U.S. Treasury encourages individuals and entities to share compliance concerns related to Covid-19 pandemic with the Office of Foreign Assets Control (OFAC)

The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC), which administers and enforces U.S. trade and economic sanctions, issued a notice acknowledging that some companies may need to temporarily reassign sanctions compliance resources due to the current pandemic. The U.S. Treasury communicated that it would weight the effects of the pandemic on companies’ ability to comply with sanctions as it evaluates possible enforcement actions. It concluded that the impact of the coronavirus on compliance could be a mitigating factor in sanctions cases. Nevertheless, it encouraged individuals and companies to inform OFAC about  pandemic-related compliance concerns such as possible delays in meeting deadlines associated with regulatory requirements.

Find the notice here: https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200420.aspx?mod=article_inline

 

These are the upcoming dates for our Annual General Meetings:

Thursday, 19 March 2026
Thursday, 18 March 2027

If you are an ECS member, you are cordially invited to our Annual General Meetings! Each AGM is followed by discussion on current compliance topics and an networking Apèro.

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