All articles tagged with #ofac
Jamshid Ghomi, CEO of Tehran-based Faraz Pardaz Rayaneh Co. Ltd. (FPR), was arrested on a federal complaint for illicitly procuring and shipping U.S.-origin networking, security, and encryption equipment to Iran, including to the regime’s nuclear and military entities, in violation of U.S. sanctions; prosecutors seek prison time and asset seizure.
The U.S. Treasury eased sanctions on Venezuela’s state-run banks to help revive the country’s ailing economy amid protests over wages, allowing use of U.S. dollars, unlocking oil revenue, and reintegrating Venezuela into the U.S.-led financial system through targeted licenses for key institutions.
The U.S. Treasury’s FinCEN and OFAC issued a joint proposed rule to implement GENIUS Act provisions, proposing that permitted payment stablecoin issuers be treated as financial institutions under the Bank Secrecy Act and must adopt effective AML and sanctions‑compliance programs; the rule aims to curb illicit finance while enabling innovation in the payment stablecoin space and invites public comments ahead of publication in the Federal Register.
A Manhattan judge urged Treasury's OFAC to revisit a license that would let Venezuela pay Nicolás Maduro's legal fees, saying the right to defense is paramount even under sanctions; Maduro and his wife Flores are charged with drug trafficking, and the judge warned he might dismiss the case if the license is denied, though he said he won't.
The U.S. Treasury's OFAC added Cuba to a sanctions list barring the delivery of Russian crude or petroleum products, even as two tankers—Sea Horse with about 190,000 barrels of gasoil and Anatoly Kolodkin with about 730,000 barrels of crude—are believed to be heading to Havana, underscoring Cuba's fuel crisis and Washington's ongoing efforts to curb Russian energy shipments.
U.S. Treasury’s OFAC fined IMG Academy $1.72 million for processing tuition payments for two students whose parents were linked to a Mexican drug cartel, reporting 89 sanctions violations over five years; the school allegedly failed to screen sanctioned individuals and received wire transfers from Mexico. IMG says it disclosed the issue, had no sanctions program at the time, and has since implemented a comprehensive compliance program.
The U.S. Treasury's OFAC sanctioned four companies and four oil tankers involved in Venezuela's oil sector, aiming to cut off financial resources to Maduro's regime and prevent sanctions evasion through a shadow fleet, as part of ongoing efforts to pressure the Venezuelan government.
The U.S. Treasury's OFAC sanctioned family members and associates of the Maduro regime in Venezuela, targeting individuals linked to corruption and narco-activities to weaken Maduro's illegitimate government and prevent drug trafficking. These sanctions block property and interests in the U.S. and prohibit transactions with the designated persons, aiming to promote positive behavioral change in the regime.
The U.S. Department of the Treasury's OFAC has sanctioned the Mexican Cartel de Santa Rosa de Lima and its leader, Jose Antonio Yepez Ortiz, for fuel theft, violence, and organized crime, aiming to cut off their access to the U.S. financial system and combat cross-border energy black markets.
The U.S. Treasury has imposed sanctions on Colombian President Gustavo Petro and his close associates due to his alleged involvement in facilitating drug trafficking and related activities, citing record cocaine production in Colombia and Petro's policies that have allegedly supported narco-terrorist organizations. The sanctions include blocking assets and prohibiting transactions involving Petro and his network, aiming to pressure a change in behavior.
The U.S. Treasury has imposed sanctions on individuals and entities involved in procuring and transshipping sensitive machinery for Iran's defense industry, including blocking a vessel and designating companies linked to Iran's missile and UAV programs, as part of efforts to disrupt Iran's weapons development and proliferation activities.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned five individuals and four entities linked to the TGR Group, an international network facilitating sanctions evasion for Russian elites using digital assets. This action, in collaboration with the UK, UAE, and other agencies, targets the use of stablecoins like Tether to bypass sanctions. Key figures include George Rossi and Elena Chirkinyan, who are involved in laundering funds and obfuscating financial transactions. The sanctions block U.S. persons from engaging with these entities and individuals, aiming to disrupt illicit financial activities.
The Fifth Circuit Court of Appeals ruled that the US Treasury's OFAC overstepped its authority by sanctioning Tornado Cash's immutable smart contracts, declaring them not "property" under federal law. This decision overturns OFAC's sanctions, marking a significant win for the crypto industry by emphasizing the autonomy and non-ownership of smart contracts. The ruling has been celebrated by crypto advocates as a victory for privacy and decentralization, with potential implications for future regulatory actions. Tornado Cash's token price surged over 400% following the news.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has targeted United Arab Emirates-based shipping company Hennesea Holdings Limited for violating the oil price cap by transporting Russian crude oil above the specified price. As a result, all property and interests in the U.S. or controlled by U.S. persons belonging to Hennesea are blocked, and transactions involving them are prohibited unless authorized by OFAC. This action is part of the international coalition's commitment to enforcing the price cap and reducing Russian Federation's oil revenues.