OFAC has sanctioned, pursuant to Executive Order 13818 (asset freeze and travel ban), members of a South African family, Ajay, Atul and Rajesh Gupta, and their business associate Salim Essa for engaging in “significant corruption”. Sigal Mandeleker, Treasury Under Secretary for Terrorism and Financial Intelligence, said that the family “leveraged its political connections to engage […]

OFAC has listed Iran’s National Development Fund (NDF) and Etemad Tejarate Pars Co. under the newly-enhanced counter-terrorism authority The sanctions come in response to “Iran’s brazen attack against Saudi Arabia”, and the State Department’s says that evidence for the attack “points to Iran – and only Iran”. The NDF reportedly provided the IRGC-QF, Iran’s Ministry […]

OFAC has listed Iran’s National Development Fund (NDF) and Etemad Tejarate Pars Co. under the newly-enhanced counter-terrorism authority Executive Order (E.O.) 13224 To  read more click here  The sanctions come in response to “Iran’s brazen attack against Saudi Arabia”, and the State Department’s Press Release says that evidence for the attack “points to Iran – […]

OFAC has reached a settlement of $4m with British Arab Commercial Bank (BACB), a commercial bank based in London, UK, with “no offices, business or presence under the US jurisdiction”. BACB processed 72 bulk funding payments totalling approximately $190m on behalf of 7 Sudanese financial institutions, including the Central Bank of Sudan, between September 2010 […]

What Are The Current Sanctions Against Cuba? At the moment, the embargo against Cuba is still in full force. Though it is quite clear that some high-ups in the U.S. Government would like to see that change. In 2010, a bill was re-introduced by Congressman Collin Peterson, which would bar the President from prohibiting travel […]

On July 30, 2019, the US Court of Appeals for the DC Circuit unanimously upheld a district court order requiring three unnamed Chinese banks to produce financial records subpoenaed by US federal prosecutors. Although the US government does not currently suspect that the subpoenaed banks took part in wrongdoing, the banks were allegedly used by […]

Further emphasizing its expectation that all companies whose business touches on the United States should maintain a robust, risk-based US economic sanctions compliance program (“SCP”), the US Treasury’s Office of Foreign Assets Control (“OFAC”) has published a detailed “Framework for OFAC Compliance Commitments” (the “Framework”) setting forth the key components of an adequate SCP. OFAC’s […]

OFAC has issued a Finding of Violation to Dominica Maritime Registry Inc. (DMRI), headquartered in Massachusetts, for a violation of the Iranian Transactions and Sanctions Regulations. In particular, OFAC determined that on 4 July 2015, DMRI had violated the Regulations by having “[dealt] in the property or interests in property of the National Iranian Tanker Company (NITC), an entity […]