Assuring Foreign Asset Control Compliance in Domestic and International Transactions

National security concerns have prompted the federal government to take an increasingly aggressive approach in policing multi-national relationships. Stringent economic sanctions and export controls aimed at thousands of foreign entities--countries, businesses, organizations and individuals--affect the business operations of American companies in unexpected ways.

Companies engaged in even domestic transactions in any way involving foreign entities must pay attention to the Specially Designated Nationals and Blocked Persons list and conduct prohibited by The Office of Foreign Assets Control (OFAC).

OFAC requirements are essentially applied under a strict liability standard -- exposing American businesses and persons to substantial civil and criminal penalties, regardless of knowledge or intent.

Compliance is difficult because OFAC does not publish official guidance on the types and amount of due diligence it considers reasonable and sufficient to avoid or substantially mitigate penalties.

Listen as our authoritative panel guides counsel to corporate clients in understanding the government's requirements for dealing with foreign persons, organizations, and businesses, in navigating the current enforcement environment, and in developing best practices for ensuring compliance with OFAC regulations.

Simeon M. Kriesberg, Partner, Mayer Brown Rowe & Maw, Washington, D.C., has nearly 30 years of experience in advising clients on international trade compliance issues. His work on sanctions has included advice to clients in a variety of industries. He helps clients assess, develop, and implement compliance programs; analyze and structure transactions; respond to enforcement proceedings; and advocate changes in embargo laws.

Judith Lee, Partner, Gibson Dunn & Crutcher, Washington, DC, practices in the areas of international trade regulation, including economic sanctions and embargoes, export controls, and customs.

Mark Wasden, Of Counsel, Perkins Coie, Washington DC, has represented a diverse range of heavy manufacturing clients in international trade matters. He works with the firm's attorneys on advising clients on regulatory requirements for exporting technology and software; in complying with U.S. economic sanctions programs; and in obtaining premerger approval of foreign acquisitions.

The panelists address these and other key questions:

• What is the scope of the OFAC sanctions and what conduct is prohibited?
• What can be learned from recent enforcement actions?
• What are the best practices for businesses to ensure compliance with foreign asset control requirements?

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