Providing export control guidance to foreign companies and
On Wednesday, March 6, 2024, the U.S. Departments of Commerce, Treasury, and Justice released another three-in-one compliance note, this time focusing on the obligations of foreign entities to comply with U.S. sanctions and export control laws and recent enforcement actions. This may foreshadow a greater scrutiny of the compliance of foreign companies that we have discussed here. While it’s simple (or not!) to understand how sanctions and export control laws affect U.S. companies, how these laws affect non-U.S. individuals and entities is often more confusing. The note summarizes the various ways in which non-U.S. persons and entities may violate these complex regulations. Office of Foreign Assets Control (OFAC) Sanctions While US persons and all persons within the US are subject to US law, including OFAC regulations, non-US persons are also subject to certain OFAC prohibitions. Importantly, the sanctions prohibit non-U.S. persons from causing or conspiring to cause U.S. persons to intentionally or unintentionally violate U.S. sanctions and from engaging in…
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