Tag Archives: OFAC

OFAC Issues Advisory on Sanctions for Facilitating Ransomware Payments

On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory “to highlight the sanctions risks associated with ransomware payments related to malicious cyber-enabled activities.” The advisory acknowledges that the incidents of ransomware attacks on U.S. companies have risen during the COVID-19 pandemic. Although the advisory does … Continue Reading

Connecticut Company Reaches Settlement With OFAC Regarding Alleged Iran Sanctions Violations

This week, we are pleased to have a guest post from Kevin Daly.  Attorney Daly is a member of the firm’s Manufacturing Industry Group and also its Trade Compliance Team. On February 21, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) entered into a settlement with Connecticut-based ZAG IP, LLC … Continue Reading
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