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Lessons Learned From OFAC s 2021 Enforcement Actions So Far | Morrison & Foerster LLP
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In the new Biden Administration, companies should expect aggressive enforcement of trade sanctions. At the same time, in response to Russian aggression and the Solar Winds cyber-attack, OFAC is likely to implement new and even more restrictive sanctions against Russia. In anticipation, companies should elevate the importance of their sanctions compliance programs (SCPs) pursuant to the May 2019 OFAC Framework. Unfortunately, for many companies, sanctions compliance does not get the attention it deserves. Those companies that See more +
In the new Biden Administration, companies should expect aggressive enforcement of trade sanctions. At the same time, in response to Russian aggression and the Solar Winds cyber-attack, OFAC is likely to implement new and even more restrictive sanctions against Russia. In anticipation, companies should elevate the importance of their sanctions compliance programs (SCPs) pursuant to
BMJ admitted that it sold products to two North Korean companies as well as a Chinese trading company, knowing that the products were destined to North Korea.
Specifically, BMJ exported cigarette paper to a China-based intermediary, who procured the cigarette paper on behalf of OFAC-designated Korea Daesong General Trading Corporation (“Daesong”) while Daesong was operating under an alias. In addition, BMJ sold cigarette paper to Dalian Sun Moon Star International Logistics CO LTD, which was subsequently designated by OFAC in August of 2018.
BMJ, at the request of its customers, replaced the ultimate customer from paperwork (invoices, packing lists, and bills of lading) to reference only the names of intermediaries located in third countries. The transactions totaled nearly $1 million.
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PT Bukit Muria Jaya (“BMJ”), an Indonesian corporation, recently agreed to pay a criminal fine of more than $1.5 million and to strengthen its compliance program after violating the U.S. sanctions regime. Similarly-situated foreign companies that might do business with individuals, companies, and countries listed by the U.S. Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) should ensure that they have compliance programs to avoid similar enforcement actions.
On January 14, 2021, the U.S. government entered into a deferred prosecution agreement (“DPA”) with BMJ, an Indonesian paper goods company, which sold paper products to a North Korean state-owned company. As part of the settlement, BMJ paid a fine of $1,561,570 to the U.S. government and signed a DPA.
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