Chief Counsel, Office of Foreign Assets Control, Jason Prince Joins Crowell

Key architect of the United States' sanctions against Russia

WASHINGTON, Jan. 23, 2023 /PRNewswire/ -- Jason Prince, former chief counsel to the U.S. Treasury Department's Office of Foreign Assets Control, has joined Crowell & Moring and will advise financial institutions and other companies on the growing list of sanctions and export controls on Russia and other targeted nations and parties.

Prince brings in-depth experience leading OFAC's implementation and enforcement of more than 40 sanctions programs against nations such as Russia, Iran, Syria, North Korea, Cuba, and Venezuela, and thousands of designated individuals and entities deemed to threaten the national security, foreign policy, or economy of the United States. He oversaw the legal design of new sanctions measures and led the legal review of all major OFAC enforcement, compliance, licensing, litigation, and regulatory actions. Prior to the chief counsel role at Treasury, he served as an attorney–advisor in the Office of the Assistant General Counsel for Enforcement and Intelligence, where he advised the under secretary who sits over OFAC and its anti–money laundering counterpart the Financial Crimes Enforcement Network.

At Crowell, Prince will advise clients on the explosive growth of global sanctions and export controls as a partner in the firm's International Trade and Financial Services practices. Given his experience in government, Prince will provide insight on how to comply with complex, evolving legal restrictions governing international trade and investment, as well as internal investigations and voluntary self–disclosures. In addition, Prince will guide clients on how to identify risks in private equity and venture capital investments, and M&A, as well as how to handle what is anticipated to be a continuing increase in sanctions–focused enforcement matters. 

"Jason has stand-out sanctions credentials due to his senior role at OFAC during a pivotal period and his years of private practice experience," said Nicole Simonian, co-chair of the firm's International Trade Group. "He was at the eye of the sanctions hurricane after Russia launched its full-scale invasion of Ukraine, helping to design the largest, fastest expansion of sanctions in our nation's history." Prince was at the center of OFAC's conception, implementation, and enforcement of sanctions against Russia, which involved unprecedented international coordination with allies on EU and UK sanctions.

Prior to his tenure at the Treasury Department, Prince spent 14 years in private practice. He co-chaired the economic sanctions and export controls practice at a large national law firm, where he served as primary outside counsel on sanctions and export controls issues for one of the world's 10 largest international defense trade companies, a Fortune 100 heavy equipment manufacturer, and an array of emerging growth companies. He also counseled multinational and exporting companies on developing compliance programs and conducting audits and internal investigations related to the U.S. Foreign Corrupt Practices Act. While in private practice, Prince specialized in coordinating internal investigations, preparing voluntary self–disclosures to the U.S. government, and conducting compliance program reviews involving OFAC's sanctions regulations and various agencies' export controls.

"The opportunity to obtain first–hand knowledge from one of the key legal architects of U.S. sanctions on Russia and other adversaries will greatly benefit our clients around the globe," said Carlton Greene, chair of the firm's Financial Services Group. "Jason can translate the complex regulations and sanctions for financial institutions and companies that devote substantial time and effort to trying to make contact with and get answers from OFAC."

Prince earned his law degree at the University of Notre Dame, a master of philosophy at the University of Cambridge, and an undergraduate degree from Davidson College. He also served as a law clerk for Judge Susan H. Black on the U.S. Court of Appeals for the Eleventh Circuit. 

"I was drawn to Crowell's strong global platform and highly regarded international trade practice, as well as its skilled investigations team, as I anticipate we will see an increase in cross-border investigations," said Prince. "I look forward to building my practice with lawyers who genuinely collaborate across practices and offices to help in-house legal and compliance teams of companies and financial institutions located around the world."

About Crowell & Moring LLP

Crowell & Moring LLP is an international law firm with offices in the United States, Europe, MENA, and Asia. Drawing on significant government, business, industry and legal experience, the firm helps clients capitalize on opportunities and provides creative solutions to complex litigation and arbitration, regulatory and policy, and corporate and transactional issues. The firm is consistently recognized for its commitment to pro bono service as well as its programs and initiatives to advance diversity, equity, and inclusion. 

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