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US Government Revokes County-Based Sanctions on Sudan

As of October 12, 2017, the broad country-based sanctions on Sudan were removed by the US government. Originally, the restrictions on Sudan were extensive like those on Iran, Cuba, and Syria. With the recent update, various persons and entities now have the legal ability to engage with Sudanese business entities. Details of the Sudan Sanctions […]

OFAC Sanctions 271 Employees of Syria’s Scientific Studies and Research Center

OFAC sanctions employees of Syria's scientific studies and research center

On April 24, 2017, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 271 employees of Syria’s Scientific Studies and Research Center (SSRC). This surprisingly large set of designations was in response to the April 4, 2017 sarin gas attack by the Syrian government on civilians in Khan Sheikhoun, Syria.

A Closer Look at OFAC’s General License H

OFAc's General License H: A Closer Look

Back in July (2015) the permanent members of the UN Security Council (China, France, Russia, the United Kingdom, and the United States), Germany (collectively the P5+1), the European Union, and Iran reached a Joint Comprehensive Plan of Action (JCPOA) to ensure that Iran’s nuclear program would be exclusively peaceful.

OFAC Fines Barclays Bank Over Shadow Blocked Entities

Barclays Bank Fined by OFAC for Shadow Blocked Entities

Barclays Bank Pays Millions to Settle Sanctions Violations Involving Shadow Blocked Entities On February 8, 2016, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement between the agency and Barclays Bank Plc regarding apparent violations of the Zimbabwe Sanctions Regulations (ZSR). Specifically, Barclays (including its New York branch), processed […]

Cash Purchases May Complicate Real Estate Buys From Sanctioned Countries

Real Estate Buys for Immigrants Complicated by Cash Purchases

Heightened Scrutiny of Real Estate Cash Purchases May Complicate Future Buys by Those Tied to Sanctioned Countries On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN) issued two new Geographic Targeting Orders (GTOs) that will temporarily require US title insurance companies to identify the natural persons behind companies used to pay “all cash” for high-end residential […]

North Korea’s Global Weapons Proliferation Network Targeted by OFAC Sanctions

North Korea's Weapons Proliferation Sanctioned

On December 8th, 2015, the Treasury Department’s Office of Foreign Assets Control (OFAC) took aim at the North Korean government’s attempts to procure weapons of mass destruction (WMDs) and related materials for production, presumably for the assembly of a strategic rocket force. Six North Korean nationals and three North Korean shipping companies have been added […]

OFAC Sanctions Prominent Japanese Yakuza Member

Former Yakuza Member Tadamasa Goto Sanctioned

On December 9th 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a press release designating Tadamasa Goto, a Japanese yakuza or gangster member known as the John-Gotti of Japan, as person completely prohibited from dealing with U.S. financial markets.

FATF Report: Money Laundering Through the Physical Transportation of Cash

FATF Money Laundering Charges Through the Physical Transportation of Money

On November 30, 2015, the Financial Action Task Force (FATF) issued its latest report, entitled: Money Laundering Through the Physical Transportation of Cash.  For those who may be unfamiliar with the FATF, it is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing, and […]

OFAC Sanctions Three Members of a Powerful Honduran Family and their Bank

Powerful Honduran and Their Bank Sanctioned

On October 7, 2015 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it had made several major designations pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act).  OFAC designations (opens as pdf) were made against Jaime Rolando Rosenthal Oliva, along with his son, Yani Benjamin Rosenthal Hidalgo, and […]

Navigators Insurance and The Importance of An OFAC Compliance Program

OFAC Compliance & Navigators Insurance

OFAC Fines Navigators Insurance Company without Compliance Program for Apparent Violations of Various Sanctions Programs. Several interesting things stand out regarding OFAC’s enforcement action against Navigators Insurance Company (“Navigators”).  On August 6, 2015, OFAC entered into a settlement agreement with Navigators to settle potential liability for apparent violations of the North Korea, Iran, Sudan, and […]

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