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Obama Signs Hizballah Sanctions Law Targeting Foreign Banks
  • Steptoe & Johnson LLP
  • Middle East, USA
  • December 23 2015

On December 18, 2015, President Barack Obama signed into law the Hizballah International Financing Prevention Act of 2015 (HR 2297), which authorizes

Could proper documentation have saved NY bank from OFAC?
  • Steptoe & Johnson LLP
  • Iran, USA
  • December 3 2015

On Nov. 4, 2015, the Office of Foreign Assets Controls of the US Department of the Treasury announced that Banco do Brasil SA, New York Branch (BBNY

Sen. Hatch to convene hearing on OECD BEPS reports, EU State Aid investigations
  • Steptoe & Johnson LLP
  • European Union, Global, OECD
  • November 24 2015

Today, Senate Finance Committee Chairman Orrin Hatch (R-UT) announced that the Senate Finance Committee will hold a hearing on December 1, to examine

Crédit Agricole settles sanctions allegations: risks to multinational banks remains high
  • Steptoe & Johnson LLP
  • USA
  • November 12 2015

On October 20, 2015, US federal and New York state authorities announced that they had each reached an agreement with France's Crédit Agricole

OFAC enforcement involving NY operations of Brazilian-based financial institution
  • Steptoe & Johnson LLP
  • Brazil, Iran, USA
  • November 6 2015

On November 4, 2015, the Office of Foreign Assets Controls (OFAC) of the US Department of the Treasury announced that Banco do Brasil, S.A., New York

OFAC finding of sanctions violation prompts guidance on “false hit lists”
  • Steptoe & Johnson LLP
  • USA
  • October 22 2015

On October 21, 2015, the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued a Finding of Violation against BMO Harris

EU member states reach agreement on cross-border tax rulings
  • Steptoe & Johnson LLP
  • European Union
  • October 6 2015

Today, the Council of the European Union announced an agreement that will require European Union (EU) member states to automatically exchange

Non-US financial institutions dealing with Russian SDNs could face US sanctions
  • Steptoe & Johnson LLP
  • Russia, Ukraine, USA
  • June 22 2015

On June 16, 2015, section 5(b) of the Ukraine Freedom Support Act of 2014 (UFSA) (P.L. No. 113-272), which authorizes the President to impose

PayPal settles OFAC investigation for $7.65 million
  • Steptoe & Johnson LLP
  • USA
  • April 4 2015

PayPal has agreed to pay $7.65 million to settle claims by the Treasury Department's Office of Foreign Asset Control that it processed transactions

Commerzbank $1.45b settlement: OFAC continues scrutinizing foreign banks
  • Steptoe & Johnson LLP
  • USA
  • March 24 2015

On March 12, 2015, Commerzbank AG, the second-largest bank in Germany, agreed to civil and criminal settlements with US federal and New York state