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ARTICLE · 19 NOVEMBER 2020

OFAC Enforcement Update: November 2020

Bass, Berry & Sims PLC
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Two recent enforcement actions taken by the U.S. Treasury Department, Office of Foreign Assets Control (OFAC) serve as a reminder of the long-arm and broad scope of U.S. economic sanctions...

United StatesInternational Law
Thaddeus R. McBride
Thaddeus R. McBride

Two recent enforcement actions taken by the U.S. Treasury Department, Office of Foreign Assets Control (OFAC) serve as a reminder of the long-arm and broad scope of U.S. economic sanctions jurisdiction. (Separately, perhaps nothing illustrates the breadth of OFAC's purview as well as the agency's recent Advisory on Potential Sanctions Risks Arising from Dealings in High-Value Artwork.) OFAC is the main U.S. government agency that administers U.S. sanctions.

Berkshire Hathaway Agrees to Settlement for Violations of U.S. Sanctions on Iran

On October 20, 2020, OFAC announced a settlement with Berkshire Hathaway related to alleged violations of U.S. sanctions on Iran committed by Berkshire's Turkish subsidiary. Berkshire is the multinational holding company headed by billionaire Warren Buffett.

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