OFAC Enforcement - BNP Paribas SA

Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.

Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).

Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category). Please contact [email protected] or [email protected] with any questions on search results and efficiency.

Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.

TURBOFAC Commentary (799 words)

Notes:

1) Largest OFAC-issued fine in history (at the time of issuance and up through at least 1/2021).

2) Further information provided in settlement and deferred prosecution agreements.

3) Paragraph 12 of the settlement agreement describes a series of transactions which is notable for OFAC's seeing through the "form" to classify the "substance" as a violation. The notion of "structural linkage" between a series of technically disparate transactions may be used to cobble together a single transaction which, when so viewed, would fall foul of the sanctions regulations. Here, the USD-EUR book transfer itself did not violate the sanctions laws (see e.g. the Letter From T. Maloney (Treasury) to Sen. M. Kirk re: Post-JCPOA Dollar Transactions). It was only when a transaction that had a sufficient nexus to that book transfer routed through the U.S. that a violation occurred. The line is...

Welcome!

Welcome!

Civil Enforcement Information - BNP Paribas SA

TURBOFAC Commentary (799 words)