With the rise of OFAC Sanctions enforcement and compliance issues, companies have to devote significant resources to following changes in OFAC Sanctions.
Over the last few years, the US government has significantly altered the sanctions landscape with the Iran Nuclear Treaty, and major changes in its relationship with Cuba and Myanmar (Burma). Since the major changes have been announced or implemented, there have been continuing tweaks and changes to the separate sanctions programs. Here is a summary of some of the more significant changes in recent months.
Iran Sanctions: On June 8, 2016, OFAC updated its list of Frequently Asked Questions (FAQs) to provide additional guidance on foreign entities that are owned or controlled by US persons and the modification of financial and banking sanctions. (Courtesy of lexology.com)
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