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Why violating OFAC sanctions can be a costly lesson for global businesses
Global businesses grapple with the complexities of trade and economic sanctions compliance. This report delves into the steep costs of OFAC sanctions violations and the valuable lessons extracted from settlements.
In today's turbulent world, economic sanctions are increasingly used by governments to support their foreign policy goals. Among the key players in enforcing economic sanctions is the Office of Foreign Assets Control (OFAC), a branch of the U.S. Department of the Treasury.
Becoming the subject of enforcement action can be painful, costly, and challenging for any organization as OFAC has both global reach and the authority to impose significant penalties.
In this new report, Deloitte Forensic Philippines Leader Neal Ysart discusses the cost of non-compliance and provides insights and lessons from settlements to manage sanctions risks.