OFAC Enforcement & Compliance

Tuesday, April 21, 2009

About

Can Your Sanctions Compliance Program Sustain the Heat of Increased International Enforcement?

The Treasury Department’s Office of Foreign Assets Controls (OFAC) is stepping up enforcement of U.S. economic sanctions.

Companies operating in the global market face significant 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 companies are restricted from doing business with third-country entities and persons acting on behalf of a sanctioned government.

With the dramatic increase in penalties amounts under IEEPA and new OFAC enforcement guidelines, exporters, banking, insurance, securities and other financial services firms must ensure preventative measures are in place or risk severe penalties reaching into the multimillions.

Now in its second iteration, American Conference Institute’s National Forum on OFAC Compliance and Enforcement has assembled an exceptional faculty of leading industry executives, attorneys and government officials who will analyze the latest information on:

  • How OFAC measures the nature and extent of cooperation
  • How to conduct a “look-back” investigation
  • What OFAC guidelines reveal about the essential components of an effective sanctions compliance program
  • How global companies can overcome challenges of unilateral sanctions
  • Facilitation risks when working with non-US third parties
  • Dealing with U.S. sanctions against Iran
  • What OFAC wants to see in a license application

Contents & Contributors

About

Can Your Sanctions Compliance Program Sustain the Heat of Increased International Enforcement?

The Treasury Department’s Office of Foreign Assets Controls (OFAC) is stepping up enforcement of U.S. economic sanctions.

Companies operating in the global market face significant 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 companies are restricted from doing business with third-country entities and persons acting on behalf of a sanctioned government.

With the dramatic increase in penalties amounts under IEEPA and new OFAC enforcement guidelines, exporters, banking, insurance, securities and other financial services firms must ensure preventative measures are in place or risk severe penalties reaching into the multimillions.

Now in its second iteration, American Conference Institute’s National Forum on OFAC Compliance and Enforcement has assembled an exceptional faculty of leading industry executives, attorneys and government officials who will analyze the latest information on:

  • How OFAC measures the nature and extent of cooperation
  • How to conduct a “look-back” investigation
  • What OFAC guidelines reveal about the essential components of an effective sanctions compliance program
  • How global companies can overcome challenges of unilateral sanctions
  • Facilitation risks when working with non-US third parties
  • Dealing with U.S. sanctions against Iran
  • What OFAC wants to see in a license application

Contents & Contributors

OFAC’s New Enforcement Guidelines: How Financial and Non-Financial Sectors Should Prepare for Rising Compliance Expectations
Serena D. Moe, Assistant General Counsel, Citigroup (Washington, DC)
Dale C. Turza, Cadwalader, Wickersham & Taft LLP (Washington, DC)

Making the Case for Voluntary Disclosures in the New Enforcement Environment
Ronald I. Meltzer, Wilmer Cutler Pickering Hale and Dorr LLP (Washington, DC)

New Standards for an “Effective” Sanctions Compliance Program: What OFAC Guidelines Reveal About the Essential Elements
Erin L. Crockett, Director, Global Trade Compliance, Dresser Inc. (Addison, TX)
Stephanie D. Lawrence, Director, Corporate Compliance AML/OFAC, Nationwide (Columbus, OH)
Alison L. Clew – Panel Moderator, Principal, Forensic & Dispute Services, Deloitte Financial Advisory Services LLP (Boston, MA)

Facilitation: What Is It, and How to Minimize Risks
J. Daniel Chapman, Global Ethics and Compliance Director, Baker Hughes Incorporated (Houston, TX)
James D. Painter, Managing Counsel, Legal Department, The Bank of New York Mellon (Pittsburgh, PA)
Judith A. Lee - Panel Moderator, Gibson, Dunn & Crutcher LLP (Washington, DC)

Conducting a Cost Effective Internal Investigation into a Potential Sanctions Violation
William M. McGlone, Latham & Watkins LLP (Washington, DC)
Clint Stinger, Principal, Deloitte Financial Advisory Services LLP (New York, NY)

Extraterritoriality: How Global Companies Can Overcome Compliance Challenges of Unilateral U.S. Sanctions
Marynell DeVaughn, Vice President and Associate General Counsel, Alliant Techsystems Inc. (Washington, DC)
Noreen M. Fierro, Vice President, AML/FCPA Compliance Officer, Prudential Financial (Newark, NJ)
Peter L. Flanagan, Covington & Burling (Washington, DC)

Dealing with U.S. Economic Sanctions Against Iran
Scott Sullivan, Vice President & Global Trade Counsel, Flowserve Corporation (Irving, TX)
Edward L. Rubinoff, Akin Gump Strauss Hauer & Feld LLP (Washington, DC)

Structuring and Managing an Effective Screening Program and Obtaining Guidance from OFAC

Lorraine B. Lawlor, Chief, Compliance Outreach, Office of Foreign Assets Control U.S. Department of the Treasury (Washington, DC)
Elaine D. Banar, Vice President, Global Sanctions, American Express (New York, NY)
Greta Lichtenbaum, O’Melveny & Myers LLP (Washington, DC)

Conducting Due Diligence in International Transactions and Underwritings
James A. (Del) Renigar, Counsel, International Policy and Trade Regulation, The General Electric Company (Washington, DC)
Stevenson Munro, Head of AML Compliance, UBS Investment Bank (New York, NY)
Molly McLane, Global Economic Sanctions Counsel, Morgan Stanley (New York, NY)
William B. Hoffman - Panel Moderator, Davis Polk & Wardwell LLP (Washington, DC)

OFAC Licensing: Working Effectively with OFAC to Expedite the Approval Process
Timothy M. Ward, Chief Legal Officer, Hercules Group (New York, NY)
Jodi L. Kouts, Assistant Director for Licensing, Office of Foreign Assets Control, U.S. Department of Treasury (Washington, DC)
Ben H. Flowe, Jr, Berliner, Corcoran & Rowe, LLP (Washington, DC)



DOCUMENT TYPES: PDF PPT PRESENTATIONS AVAILABLE: 16

8:00
Registration and Continental Breakfast
8:30
Co-Chairs' Opening Remarks
Elaine D. Banar
Executive Director‚ Sanctions/FCPA Compliance
UBS
Greta Lichtenbaum

O'Melveny & Myers LLP
8:45
Keynote Address
- Mr. Adam J. Szubin
Director‚ Office of Foreign Assets Control
U.S. Department of the Treasury
9:15
OFAC's New Enforcement Guidelines: How Financial and Non-Financial Sectors Should Prepare for Rising Compliance Expectations
-Ms. Serena D. Moe
Assistant General Counsel
Citigroup Inc.
1 file
OFAC’S NEW ENFORCEMENT GUIDELINES
717.8 KB 25 pages Presentation
PDF - OFAC’S NEW ENFORCEMENT GUIDELINES
Dale Turza
Partner
Cadwalader, Wickersham & Taft LLP
1 file
OFAC’S NEW ENFORCEMENT GUIDELINES
717.8 KB 25 pages Presentation
PDF - OFAC’S NEW ENFORCEMENT GUIDELINES
10:15
Morning Coffee Break
10:30
Making the Case for Voluntary Disclosures in the New Enforcement Environment
-Cari N. Stinebower
Counsel
Crowell & Moring LLP
Mr. Ronald I. Meltzer
Partner
WilmerHale
1 file
OFAC Voluntary Disclosures
460 KB 22 pages Presentation
PPT - OFAC Voluntary Disclosures
11:30
New Standards for an "Effective" Sanctions Compliance Program: What OFAC Guidelines Reveal About the Essential Elements
Erin L. Crockett
Director‚ Global Trade Compliance‚ Ethics & Compliance Department
Dresser‚ Inc.
1 file
An “Effective” Sanctions Compliance Program
858 KB 10 pages Presentation
PPT - An “Effective” Sanctions Compliance Program
Stephanie Lawrence
Director‚ Corporate Compliance, AML/OFAC/Fraud
Nationwide
1 file
An “Effective” Sanctions Compliance Program
858 KB 10 pages Presentation
PPT - An “Effective” Sanctions Compliance Program
-Ms. Alison L. Clew
Principal
Deloitte Financial Advisory Services LLP
1 file
An “Effective” Sanctions Compliance Program
858 KB 10 pages Presentation
PPT - An “Effective” Sanctions Compliance Program
12:45
Networking Lunch for Speakers and Attendees
14:00
Facilitation: What Is It‚ and How to Minimize Risks
J. Daniel Chapman
Chief Compliance Officer and Counsel
Parker Drilling Company (Houston, TX)
1 file
Facilitation
515 KB 28 pages Presentation
PPT - Facilitation
Mr. James D. Painter
Associate Counsel‚ Legal Department
The Bank of New York Mello
1 file
Facilitation
515 KB 28 pages Presentation
PPT - Facilitation
Judith A. Lee
Partner, Chair, International Trade and Regulation Compliance Practice
Gibson‚ Dunn & Crutcher LLP
15:00
Coffee Break
15:15
Conducting a Cost Effective Internal Investigation into a Potential Sanctions Violation
Mr. William M. McGlone
Partner
Latham & Watkins LLP
1 file
Internal Investigations in OFAC Sanctions Cases: Hot Issues and Potential Land Mines
416 KB 19 pages Presentation
PPT - Internal Investigations in OFAC Sanctions Cases:  Hot Issues and Potential Land Mines
Mr. Clint Stinger
Principal
Deloitte Financial Advisory Services LLP
1 file
OFAC Investigations Meeting growing government expectations
1.5 MB 20 pages Presentation
PPT - OFAC InvestigationsMeeting growing government expectations
16:15
Extraterritoriality: How Global Companies Can Overcome Compliance Challenges of Unilateral U.S. Sanctions
Marynell DeVaughn
Of Counsel
Morgan, Lewis & Bockius LLP (Washington, DC)
1 file
ACI’s 2nd National Forum OFAC Enforcement & Compliance
318.5 KB 6 pages Presentation
PPT - ACI’s 2nd National Forum OFAC Enforcement & Compliance
Noreen M. Fierro
Chief Compliance Officer,
Group Insurance Division
Prudential Financial
1 file
Challenges of Implementing a Global Approach to OFAC Compliance
130 KB 5 pages Presentation
PPT - Challenges of Implementing a Global Approach to OFAC Compliance
Mr. Peter L. Flanagan
Partner
Covington & Burling LLP
1 file
Identifying and Managing Conflicting Obligations
663.5 KB 25 pages Presentation
PPT - Identifying and Managing Conflicting Obligations
17:15
Day One Adjourns
8:30
Co-Chairs' Opening Remarks
8:35
Dealing with U.S. Economic Sanctions Against Iran
- Mr. Scott Sullivan
Vice President‚ Global Trade & Compliance
Flowserve
1 file
Overview of U.S. Sanctions and Export Control Laws Concerning Iran
482.5 KB 40 pages Presentation
PPT - Overview of U.S. Sanctions and Export Control Laws Concerning Iran
Edward L. Rubinoff
Partner
Akin Gump Strauss Hauer & Feld LLP
1 file
Overview of U.S. Sanctions and Export Control Laws Concerning Iran
482.5 KB 40 pages Presentation
PPT - Overview of U.S. Sanctions and Export Control Laws Concerning Iran
9:35
Structuring and Managing an Effective Screening Program and Obtaining Guidance from OFAC
-Ms. Lorraine B. Lawlor
Chief‚ Compliance Outreach
Office of Foreign Assets Control‚ U.S. Department of the Treasury
1 file
Structuring and Managing an Effective Screening Program
155.5 KB 15 pages Presentation
PPT - Structuring and Managing an Effective Screening Program
Elaine D. Banar
Executive Director‚ Sanctions/FCPA Compliance
UBS
1 file
Structuring and Managing an Effective Screening Program
155.5 KB 15 pages Presentation
PPT - Structuring and Managing an Effective Screening Program
Greta Lichtenbaum

O'Melveny & Myers LLP
1 file
Structuring and Managing an Effective Screening Program
155.5 KB 15 pages Presentation
PPT - Structuring and Managing an Effective Screening Program
10:30
Coffee Break
10:45
Conducting Due Diligence in International Transactions and Underwritings
Mr. James A. (DEL) Renigar
Senior Counsel‚ International Policy & Trade Regulation
General Electric
1 file
Conducting Due Diligence in International Transactions and Underwritings
679.5 KB 30 pages Presentation
PPT - Conducting Due Diligence in International Transactions and Underwritings
Stevenson O. Munro
Compliance Leader
GE Capital
1 file
Conducting Due Diligence in International Transactions and Underwritings
679.5 KB 30 pages Presentation
PPT - Conducting Due Diligence in International Transactions and Underwritings
Ms. Molly McLane
Global Economic Sanctions Counsel
Morgan Stanley
1 file
Conducting Due Diligence in International Transactions and Underwritings
679.5 KB 30 pages Presentation
PPT - Conducting Due Diligence in International Transactions and Underwritings
Mr. William B. Hoffman
Counsel
Davis Polk & Wardwell
1 file
Conducting Due Diligence in International Transactions and Underwritings
679.5 KB 30 pages Presentation
PPT - Conducting Due Diligence in International Transactions and Underwritings
11:45
OFAC Licensing: Working Effectively with OFAC to Expedite the Approval Process
Mr. Timothy M. Ward
Chief Legal Officer
Hercules Group
1 file
Licensing and Financing TSRA Exports To Iran and Sudan
547 KB 12 pages Presentation
PPT - Licensing and Financing TSRA Exports To Iran and Sudan
Ms. Jodi L. Kouts
Assistant Director for Licensing
Office of Foreign Assets Control‚ U.S. Department of the Treasury
1 file
Licensing Division
428.5 KB 13 pages Presentation
PPT - Licensing Division
Mr. Benjamin H. Flowe, Jr.
Partner
Berliner‚ Corcoran & Rowe LLP
2 files
COMPLIANCE WITH U.S. EXPORT AND REEXPORT CONTROLS
1 MB 20 pages Presentation
PDF - COMPLIANCE WITH U.S. EXPORT AND REEXPORT CONTROLS
Working Effectively with OFAC to Obtain Licenses
1.7 MB 23 pages Presentation
PPT - Working Effectively with OFAC  to Obtain Licenses
12:30
Conference Ends