The Department of Justice (DOJ) has resolved its first corporate sanctions case concerning alleged violations of the Iran sanctions program. This action undoubtedly solidifies the message issued by the Justice Department regarding the stringent response to corporate sanctions violations. As part of the settlement, corporations guilty of violating sanctions are required to pay a fine and enter either a guilty plea, deferred agreement, or non-prosecution agreement.
It appears the government is likening the enforcement strategy for corporate sanctions violations to the Foreign Corrupt Practices Act (FCPA) enforcement. An approach commonly known among legal practice circles as “The New FCPA”. This alludes to the government’s intent to vigorously prosecute companies who fall foul of sanctions enforcement, much akin to how FCPA violations are currently handled.
While the specifics of the resolved corporate sanctions case are yet unrevealed, these recent happenings underscore the increased scrutiny under which global corporations now operate. Legal professionals should adopt proactive measures to ensure their respective corporate bodies adhere to sanctions law.
For further information on the resolved case, please visit: DOJ Resolves First Corporate Sanctions Case Involving Iran Sanctions Program.
This information is brought to you courtesy of The Volkov Law Group, known for its astute analysis of ongoing developments in sanction enforcement.