Trade and Manufacturing Monitor

News and insight from our international trade practice group

FinCEN Warns Of Russia Sanctions Evasion; Focus on Crypto

On March 7, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an alert advising financial institutions to be vigilant against attempts to evade recent U.S. sanctions imposed on Russia’s following that…

OFAC Puts Virtual Currency Industry on Notice, Highlights Best Practices for Digital Commerce

On October 15, 2021, the Office of Foreign Assets Control (OFAC) issued an advisory providing sanctions compliance guidance for the virtual currency industry (Guidance). The Guidance follows a series of recent…

Trump makes it official: Venezuelan digital currency is subject to sanctions

The President signed a new Executive Order today making it unlawful to engage in transactions involving digital currency issued by the Venezuelan government. The Executive Order makes official prior guidance from the…

Sale of Cartier Jewels Triggers OFAC Violations - Luxury Brands Should Be Aware of U.S. Sanctions Risks

A settlement agreement between Richemont North America, the parent company of Cartier, and the Office of Foreign Assets Control (OFAC) for violations of U.S. sanctions regulations is an important wake up call for U.S.…

US Govt Seeks $1.9 Million In North Korea Sanctions and Money Laundering Case

A recent suit filed by the U.S. Department of Justice (DOJ) for the forfeiture of nearly $2 million highlights the broad extraterritorial reach of U.S. sanctions laws. On June 14, DOJ filed a complaint to seize funds…