Economic Sanctions

Tuesday, February 24, 2009

About

Can your compliance program sustain the heat of increased sanctions enforcement around the globe?

Economic sanctions pose increasing regulatory compliance risks to exporters as well as banking, insurance, securities and other financial services firms involved in supporting cross-border transactions.

International financial services firms and exporters face heightened compliance standards under US economic sanctions affecting transactions to, from or through the United States. The US Treasury Department’s Office of Foreign Assets Controls (OFAC) is stepping up enforcement and showing increasing willingness to hold US companies responsible for their foreign subsidiaries’ actions. The agency may also treat a foreign entity’s use of the US financial system as the basis for US jurisdiction over a transaction, even if the transaction begins and ends outside the US and no other US element is involved. Press coverage indicates that several non-US banks are currently under investigation on such grounds.

OFAC penalties can be significant: under IEEPA, violators face a potential civil fine of $250,000 or twice the value of the transaction at issue, whichever is greater. The increase of sanctions enforcement makes prevention an even higher priority than it may have been in the past. The absence of preventative measures is almost certain to result in substantially increased penalties if an issue arises. Global companies and financial institutions must reassess their existing compliance efforts to ensure that they are adequate given the increased climate of risk.

C5 Group and The American Conference Institute are proud to introduce the inaugural International Forum on Economic Sanctions. This unique conference will contrast UK, EU and US sanctions, the extra-territorial impact of US regulations and their international enforcement, how to resolve conflict of law issues and develop an internal screening and compliance program, from the ground up. Topics will include:

  • Sectors commonly targeted by OFAC enforcement actions: focus on financial institutions and non-US entities
  • Key components of an effective sanctions compliance program
  • What is – and isn’t – considered facilitation
  • How OFAC evaluates voluntary disclosures
  • Minimizing your risks when providing financing to overseas companies
  • Deciding whether and when to investigate allegations of wrongdoing

Contents & Contributors

About

Can your compliance program sustain the heat of increased sanctions enforcement around the globe?

Economic sanctions pose increasing regulatory compliance risks to exporters as well as banking, insurance, securities and other financial services firms involved in supporting cross-border transactions.

International financial services firms and exporters face heightened compliance standards under US economic sanctions affecting transactions to, from or through the United States. The US Treasury Department’s Office of Foreign Assets Controls (OFAC) is stepping up enforcement and showing increasing willingness to hold US companies responsible for their foreign subsidiaries’ actions. The agency may also treat a foreign entity’s use of the US financial system as the basis for US jurisdiction over a transaction, even if the transaction begins and ends outside the US and no other US element is involved. Press coverage indicates that several non-US banks are currently under investigation on such grounds.

OFAC penalties can be significant: under IEEPA, violators face a potential civil fine of $250,000 or twice the value of the transaction at issue, whichever is greater. The increase of sanctions enforcement makes prevention an even higher priority than it may have been in the past. The absence of preventative measures is almost certain to result in substantially increased penalties if an issue arises. Global companies and financial institutions must reassess their existing compliance efforts to ensure that they are adequate given the increased climate of risk.

C5 Group and The American Conference Institute are proud to introduce the inaugural International Forum on Economic Sanctions. This unique conference will contrast UK, EU and US sanctions, the extra-territorial impact of US regulations and their international enforcement, how to resolve conflict of law issues and develop an internal screening and compliance program, from the ground up. Topics will include:

  • Sectors commonly targeted by OFAC enforcement actions: focus on financial institutions and non-US entities
  • Key components of an effective sanctions compliance program
  • What is – and isn’t – considered facilitation
  • How OFAC evaluates voluntary disclosures
  • Minimizing your risks when providing financing to overseas companies
  • Deciding whether and when to investigate allegations of wrongdoing

Contents & Contributors

The Extraterritorial Reach of US Sanctions: OFAC’s Application to Foreign Parties and Activities
Stephan E. Becker, Partner, Pillsbury Winthrop Shaw Pittman LLP (Washington)

EU and UK Sanctions Update
Rae Lindsay, Partner, Clifford Chance (London)

Implementing a Robust Screening Program: How to Meet US and EU Prohibitions and Requirements
Henri Quintard, Global Head of Prevention of Money Laundering Compliance Group - Corporate Security, BNP Paribas (Paris)
Benjamin Adeya, EMEA GTS Treasury & Trade Solutions, Compliance Head, Citigroup (London)
Wolter Boerman, Vice President, Corporate Export Controls & Supply Chain Security, Philips International (Eindhoven)
Tom Scampion, Partner, Enterprise Risk Services, Deloitte LLP (London)

Navigating Between Conflicting US and EU Sanctions and Blocking Statutes
Jon Holland, Partner, Lovells (London)

The Perils of Non-Compliance with US Economic Sanctions: An Overview of Recent Enforcement Actions
Greta Lichtenbaum, Partner, O’Melveny & Myers LLP (Washington)

Developing a Risk-Based Sanctions Compliance Program, from the Ground Up
David Bagley, Head of Group Compliance, HSBC Holdings PLC (London)
Bob Carter, Associate General Counsel, IP, Export Control & Sanctions Shell International Limited (London)
Glen Kelley, Counsel, Freshfields Bruckhaus Deringer LLP (Washington)

Dealing with Sanctions in the Context of International Transactions or Underwritings
Cynthia Weston, Senior Attorney, BP America, Inc. (Los Angeles)
William B. Hoffman, Counsel, Davis Polk & Wardwell (Washington)

The Facilitation Prohibition: What is It and Why Should European Companies Care
Patrick J. Donovan, Chief Compliance Officer, Airbus (France)
Helen Symonds, Executive Director and Counsel, Business Intelligence Group Goldman Sachs International (London)
Philip Bentley, QC, Partner, McDermott Will & Emery/Stanbrook LLP (Brussels)

Handling Enforcement Inquiries and Conducting Effective Internal Investigations
Jamie L. Boucher, Partner, Skadden, Arps, Slate, Meagher & Flom LLP (Washington)
Mark Tantam, Global Head of Investigations, Deloitte LLP (London)

Voluntary Disclosures: Whether, How and When to Make a Disclosure to OFAC
Daniel B. Pickard, Partner, Wiley Rein LLP (Washington)



DOCUMENT TYPES: PRESENTATIONS AVAILABLE: 0