U.S. Sanctions - What's New? What's Next?
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The potential new round of economic sanctions against Iran and the Palestinian Authority is only one of the developments that is altering the extraterritorial U.S. sanctions programs affecting the international operations of companies around the world. In U.S. Sanctions: What's New? What's Next?, a timely web-based seminar ("webinar") sponsored by Mayer, Brown, Rowe & Maw LLP, former high-ranking officials of the United States and the European Union join experienced trade and financial services compliance practitioners to present insights into the changing sanctions regime, including a discussion of what's new and what's next with respect to embargoes and export controls and, in the financial services area, the interplay of pending USA PATRIOT Act, and anti-money laundering initiatives.
- New sanctions against Iran and the Palestinian Authority are under active consideration.
- Enforcement of U.S. dual-use controls is increasing, especially in connection with outsourcing and employment of foreign nationals.
- An announced new approach to the enforcement of extraterritorial U.S. sanctions, stressing internal compliance programs, carries important implications for corporate parents worldwide.
- Financial services firms are under great scrutiny by U.S. and non-U.S. sanctions administrators.
The program will be presented Wednesday, March 15, 2006, at 12:00 Noon (EST). To join this complimentary webinar, please RSVP to Vanessa Abiaad at vabiaad@mayerbrownrowe.com. You will receive instructions on how to log in and dial in to the webinar approximately 48 hours prior to the program.
Program
I. An Insider's View: New Middle East Sanctions on the Horizon?
Potential for New United Nations Sanctions Against Iran
Ambassador Richard S. Williamson
Former U.S. Ambassador to the United Nations Security Council
Partner, Mayer, Brown, Rowe & Maw LLP, Chicago, Illinois
Where is the EU Heading?
Ambassador Dr GĀnter Burghardt
Former European Union Ambassador to the United States
Senior Counsel, Mayer, Brown, Rowe & Maw, LLP, Brussels, Belgium
II. Cutting-Edge Issues For Exporters: U.S. Dual-Use Export Controls
James J. Jochum
Former U.S. Assistant Secretary of Commerce for Export Administration and Import Administration
Partner, Mayer, Brown, Rowe & Maw LLP, Washington, D.C.
The Bush Administration has heightened its enforcement efforts in the area of dual-use controls, with a particular focus on companies that outsource certain activities abroad and those that employ foreign nationals. We will discuss how companies can ensure compliance with this new enforcement environment.
III. It's 2006: Do You Know What Your Children Are Doing? The New Approach to Sanctions Enforcement and Its Implications for Corporate Parents
Simeon M. Kriesberg
Partner, Mayer, Brown, Rowe & Maw LLP, Washington, D.C.
The newly announced policy by the U.S. Office of Foreign Assets Control (OFAC), regarding enforcement of U.S. sanctions, promises to place even greater emphasis on corporate compliance programs, and particularly on the effectiveness of policies under which parent companies, whether in the United States or abroad, attempt to discipline their subsidiaries. We will discuss the new OFAC approach, its relationship to other sanctions regimes, and its implications for corporate parents worldwide.
IV. Hot Topics for Financial Services Providers
Marc R. Cohen and Thomas J. Delaney
Partners, Mayer, Brown, Rowe & Maw LLP, Washington, D.C.
A discussion of the current supervisory and enforcement climate affecting global financial services firms, including cross-border dollar transfers (cover payments) and letters of credit business, the adoption of global sanctions policies, and potential new sanctions directed at Iran and the Palestinian Authority.
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