$1.7M School Fine Shows OFAC's Looking Beyond Banks
The U.S. Department of the Treasury's Office of Foreign Assets Control recently took a somewhat novel enforcement action against a Florida-based children's sports education academy relating to the enrollment — unbeknownst to the academy — of the children of drug cartel members.
This action highlighted the increased enforcement risk of cartel-linked transactions and the breadth of the agency's expectations that even purely domestic companies screen all available information against relevant U.S. sanctions lists.
On Feb. 12, OFAC announced a $1.72 million settlement with IMG Academy LLC, a well-known Florida sports training and boarding school, for apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations, one of several U.S. sanctions regimes that target individuals and entities linked to foreign drug cartels.
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White Collar Briefly
Drawing from breaking news, ever changing government priorities, and significant judicial decisions, this blog from Perkins Coie’s White Collar and Investigations group highlights key considerations and offers practical insights aimed to guide corporate stakeholders and counselors through an evolving regulatory environment.