International Top 30 position: 16

Recent settlement highlights need for OFAC diligence

The Office of Foreign Assets Control (OFAC) recently entered into a settlement agreement with a European-based asset manager for an alleged violation of US sanctions against Iran. The settlement agreement follows the announcement of a number of new measures that significantly expand US sanctions against Iran. What is significant about the new measures is that they explicitly target certain activities of non-US companies as well as US companies.

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