The US sanctions enforcement agency, the Office of Foreign Assets Control of the Department of the Treasury ("OFAC"), as well as US prosecutors with authority to prosecute criminal violations of OFAC sanctions, have extended their extraterritorial reach in a dramatic fashion in recent years, radically changing the enforcement environment for both US and foreign financial institutions. In the latest in Mayer Brown's series of the Global Financial Markets Initiative teleconferences, we focus on the emerging enforcement approach of OFAC and US prosecutors, as applicable to the global financial sector. What conduct by foreign banks has been the target of enforcement action? What must US and foreign banks now do to ensure compliance with US sanctions laws? Where might the long arm of OFAC or federal and state prosecutors reach next?
Please join Mayer Brown attorneys Carol J. Bilzi, Simeon M. Kriesberg, and Alex C. Lakatos for an analysis of these and related questions.
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Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.