The US treasury department’s Office of Foreign Assets Control (OFAC) has designated what it describes as a vast international money laundering and sanctions evasion network of 52 individuals and entities in the UAE, Lebanon, South Africa, Angola, Côte d’Ivoire, the… Read More ›
A new statistical review has been published to help financial institutions that are increasingly expected to monitor suspicious vessel behaviour in line with regulations to combat sanctions and financial crime compliance evasion. The review based on data obtained by S&P… Read More ›
Wells Fargo Bank has agreed a US$30 million settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in respect of its potential civil liability for apparent violations of sanctions against Iran, Syria, and Sudan. For about seven… Read More ›
The US is continuing its blitz of sanctions on third-country entities that Washington believes are helping sanctioned entities to continue doing business in global markets. The latest sanctioning of 39 entities in Hong Kong, Singapore, Turkey and the UAE relate… Read More ›
In one of its most significant sanctions actions to date, the US treasury’s Office of Foreign Assets Control (OFAC) has designated over a dozen more Russian banks and financial institutions and announced a new determination targeting Russia’s metals and mining… Read More ›
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination… Read More ›
The US has reminded banks in the UAE and Turkey to be mindful of international efforts to combat Russian sanctions evasion amidst concerns in Washington that locations such as the Gulf and Turkey could harbour illicit cash linked to the… Read More ›
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity. Executive summary The U.S. Treasury Office of Foreign Assets Control (OFAC) and the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) advisories on… Read More ›