A Comprehensive Overview of US Sanctions and Their Extra-Territorial Application

Oct 1, 2019 9:00am - 12:30pm

Speakers

Alison Cooper
Chief Blocked Assets Administration and Analysis
Office of Foreign Assets Control (OFAC) US Treasury Department

Inna Tsimerman
Chief Privacy and International Trade Counsel
Marsh & McLennan Companies (USA)

Navigating the Intersection of Sanctions, Export Controls, Financial Crime & AML Rules

Oct 1, 2019 2:00pm - 5:00pm

Speakers

Paul Marquardt
Partner
Cleary Gottlieb (Washington, DC)

Day 1 - Wednesday, October 2, 2019

8:00
Registration and Breakfast
9:00
Co-Chairs Opening Remarks
9:15
OFAC Priorities for the Coming Year: Compliance and Enforcement
10:15
Networking Break
10:30
Russia Part 1: Overview of Recent Restrictions and Practical Tips for Staying Compliant
11:30
Russia Part 2: Hypothetical Scenarios Best Practices for Navigating Russian Compliance Sanction Challenges
12:15
Networking Luncheon
1:15
Focus on IRAN and CUBA: Recent Developments in Iran and Cuba: Expanding Sanctions, Countermeasures, and Challenges for Non-U.S. Companies
2:15
Networking Break
2:30
How to Get Buy-in from Your Non-U.S. Business Partners: Steps to Exercise When Your Partner/Subsidiary Does Not Prioritize Sanctions
3:30
Global Legislative Trends on the Magnitsky Sanctions Act
4:30
End of Day One

Day 2 - Thursday, October 3, 2019

8:00
Registration and Breakfast
8:50
Co-Chairs Opening Remarks
9:00
Global Affairs Canada: Upcoming Changes: Canada’s Accession to the Arms Trade Treaty
10:00
Senior Executive Think Tank: Priorities for Stakeholder Management and Managing Sanctions Risks
10:45
Networking Break
11:00
OFAC’s Shipping Advisory: Exploring the Deepening Sanctions-Related Risks Mitigating Sanctions Risks and Implications for Various Sectors
11:45
Successfully Navigating Conflicting Sanctions Regimes
12:30
Networking Luncheon
1:30
The Expansion of U.S. Venezuela Sanctions: What Does This Mean for Global Companies
2:15
Networking Break
2:30
Up-to-Date Screening Protocols: Enhanced Due Diligence Requirements for Your Supply Chain
3:30
What’s Next: Emerging Trends and What to Watch Out for
4:30
End of Forum

Day 1 - Wednesday, October 2, 2019

8:00
Registration and Breakfast
9:00
Co-Chairs Opening Remarks

Elliot Burger
Senior Legal Counsel
Linamar Corporation (Canada)

9:15
OFAC Priorities for the Coming Year: Compliance and Enforcement

Alison Cooper
Chief Blocked Assets Administration and Analysis
Office of Foreign Assets Control (OFAC) US Treasury Department

In May 2009, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published it’s first-ever Framework for OFAC Compliance Commitments (“The Framework”), detailing the essential components of Sanctions Compliance Programs (SCPs). This session will highlight the significance OFAC attaches to SCPs in resolving enforcement actions, compliance enhancements and more…

  • Understanding the touchpoints to the global economy when involved in high risk industries and jurisdictions
  • Applying the risk-based approach on SCPs
  • The root cause analysis in identifying potential violations
  • The metrics OFAC will apply in assessing the adequacy of a company’s response to violations
  • Lessons learned from recent enforcement actions

10:15
Networking Break
10:30
Russia Part 1: Overview of Recent Restrictions and Practical Tips for Staying Compliant

Philip Urofsky
Partner
Shearman & Sterling (USA)

Learn from leading practitioners on how to stay compliant with Russia sanctions. This session will discuss the recent changes to US, Canadian and EU Sanctions policies from the past year and predict what is expected for 2020.

  • What is the status? What is the outlook for the future in terms of additional expansion of scope or additional designations — particularly in light of pending DETER Act of 2019 and DASKA 2019?
  • What processes or controls should be enhanced from recent enforcement actions and regulatory developments
  • Scope of the OFAC General Licenses in respect of Russian SDNs and what they mean for businesses risk appetite
  • Differences between US and EU indirect sanctioned status: OFAC 50% rule and EU control variable

11:30
Russia Part 2: Hypothetical Scenarios Best Practices for Navigating Russian Compliance Sanction Challenges

Inna Tsimerman
Chief Privacy and International Trade Counsel
Marsh & McLennan Companies (USA)

Deep dive on the applicability of your compliance framework determining the critical effects of Russian Sanctions. Senior industry experts will navigate through the baseline substantive criteria through hypothetical scenarios.

  • Screening of third parties: pinpointing its scope, tailoring it to your business activities & risk profile
  • Anti-corruption due diligence screening vs sanctions screening: is there any synergy or room for convergence

12:15
Networking Luncheon
1:15
Focus on IRAN and CUBA: Recent Developments in Iran and Cuba: Expanding Sanctions, Countermeasures, and Challenges for Non-U.S. Companies

Kimberly Strosnider
Partner
Covington (USA)

  • Update on the conflict of laws between the US and EU over Iran, including expansion of US sanctions and EU counter-efforts
  • Expanded US sanctions against Iran and interplay of EU blocking statute
  • Canada’s view on Iran and sanctions status
  • Remaining areas of trade with Iran and practical difficulties for companies engaging in such trade
  • EU Special Purpose Vehicle (SPV)/INSTEX: Will it be able to achieve its stated purpose? How can this enable companies to do business?
  • Developments in US Cuba sanctions and impact on non-US companies
  • Recent expansions of US sanctions and waiver of US Helms Burton Act Title III: How the risk of US lawsuits may impact non-US company activities in Cuba
  • Lessons learned from Canada’s experience with Cuban blocking measures
  • Updates on the latest information emerging from the US and the EU on possible next steps
  • Best practices in navigating conflicts of law and developing a contingency plan for potential sanctions changes and snapbacks

2:15
Networking Break
2:30
How to Get Buy-in from Your Non-U.S. Business Partners: Steps to Exercise When Your Partner/Subsidiary Does Not Prioritize Sanctions

James Burman
Senior Trade Compliance Specialist, Sanctions and Screening
Pratt & Whitney (Canada)

Elspeth Hagan
General Counsel, Global Compliance
McCain Foods Limited (Canada)

Eric. J. Rudolph
Senior Director, Forensic & Litigation Consulting, Export Controls and Sanctions
FTI Consulting (USA)

  • How to communicate with your non-US subsidiaries and business partners without triggering a sanctions violation
  • What you can and can’t say
  • When a US citizen working in a foreign location needs to excuse themselves from business discussions

3:30
Global Legislative Trends on the Magnitsky Sanctions Act

Martha Harrison
Partner
McCarthy Tetrault (Canada)

  • Will the scope of the Act remain unchanged?
  • Potential targets from existing and newly identified jurisdictions
  • Does the implementation of the Magnitsky Act signal that the Canadian Government is trending towards more sanctions enforcement?
  • Global legislative trends — can we anticipate the adoption of the Magnitsky Acts by other countries?

4:30
End of Day One

Day 2 - Thursday, October 3, 2019

8:00
Registration and Breakfast
8:50
Co-Chairs Opening Remarks
9:00
Global Affairs Canada: Upcoming Changes: Canada’s Accession to the Arms Trade Treaty

Rouben Khatchadourian
Director General of the Trade Controls Bureau
Global Affairs Canada

10:00
Senior Executive Think Tank: Priorities for Stakeholder Management and Managing Sanctions Risks

Elliot Burger
Senior Legal Counsel
Linamar Corporation (Canada)

  • Ensuring your stakeholders have sanctions compliance on their radar and are acting to keep you sanctions compliant
  • Getting cross-functional input — the necessity of reconciling legal and industrial perceptions of risks and rewards
  • Knowledge management at all levels within your organisation and mitigating information sharing challenges
  • The “tools of the trade” you can apply in your day-to-day increasing your work efficiency
  • Pros and cons of global vs local standards

10:45
Networking Break
11:00
OFAC’s Shipping Advisory: Exploring the Deepening Sanctions-Related Risks Mitigating Sanctions Risks and Implications for Various Sectors

Robert Walsh
Deputy Chief Compliance Officer
AXA Group (USA)

  • Suggested steps to mitigate sanctions risks for the shipping industry and those involved in shipping related transactions including, insurance companies and financial institutions
  • How to monitor for signs of AIS manipulation
  • Conduct research prior to ship-to-ship transfers on the identity of the vessels and whether there is a legitimate reason for the transfer
  • Reviewing applicable shipping documentation for indications of manipulation or other red flags of illicit activities
  • Clearly communicating sanctions obligations and requirements to international partners
  • Leveraging available resources, including commercial shipping data and information available from OFAC, the US Coast Guard and the UN when conducting due diligence
  • Implications for compliance: Requirements for the insurance sector, what is required when screening?

11:45
Successfully Navigating Conflicting Sanctions Regimes

Glen Kelley
Partner
Jacobson Burton Kelley PLLC (USA)

Canadian, American and European sanctions regimes can often come into conflict or even require mutually-exclusive regulatory practices. Delve into how companies overcome the challenges of having their offices crossing regulatory borders.

  • Comparative analysis of different sanctions regimes (US, EU and Canada) and the key areas in which they come into conflict
  • The myth of the “Strictest Sanctions Regime” — the mistake of presuming one regulatory framework is all-encompassing

12:30
Networking Luncheon
1:30
The Expansion of U.S. Venezuela Sanctions: What Does This Mean for Global Companies

Jacqueline Shinfield
Partner
Blakes (Canada)

  • Sanctions updates and outlook for 2020 — What does this mean for global companies doing business with parties’ subject to sanctions
  • Recent government amendment modifying sanctions deals with Financial Institutions
  • What are the new restrictions, definitions and designations on companies
  • What amounts to “sufficient” due diligence and what red flags should you be looking for when conducting checks on suppliers, JV’s and third parties
  • Do’s and don’ts of making and receiving payments, integrating payment services and facilitating transactions

2:15
Networking Break
2:30
Up-to-Date Screening Protocols: Enhanced Due Diligence Requirements for Your Supply Chain

Milos Barutciski
Partner
Borden Ladner Gervais (Canada)

  • Best practices, tips and recommendations on how to deal with the risk when detected
  • Specific due diligence steps to identify foreign government or foreign government official ownership interest
  • KYCC — understanding your customer’s business and their customers and suppliers
  • How far up the supply chain does the responsibility lie?
  • What is the expectation of banks and financial institutions to monitor underlying trade?
  • How do you determine and set appropriate screening controls?
  • How do you set and enforce risk boundaries with clients?
  • How to incorporate screening for human right abuses or violations by customers and vendors

3:30
What’s Next: Emerging Trends and What to Watch Out for

Brian Cacic
Partner
Baker & McKenzie (Canada)

  • The scope of sanctions and its administration
  • Streamlining your approach in meeting local requirements and securing approval
  • Trends in sanctions due diligence for M&A and commercial transactions
  • Sanctions questionnaires and certifications — trends and considerations

4:30
End of Forum

A Comprehensive Overview of US Sanctions and Their Extra-Territorial Application

Oct 1, 2019 9:00am - 12:30pm

$600

Speakers

Alison Cooper
Chief Blocked Assets Administration and Analysis
Office of Foreign Assets Control (OFAC) US Treasury Department

Inna Tsimerman
Chief Privacy and International Trade Counsel
Marsh & McLennan Companies (USA)

What is it about?

Economic sanctions are constantly being revised and it is more important than ever to stay ahead. Take part in this interactive workshop to ensure your compliance team’s knowledge of current US sanctions regulations is timely and accurate.

  • Identifying the main players — agencies, laws and lists to keep on your radar
  • A primer on Russian sanctions — who is affected and how are these sanctions being enforced?
  • Analysis of on-the-ground consequences of US withdrawal from the Iran nuclear pact
  • Mitigating your exposure to potential risk in the era of “smart” sanctions: how targeted sanctions increase your risk profile
  • Devising and implementing your sanctions screening program:
    • Auditing your organisations current capabilities and identifying potential gaps in analysis
    • Integrating sanctions compliance across your departments
  • Case studies: real world takeaways from recent OFAC enforcement

Navigating the Intersection of Sanctions, Export Controls, Financial Crime & AML Rules

Oct 1, 2019 2:00pm - 5:00pm

$600

Speakers

Paul Marquardt
Partner
Cleary Gottlieb (Washington, DC)

What is it about?

This in-depth session will discuss how to develop a robust compliance program to manage risks across your organization. Topics to be covered include:

  • Impact of sanctions compliance on current and different business needs: how to ensure the right balance between caution and seizing the right opportunities overseas
  • Managing sanctions compliance when dealing with countries subject to the Financial Actions Task Force (FATF) — taking advantage of existing due diligence procedures
  • Addressing AML and sanctions compliance co-operatively across departments
  • Data sharing across units — how to best leverage your data collection between financial crime and compliance teams
  • The latest on evasion and enforcement — combatting money laundering as a sanctions evasion strategy