US national security and foreign policy concerns have led to a complex thicket of rules and regulations on the cross-border financial transactions and the flow goods and services. Federal regulators such as the Department of Commerce Bureau of Industry and Security (BIS), the Department of the Treasury Office of Foreign Assets Controls (OFAC) and the State Department Directorate of Defense Trade Controls (DDTC) impose requirements and restrictions that can be burdensome to navigate. We have broad experience in counseling clients subject to export controls, economic sanctions, and antiboycott regimes. We leverage technical expertise to advise on regulatory requirements related to encryption and technology transfers and dual-use exports, deemed exports and re-export restriction.
We can assist clients in the following areas:
- Develop and implement export controls and sanctions compliance program policies and procedures, or provide recommendations to enhance an existing program.
- Train board members, executives, officers, personnel and certain third-party intermediaries.
- Assess whether the client needs OFAC and BIS licenses and assist with license applications, submission of commodity Classification Requests, or Voluntary Self-Disclosures, and obtain any needed approvals.
- Advise regarding designation and removal from the OFAC Specially Designated Nationals (SDN) List or BIS Entity List.
- Advise on international funds transfers, including foreign gifts, dollar-clearing transactions, anti-money laundering-related issues and undeclared offshore accounts (e.g. OVDP, FBAR, FATCA), as well as the release of blocked funds held by U.S. financial institutions.