Rarely a month passes without the U.S. “maximum pressure” campaign against the likes of Venezuela and Iran making headlines, but a lesser-known, yet similarly robust, sanctions offensive is being quietly waged by the Treasury’s Office for Foreign Assets Control.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control issued a new advisory Thursday warning banks, insurance companies, negotiators and others about sanctions risks from helping victims make ransomware payments.… Continue Reading
On September 2, the United States designated the chief prosecutor from the International Criminal Court (ICC), as well as an ICC senior official, to the Specially Designated Nationals (SDN) and Blocked Persons List, the first exercise of sanctions under a June 11 executive order targeting the ICC due to its ongoing investigation of U.S.… Continue Reading
Amid the coming post-Covid-19 resizing wave, when chief compliance officers request bigger budgets, don’t laugh, and don’t blame them. This time, it’s OFAC’s fault.… Continue Reading
As we approach the anniversary of the Financial Conduct Authority’s first published set of aggregated results, it’s a good time to review what that means for risk managers across the UK and Europe.… Continue Reading
The former CEO and former chief operations officer of Monaco-based Unaoil pleaded guilty in March to arranging millions in bribes to officials in at least ten countries, and a former Unaoil business development director pleaded guilty in August last year, the DOJ said Wednesday.… Continue Reading
In the context of the Trump Administration’s “maximal pressure” approach to the U.S. sanctions against Iran, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued on May 3, 2019 its Framework for OFAC Compliance Commitments or OFAC Guidelines.… Continue Reading
Standard Chartered Bank agreed Tuesday to pay $657 million to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to resolve sanctions violations primarily related to Iran, with other violations involving current or former sanctions on Cuba, Sudan, Burma, Syria, and Zimbabwe.… Continue Reading
The concept of central bank-issued digital currencies or national cryptocurrencies has attracted many governments across the world. Particularly, governments that have been sanctioned by the U.S. — such as Iran.
Iran is known for implementing the most creative barter-style sanctions evasion schemes in modern history involving various countries called “gas-for-gold” or the “gold loophole” to evade the economic restrictions that cut the country out of the financial system, crippling their ability to trade with the world. … Continue Reading
The DOJ announced Monday that it brought thirteen financial fraud-related charges against Chinese telecom company Huawei and three other related defendants, including its CFO Wanzhou Meng.
Société Générale SA resolved U.S. trade sanction violations Monday by entering into two deferred prosecution agreements and paying $1.34 billion in penalties to federal and state authorities.
Paris-based SocGen — the third biggest French bank — admitted that it violated sanctions on Cuba, Iran, and Sudan.… Continue Reading