Friday, January 8, 2021



Hunton Andrews Kurth Client Alert

January 6, 2021

A NEW YEAR’S TALE OF CAUTION – OFAC Settlement Highlights Risks for Those Dealing in Digital Currencies 

What Happened: OFAC settled with BitGo, Inc. for $98,830, resolving 183 apparent violations of multiple US sanctions programs for processing digital currency transactions on behalf of individuals located in sanctioned jurisdictions.


The Bottom Line: Companies providing digital currency services should be aware of sanctions risks and should implement compliance procedures sufficient to ensure that they do not deal with blocked persons or otherwise engage in transactions prohibited by sanctions.  This action also cautions financial institutions subject to US jurisdiction of the sanctions risks associated with interacting with digital or crypto currency providers.


The Full Story: Amid the rise of digital currency services, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published a cautionary tale on December 30, 2020, discussing a recent settlement with BitGo, Inc. (BitGo), a California-based technology company that facilitates digital currency transactions and provides non-custodial digital wallet management services. BitGo settled for $98,830 after the company faced, at a maximum, a $53 million civil penalty for 183 apparent violations of multiple US sanctions programs.


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Thursday, December 3rd
10:00 a.m. – 11:30 a.m.
Many corporations and other organizations that import goods through São Paulo and resell them in interstate transactions in Brazil accumulate large amounts of ICMS (Tax on Circulation of Goods and Services), because the tax rate on imports is 18% while on sales to other states is only 4%. In this webinar, we will analyze the effect of the suspension of the ICMS import tax, how to mitigate high balances on entry and exit, and implications for tax reform. This will be the second installment of this webinar series and will be held in English.
Felipe Rufalco MedagliaSenior AttorneyMadrona Advogados
Orlando DalcinDirectorPwC
Rubens Branco da SilvaChairmanBranco Consultores Tributários
Harone Prates Vilas BôasSenior AttorneyMadrona Advogados
Registration Information

Members: Free
Non-members: $15

Webinar information will be provided to registrants once registration has been completed.
Webinar organized by the Brazilian-American Chamber of Commerce in partnership with
Madrona Advogados and PwC.
Brazilian-American Chamber of Commerce, Inc. | 485 Madison Avenue, Suite 401, New York, NY 10022 | (212) 751-4691

Fw: Register for NYC's Small Business Expo

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Enviado: quinta-feira, 3 de dezembro de 2020 14:43:22 BRT
Assunto: Register for NYC's Small Business Expo

December 16, 2020 10AM-7:30PM EST


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