A recent conversation with a head of legal of a Fortune 500 technology company relating to the current challenges of complying with U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) restrictions brought to mind a couple of tips that are important for all senior legal and compliance professionals at companies with cross-border operations. Unlike certain other areas of the law that mandate reporting or disclosure, in general, disclosing violations to OFAC is voluntary, so that any decision on whether to disclose should be mindful of relevant considerations. Here are a couple of practical tips to consider in that process:
Tip #1: Not all attorneys advising on economic sanctions enforced by OFAC take the same approach to risk mitigation and having a trusted legal adviser that is well-suited for your needs can make a world of difference.
