial Advisory Services LLP (Boston, MA)

DRAFTING OFAC PROTECTION IN M&A, JV AND FINANCING CONTRACTS
William B. Hoffman, Davis Polk & Wardwell (Washington, DC)

THE EXTRATERRITORIAL REACH OF OFAC SANCTIONS
Clay Stevenson, Merrill Lynch & Co., Inc. (New York, NY)

OFAC VOLUNTARY DISCLOSURES: DECIDING WHETHER, HOW AND WHEN TO MAKE A DISCLOSURE
Ronald I. Meltzer, Wilmer Cutler Pickering Hale and Dorr LLP (Washington, DC)

WORKING EFFECTIVELY WITH OFAC ON OBTAINING LICENSES AND COMPLIANCE GUIDANCE
Ben H. Flowe, Jr., Berliner, Corcoran & Rowe, LLP (Washington, DC)
Lorraine B. Lawlor, U.S. Department of the Treasury (Washington, DC)
Molly McLane, Morgan Stanley (New York, NY)
Liz Farrow, U.S. Department of the Treasury (Washington, DC)

RESPONDING TO OFAC ENFORCEMENT ACTIONS
Melvin S. Schwechter, Dewey & LeBoeuf LLP (Washington, DC)

STATE DIVESTMENT STATUTES
James A. (Del) Renigar, The General Electric Company (Washington, DC)

OFAC 101: U.S. SANCTIONS DEMYSTIFIED
John Pisa-Relli, Thales North America, Inc.

ECONOMIC SANCTIONS: COMPLIANCE PROGRAMS, ENFORCEMENT DEVELOPMENTS
Greta L.H. Lichtenbaum, O’Melveny & Myers LLP (Washington, DC)



DOCUMENT TYPES: PRESENTATIONS AVAILABLE: 0