Sanctions in the Trump Era – How to Understand and Navigate the Complexities

Adam M. Smith, Partner, Gibson, Dunn & Crutcher LLP

Venue : Stamford American Auditorium (AmCham Office, 1 Scotts Rd, #23-03 Shaw Centre)

Date : October 17, 2017

Time : 11:45 AM - 1:30 PM

Price : $15.00

2017-10-17 11:45:00 2017-10-17 13:30:00 Asia/Singapore Sanctions in the Trump Era – How to Understand and Navigate the Complexities Hosted by the Government & Regional Affairs and Legal & IPR Committees Meeting Adam will be covering the following 3 broad issues: 1) The continued and growing use of sanctions and economic levers by governments around the world – in the United States the Trump Administration’s use of sanctions has been unprecedented and combined with state authorities (like those in New York) the risk to global banks and corporations has never been greater. Since the Trump inauguration in January, we have seen nearly 700 individuals and entities from around the world added to the OFAC blacklist, and enforcement agencies assess more than a billion dollars of fines against foreign entities for violating sanctions and other U.S. domestic regulations. 2) The “Asia Pivot” – whereas Asian institutions and companies have broadly avoided enforcement over the past several years that has changed in recent months with cases against ZTE, Singapore’s CSE Global and other entities. The enhancement of sanctions against North Korea, the potential return of some measures against Myanmar, the new breadth of Congressionally-mandated sanctions against Russia, and the uncertainty with respect to Iranian sanctions going forward make the risk even greater. 3) The enforcement appetite among U.S. regulators has grown stronger and has a few noteworthy characteristics including: (1) increasing use of enforcement theories that expand the scope of liability – the CSE Global matter was key in this regard and saw a Singaporean company be fined $12 million not for violating sanctions measures itself, but for “causing” a violation among others; (2) increasing cooperation among regulators with OFAC, the Department of Justice, the Department of Commerce and state authorities increasingly coordinating actions; (3) a seeming willingness by enforcement agencies to ignore diplomatic equities or commercial viability in exacting penalties – in the Habib Bank case New York state authorities have assessed penalties so severe that the bank is winding down its US operations. Stamford American Auditorium (AmCham Office, 1 Scotts Rd, #23-03 Shaw Centre) AmCham Singapore

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Description


Hosted by the Government & Regional Affairs and Legal & IPR Committees Meeting

Adam will be covering the following 3 broad issues:

1) The continued and growing use of sanctions and economic levers by governments around the world
  – in the United States the Trump Administration’s use of sanctions has been unprecedented and combined with state authorities (like those in New York) the risk to global banks and corporations has never been greater.  Since the Trump  inauguration in January, we have seen nearly 700 individuals and entities from around the world added to the OFAC blacklist, and enforcement agencies assess more than a billion dollars of fines against foreign entities for violating sanctions and other U.S. domestic regulations.

2) The “Asia Pivot” – whereas Asian institutions and companies have broadly avoided enforcement over the past several years that has changed in recent months with cases against ZTE, Singapore’s CSE Global and other entities.
  The enhancement of sanctions against North Korea, the potential return of some measures against Myanmar, the new breadth of Congressionally-mandated sanctions against Russia, and the uncertainty with respect to Iranian sanctions going forward make the risk even greater.

3) The enforcement appetite among U.S. regulators has grown stronger and has a few noteworthy characteristics including: (1) increasing use of enforcement theories that expand the scope of liability – the CSE Global matter was key in this regard and saw a Singaporean company be fined $12 million not for violating sanctions measures itself, but for “causing” a violation among others; (2) increasing cooperation among regulators with OFAC, the Department of Justice, the Department of Commerce and state authorities increasingly coordinating actions; (3) a seeming willingness by enforcement agencies to ignore diplomatic equities or commercial viability in exacting penalties – in the Habib Bank case New York state authorities have assessed penalties so severe that the bank is winding down its US operations.

About the Speaker

Adam M. Smith
Partner
Gibson, Dunn & Crutcher LLP

Adam M. Smith is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher. He is an experienced international lawyer with a focus on international trade compliance and white collar investigations, including with respect to federal and state economic sanctions enforcement, the Foreign Corrupt Practices Act, embargoes, and export controls.

From 2010-2015, Adam served in the Obama Administration as the Senior Advisor to the Director of the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) and as the Director for Multilateral Affairs on the National Security Council. At OFAC he played a primary role in all aspects of the agency's work, including briefing Congressional and private sector leadership on sanctions matters, shaping new Executive Orders, regulations, and policy guidance for both strengthening sanctions (Russia and Syria) and easing measures (Burma and Cuba), and advising on enforcement actions following sanctions violations.

Adam travelled extensively in Europe, the Middle East, Asia, Africa, and the Americas conducting outreach with governments and private sector actors on sanctions, risk, and compliance. This outreach included meetings with senior leadership in several sectors including finance, logistics, insurance and reinsurance, energy, mining, technology, and private equity.

Adam frequently chaired the Treasury delegation to EU/G7 consultations regarding Russia sanctions and negotiated with EU institutions and member states to implement coordinated measures. Additionally, Adam managed the development and implementation of the U.S. government's international outreach program on Congressionally-mandated Iran sanctions and helped develop proposed sanctions relief strategies as a part of the Iranian nuclear negotiations.

During Adam's tenure on the White House's National Security Council, he advised the President on his multilateral agenda including with respect to international sanctions, coordinated inter-agency efforts to relieve U.S. economic restrictions on Burma, and developed strategies to counter corruption and illicit flows and to promote stolen asset recovery.

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