Bethany Brown

Subscribe to all posts by Bethany Brown

Bank Settles Criminal Bank Secrecy Act and Civil Fraud Charges Arising from Its Inadequate Anti-Money Laundering Program

On March 10, 2015, the U.S. Department of Justice (“DOJ”) announced a $4.9 million settlement of criminal and civil charges against CommerceWest Bank (“CommerceWest” or the “Bank”) brought pursuant to the Bank Secrecy Act (“BSA”), the Financial Institutions Reform, Recovery and Enforcement Act (“FIRREA”), and the Fraud Injunction Statute. The government alleged that, between December … Continue Reading

OFAC REVISES SDN OWNERSHIP GUIDANCE

On August 13, 2014, the Office of Foreign Assets Control (“OFAC”) revised its guidance on the status of entities owned by persons designated on the Specially Designated Nationals List (“SDN List”).  Under the new guidance, OFAC will consider an entity to be blocked if it is 50 percent or more owned, directly or indirectly, in … Continue Reading

Foreign Investment in the United States: D.C. Circuit Reversal Could Lead to Increased Transparency for CFIUS

On July 15, the D.C. Circuit held that a presidential order requiring Ralls Corporation to divest its interests in Oregon windfarms because of national security concerns deprived Ralls of its constitutionally protected property interests without due process of law.  In doing so, the D.C. Circuit reversed a district court decision that had emphasized the president’s … Continue Reading

New Ukraine-related Sanctions Curb Exports to Russia and Occupied Crimea

On April 28, the U.S. Department of Commerce announced a new licensing policy restricting exports of “dual use” items that could contribute to Russia’s military capabilities.  Effective immediately, the Commerce Department’s Bureau of Industry and Security (“BIS”) will deny new and pending export license applications to Russia or occupied Crimea of high-technology items that could … Continue Reading

OFAC Issues General License Authorizing Certain Academic Exchanges with Iran

On March 19, the Office of Foreign Assets Control (“OFAC”) issued a general license under the Iranian Transactions and Sanctions Regulations that authorizes several specific forms of academic exchanges with Iran. The newly issued general license – General License G (the “License”) – authorizes qualifying U.S. colleges and universities to engage in certain transactions related … Continue Reading

Foreign Investment in the United States: Executive Order to Divest Foreign Investors Withstands Judicial Review

On October 10, 2013, the U.S. District Court for the District of Columbia issued an amended ruling dismissing Ralls Corporation’s (“Ralls”) challenge to a presidential order requiring divestiture of its interest in four companies engaged in developing wind farms near a Naval base in Oregon. After the deal concluded, Ralls – a Delaware corporation privately … Continue Reading
LexBlog