On March 6, 2024, the U.S. Departments of Commerce, Treasury, and Justice issued a Tri-Seal Compliance Note that focuses on the obligations of foreign-based individuals and entities to comply with U.S. sanctions and export control laws. The Note provides a general overview of how U.S. sanctions and export control laws impact individuals and entities located abroad and discusses the mechanisms used by the U.S. government to enforce these laws against non-U.S. persons, including their criminal enforcement. The Note also provides examples of recent charges filed against foreign-based actors by the U.S. Department of Justice, relevant civil and criminal penalties, and a list of compliance recommendations that foreign-based persons should consider. As with any company that participates in the global marketplace, foreign-based companies are encouraged to take appropriate steps to understand the impact of U.S. sanctions laws and export controls on their business and operations and establish internal controls to mitigate possible risks of non-compliance.
Department of Commerce, Department of Treasury, and Department of Justice Tri-Seal Compliance Note