A RECENT Deloitte report analyzing sanction violation settlements issued by the Office of Foreign Assets Control , a branch of the US Department of the Treasury, presents a sobering picture for companies based in the Philippines, especially considering the magnitude of the potential financial penalties. Just within the period of the analysis , 34 settlements with the OFAC amounted to over $1.6 billion in financial penalties.
Given the deep integration of Chinese suppliers in the supply chains of many Philippine industries, sanctions could lead to sudden disruptions. Companies may find themselves unable to procure critical components or materials, jeopardizing production and operations.– Financial repercussions. In the event of non-compliance, access could be restricted to financing from US institutions or any entity that adheres to US sanctions regulations.
Source: News Formal (newsformal.com)
From OFAC Sanctions Violations
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