Under Secretary for Terrorism and Financial Intelligence Brian Nelson shared an update on his teams efforts to revamp money laundering enforcement at Deloitte's 15th Annual Anti-Money Laundering Conference. Mr. Nelson’s talk focused on the financing of terrorism, specifically targeting Hamas and Treasury's efforts to disrupt these networks in collaboration with international partners.
Newly installed FinCEN Director Andrea Gacki outlined her group's agenda including a whistleblower rewards program, rules targeting real estate and investment advisors, drug trafficking and the rollout of beneficial ownership information reporting requirements of the Corporate Transparency Act In a presentation to the Association of Certified Anti-Money Laundering Specialists October 3. Ms. Gacki walked attendees through her objectives since being named to head FinCEN in July. Prevoiusly she served as chief of Treasury's Office of Foreign Assets Control (OFAC)
Treasury's Office of Foreign Assets Control sanctioned two commercial entities related to the conflict in Sudan, as well as five entities and two individuals involved in the procurement of sensitive parts for Iran’s one-way attack unmanned aerial vehicle (UAV) program. Elsewhere, OFAC sanctioned several Sinaloa Cartel affiliates and fugitives affiliated with Mexico’s Sinaloa Cartel. Responsible for a significant portion of the illicit fentanyl and other deadly drugs trafficked into the United States, the Sinaloa Cartel is one of the world’s most damaging transnational criminal organizations. Additionally, OFAC sanctioned the leader of the Clan del Golfo, one of Colombia’s largest criminal enterprises that controls most of the country’s cocaine cultivation, production, and transportation routes.
FinCEN, a part of the Treasury Department focusing on financial crimes, recently proposed a revision to the beneficial ownership information (BOI) reporting rule. The aim of this amendment is to provide an extended deadline for certain newly registered companies to file their initial BOI reports.
FinCEN intends to require individuals to use to obtain a FinCEN identifier, consistent with the final Beneficial Ownership Information Reporting Requirements Rule. Obtaining a FinCEN identifier is voluntary, but the rule requires those seeking to obtain a FinCEN identifier to complete an application and submit it to FinCEN and to update the information provided on the application. Public are invited to comment on: (1) the FinCEN Identifier Application that FinCEN intends to require individuals to use; and (2) FinCEN’s estimate of the burden involved in completing the application.
In a press briefing ahead of the G20 summit, U.S. Treasury Secretary Janet L. Yellen emphasized the administrations efforts to promote development through multilateral development banks (MDBs)., …
OFAC is releasing the second episode of its “Introduction to OFAC” web series, a series of short videos created to provide viewers with a high-level introduction on the fundamentals of …
Treasury’s Office of Foreign Assets Control (OFAC) sanctioned six individuals for contributing to the most recent escalation of conflict in the eastern Democratic Republic of the Congo (DRC). Individuals sanctioned include the FDLR’s defense commissioner and a Brigadier General in in charge of intelligence, as well as the leader of the the FDLR-affiliated Maccabe group, formerly known as the Commando de Recherche et D’Action en Profondeur(CRAP). Additional individuals named include a Colonel in the Armed Forces of the Democratic Republic of Congo, and a Brigadier General of the Rwandan defense forces (RDF)
Treasury’s Office of Foreign Assets Control (OFAC) is taking further action related to the Government of Russia’s poisoning of Russian opposition politician Aleksey Navalny three years ago on August 20, 2020. The State Department is also announcing related sanctions. Today, OFAC sanctioned four Russian nationals, all of whom were involved in the poisoning of Navalny. They were designated pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012 for having acted as agents of or on behalf of a person in a matter relating to extrajudicial killings, torture, or other gross violations of internationally recognized human rights committed against individuals seeking to expose illegal activity carried out by officials of the Government of the Russian Federation.
Treasury’s Office of Foreign Assets Control (OFAC) today announced a $660,594 settlement with Construction Specialties Inc, a Lebanon, New Jersey manufacturer and distributor of specialty architectural products. CS has agreed to settle its potential civil liability for three apparent violations of OFAC sanctions on Iran that arose from its United Arab Emirates subsidiary’s, Construction Specialties, Middle East L.L.C. (“CSME”), exportation of U.S. origin goods to Iran.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated Riad Salameh, the former governor of Lebanon's central bank, and four of his close associates for corrupt and unlawful activities. Salameh allegedly used his position to funnel hundreds of millions of dollars through shell companies for personal enrichment, investing in European real estate. The sanctions do not extend to the Banque du Liban (BdL) or its U.S. correspondent bank relationships.
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Belarus General Licenses authorizing the wind down of transactions with a Byelorussian Steel Works and Airline. The Action includes the addition of a Miami, FL based steel trader and the Minsk Civil Aviation Plant 407, "the leading enterprise in the CIS and the countries of the former USSR in repair, modernization and maintenance of the Yak-40, Yak-42, Yak-52, Tu-134 aircraft of all modifications," according to the company website.
OFAC has released the first episode of its “Introduction to OFAC” web series, a series of short videos created to provide viewers with a high-level introduction on the fundamentals of OFAC and sanctions implementation. The first episode introduces viewers to OFAC and its place within the U.S. government, as well as its history, mission, and relationship with the public.
Treasury’s Office of Foreign Assets Control (OFAC) designated Jordan “Orce” Kamcev, in North Macedonia pursuant to Executive Order (E.O.) 14033. Mr. Kamcev has been …
he Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing three web general licenses (GLs) issued in the Syria Sanctions Regulations, Iran Transactions and Sanctions …
The U.S. Treasury Department announced that Andrea Gacki has been appointed as the new Director of the Financial Crimes Enforcement Network (FinCEN). Previously, Gacki served as the head of the …
American fashion brand Guess has reacquired its 30% stake from its Russian partner Vyacheslav Shikulov, an unusual move for the Russian fashion market. The deal, valued at €8 million (US$8.5 million), has consolidated 100% of Guess's Russian business after receiving approval from the US Treasury Department.
The Treasury Department Office of Foreign Assets Control yesterday announced a $3.3 million settlement with Murad LLC and a $175,000 settlement with a natural US person for violations of US sanctions on Iran.
Treasury’s Office of Foreign Assets Control (OFAC) has removed Czech nuclear engineering firm Škoda JS A.S. from its Sectoral Sanctions Identifications List, following the acquisition of the energy services company by Czech energy giant ČEZ. The acquisition was made to mitigate the risk of sanctions affecting key supplies for ČEZ's nuclear power plants. Škoda JS is a leading supplier of key components and equipment for nuclear power plants, and had been owned by a Russian entity.
The Department of the Treasury's Office of Foreign Assets Control (OFAC) announced today the issuance of Venezuela General License 42, which authorizes certain transactions relating to the negotiation of settlement agreements with the IV Venezuelan National Assembly, its Delegated Commission, IV National Assembly Entities, and other designated persons.
