Setting up and improving systems for ensuring compliance with economic sanctions

Kim & Chang’s Economic Sanctions Practice identifies critical factors necessary to ensure that a sanctions compliance program meets the regulatory authorities’ expectations through in-depth analyses of applicable laws and regulations, as well as precedents.  It also assists clients to set up the best systems and internal regulations required to ensure compliance with economic sanctions, through objective and systematic analyses and evaluations of clients’ compliance with economic sanctions laws and risk profiles, which frequently requires interviews with officers and employees, on-site due diligence, and document review.

Response to investigation by local and foreign authorities

Through fact-finding, internal investigations, and the development of legal arguments, Kim & Chang’s Economic Sanctions Practice advises clients on how to proactively manage risks associated with economic sanctions issues and offers the most effective solutions for responding to investigations by domestic and foreign supervisory authorities and law enforcement agencies.

Advice on transactions and due diligence

Kim & Chang’s Economic Sanctions Practice advises clients on economic sanctions issues that may arise from cross-border transactions and contracts, conducts due diligence on economic sanctions risks associated with M&As and other investment activities, and works closely with foreign law firms that specialize in economic sanctions to provide timely and accurate advice on foreign laws.

Representation in disputes

Kim & Chang’s Economic Sanctions Practice represents clients in all civil and criminal lawsuits, arbitration cases, and administrative sanctions proceedings arising from economic sanctions.

Employee education and training

Kim & Chang’s Economic Sanctions Practice assists with employee education and training to ensure compliance with economic sanctions and raise awareness of related issues.

Kim & Chang’s Economic Sanctions Practice provides optimal advice for all domestic and foreign businesses, financial institutions, local subsidiaries and branches involved in cross-border financing and transactions of goods and services.

• Advised banks in US governmental investigations on potential violations of economic sanctions laws and regulations.
• Advised an oil refinery on OFAC approval and contract amendment in relation to economic sanctions relating to Russia.
• Advised a construction company in a cross-border dispute arising from economic sanctions relating to Russia.
• Advised a shipbuilder in a cross-border dispute in relation to economic sanctions relating to Russia.
• Advised a client on economic sanctions in relation to a ship financing project involving Russia.
• Advised an energy/petrochemical company on export control and economic sanctions in relation to an EPC project involving Russia and Iran.
• Advised a bank on risk management in relation to compliance with economic sanctions laws and regulations.
• Advised a bank in establishing economic sanctions compliance policies and procedures.
• Advised a client on updating an economic sanctions and export control compliance program.
• Advised financial institutions on the impact of economic sanctions on foreign exchange/trade financing transactions.
• Advised a company in a merger and acquisition transaction with an entity based in a country subject to economic sanctions.
• Advised an investor on the target company’s economic sanctions risks and adopting an economic sanctions compliance program.
• Advised a defense company on export control, economic sanctions, and customs duties.
• Advised trading firms on the impact of economic sanctions on trade.
• Advised an insurer on insurance/warranty events arising from a dispute over economic sanctions.
• Advised a manufacturer on its withdrawal from a country subject to export control and economic sanctions.
• Advised a client on the export of medical devices to Iran.
• Advised a client on the distribution/export of goods from Cuba.
• Advised a client on economic sanctions risks associated with investments and business operations in Myanmar.