Photo of Pragati Sharma

Principal Associate in the White Collar Crimes & Investigations practice at the Mumbai office of Cyril Amarchand Mangaldas. Pragati focuses on cross-border and international investigations, specifically working on issues of corruption, financial crimes, money laundering, extradition, cyber offenses, corporate governance, defamation, international trade, export controls, and sanctions. She has represented clients before various Indian enforcement authorities and has advised on proceedings before international regulatory bodies like the US DOJ, OFAC, and UNSC. Her experience includes managing sensitive investigations involving internal employee issues, whistle-blower complaints, and sanctions violations, among others. Pragati also focuses on corporate risk and preparing compliance strategies to meet international standards. She can be reached at pragati.sharma@cyrilshroff.com

Navigating OFAC Sanctions: Insights for Indian Businesses and Banks

As sanctions regimes become highly objective oriented, the Office of Foreign Asset Control (OFAC) is focused on ensuring enforcement and targeting entities involved in violating the sanctions, irrespective of their nationality. The inherent complexity, supplemented by an objective-focused approach, makes sanctions compliance even more important in today’s geopolitical climate. On June 12, 2024, the U.S. Department of the Treasury (Treasury Department) unveiled a comprehensive set of anti-money laundering measures aimed at enhancing transparency and preventing illicit financial activities. These measures, along with the OFAC advisory, bring significant implications for financial institutions worldwide by expanding grounds for imposing sanctions against Foreign Financial Institutions (FFIs) and limiting the provision of certain software technologies to Russia.[1]Continue Reading Navigating OFAC Sanctions: Insights for Indian Businesses and Banks