WSJ Quotes Jason Prince on Sanctions Risks in Foreign Aid Package

The Wall Street Journal has quoted Akin international trade partner Jason Prince in its article “Foreign Aid Package Comes With New Sanctions Risks for Companies.” The article discusses the implications of the foreign aid bill’s inclusion of a change to U.S. sanctions laws, which doubles the investigation period for regulators and prosecutors and may result in more cases and larger fines against companies involved in sanctions violations.

Jason, who previously served as Chief Counsel for the U.S. Department of the Treasury’s Office of Foreign Assets Control, said, “It’s a very far reaching and impactful statutory change, and it’s one that happened very quietly and has surprised a lot of sanctions practitioners and people in industry.”

Jason noted that the bill includes a change in the statute of limitations that will have implications not only for sanctions violations but also for new and pending regulations concerning outbound investment and information and communications technology supply chains. He further explains that companies and their advisers are currently working to understand and navigate these new provisions.

“It has generated a tremendous amount of buzz,” said Jason. “It caught some people off guard, and we are figuring out now how to navigate it.”