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OFAC Enforcement Action: IPSA International
IPSA made 72 apparent violations (non-egregious, not voluntarily self-disclosed) of OFAC’s Iran sanctions. They agreed to a settlement of $259,200 for transactions totalling $290,784 – but compared to...
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August 17, 2017: OFAC adds 2 people to counter terror list
Yesterday, OFAC added the following people: AL-IRAQI, Abu Yahya (a.k.a. ALJAMALI, Ayad Hamed Mohl; a.k.a. AL-JUMAIL, Ayad Hamed Mohal; a.k.a. AL-JUMAILI, Ayad; a.k.a. AL-JUMAILI, Ayad Hamid; a.k.a....
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August 16, 2017: OFAC adds 1 terror group to sanctions
On Wednesday, the Office of Foreign Assets Control (OFAC), part of the US Treasury Department, added: HIZBUL MUJAHIDEEN (a.k.a. HIZB-UL-MUJAHIDEEN; a.k.a. “HM”), Pakistan [FTO] [SDGT]. to their...
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OFAC Sanctions-a-Rama for August 22, 2017
Big update yesterday for OFAC. It designated the following persons (1 under the NPWMD program, the rest under sanctions against the DPRK): CHI, Yupeng, Room 301, Unit 1, No. 129 Jiangcheng Street,...
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August 25, 2017: OFAC kicks it up a notch on Venezuela
On Friday, President Trump issued a new Executive Order imposing a new set of prohibited transactions regarding Venezuela: (i) new debt with a maturity of greater than 90 days of Petroleos de...
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OFAC Venezuela Sanctions FAQ: Questions 1 and 2
For purposes of Executive Order (E.O.) of August 24, 2017, “Imposing Additional Sanctions with Respect to the Situation in Venezuela,” is Petroleos de Venezuela, S.A. (PdVSA) considered part of the...
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OFAC Venezuela Sanctions FAQ: Questions 3 & 4
Is there a wind-down or safe harbor provision in E.O. of August 24, 2017? General License 1 provides a wind-down period with respect to contracts and other agreements that were in effect prior to E.O....
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OFAC Venezuela Sanction FAQ: Question 5
What does OFAC interpret to be debt and equity? Can U.S. financial institutions continue to maintain correspondent accounts and process U.S. dollar-clearing transactions for the entities subject to...
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OFAC Venezuela Sanctions FAQ: Questions 6-9
Why is OFAC imposing sanctions and issuing general licenses specific to bonds and other securities? The Government of Venezuela is selling assets for much less than they are worth at the expense of...
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OFAC Venezuela Sanctions FAQ: Questions 10-13
Does the prohibition on “otherwise dealing in new debt” of longer than 90 days maturity (for PdVSA) or 30 days (for the rest of the Government of Venezuela) prohibit dealing in debt with maturity...
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OFAC Venezuela Sanctions FAQ: Questions 14 and up
Do I need a specific license from OFAC to send U.S.-origin food or medicine to Venezuela? No, as long as your transaction or other dealing does not involve property or interests in property of a...
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OFAC Enforcement Action: COSL Singapore Ltd.
The settlement of $415,350 was for 55 non-egregious, non self-reported violations of Iranian sanctions: COSL Singapore has several oil rigs in its fleet and enters into time charter agreements with...
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August 29, 2017: OFAC sanctions ISIS financier
On Tuesday, the Office of Foreign Assets Control (OFAC) designated the following person: AL-MANSUR, Salim Mustafa Muhammad (a.k.a. MANSUR AL-IFRI, Salim Mustafa Muhammad; a.k.a. MANSUR, Salim; a.k.a....
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OFAC Enforcement: Blue Sky Blue Sea Inc.
140 violations of the ITSR (Iranian Transactions and Sanctions Regulations) resulted in a settlement for $518.063 for the firm, which was doing business as American Export Lines and International...
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September 6, 2017: OFAC adds 6 to South Sudan sanctions
Last Wednesday, the Office of Foreign Assets Control (OFAC) added the following 3 persons: AWAN, Paul Malong (a.k.a. ANEI, Paul Malong Awan; a.k.a. MALONG, Bol; a.k.a. MALONG, Paul; a.k.a. MALONG,...
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September 14, 2017: OFAC Sanctions-o-Rama!
Last Thursday, OFAC updated multiple sanctions programs with new designations. Under the narcotics trafficking sanctions program, the following persons: ABOUZAID EL BAYEH, Salime, Paseo de los...
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Best day you can spend learning about OFAC…
2017 OFAC Symposium Save the Date and Registration Open 9/15/2017 OFAC invites you to join us for our 2017 Fall Symposium to take place at the Walter E. Washington Convention Center in Washington, DC...
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September 19, 2017: All in the OFAC Family (or just a big coincidence)
Like I said, maybe it’s just a coincidence, but OFAC added the following two men to their counter terrorism sanctions yesterday: THULSIE, Brandon-Lee (a.k.a. “Salahuddin ibn Hernani”; a.k.a. “THULSIE,...
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September 21, 2017: New Executive Order further puts the screws to the DPRK
On Thursday, President Trump issued a wide-ranging Executive Order expanding the sanctions on North Korea. First, it expands the castegories of persons whom Treasury can designate for asset freezes to...
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New and Updated OFAC DPRK Sanctions FAQs
456. What does Executive Order (E.O.) 13722 do? E.O. 13722 blocks the Government of North Korea and the Workers’ Party of Korea; prohibits the exportation and reexportation of goods, services...
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