Tag

Ofac

All articles tagged with #ofac

world1 month ago•2 min saved

US sanctions Turkish bank over Iran ties, bank vows legal challenge

The US Treasury sanctioned Golden Global Yatirim Bankasi Anonim Sirketi and two subsidiaries on the OFAC list for allegedly facilitating tens of millions in transactions for Iran and helping the IRGC-QF move funds internationally, including via a proposed path for oil revenues. The bank denies the accusations, says it complies with laws, and will pursue legal action; Washington says the move targets Tehran’s access to the global financial system, while Turkish officials caution against reading it as a broader indictment of Turkey’s economy.

via Al Jazeera|

#iran #irgc-qf #ofac

world1 month ago•6 min saved

US sanctions Banque Misr UAE over Iran links, cutting dollar access

The US Treasury is revoking Banque Misr UAE’s access to the US dollar financial system via a FinCEN rule that would block its USD correspondent banking, a process that could take effect after a public comment period. Officials say Banque Misr UAE handled about $1.8 billion for 103 Iran-linked entities from Jan 2024 to Jun 2026, part of Iran’s shadow banking networks that rely on USD access. Banque Misr says it is reviewing the notice and will seek clarifications; Egyptian authorities note the measure affects only the UAE branch’s USD transactions, not Banque Misr’s operations in Egypt or other branches, while the UAE central bank is conducting a special examination. The move is part of the broader Operation Economic Outcast, with OFAC also sanctioning Bank Melli’s Dubai branch manager and other Iranian-linked entities; Iran has rejected the sanctions.

via Al Jazeera|

#banque-misr-uae #fincen #iran-sanctions-network

crime4 months ago•6 min saved

U.S. Charges Iran-Based Tech CEO Over Sanctions-Evasion Exports to Tehran’s Nuclear and Defense Sectors

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.

via Department of Justice (.gov)|

#crime #export-controls #iran

international5 months ago•3 min saved

US eases Venezuela bank sanctions to reboot its economy

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.

via Axios|

#delcy-rodriguez #international #ofac

business6 months ago•1 min saved

Treasury Proposes GENIUS Act Rules to Tighten Stablecoin AML and Sanctions

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.

via U.S. Department of the Treasury (.gov)|

#aml #business #fincen

politics6 months ago•5 min saved

Judge weighs Venezuela license to fund Maduro's defense under sanctions

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.

via Politico|

#legal-fees #maduro #ofac

world6 months ago•3 min saved

US sanctions Cuba as Russian-oil tankers head toward Havana

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.

via CNBC|

#cuba #ofac #oil

business7 months ago•3 min saved

OFAC Fines IMG Academy $1.72 Million Over Cartel-Linked Tuition

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.

via Sports Illustrated|

#business #compliance #drug-cartel

world9 months ago•3 min saved

U.S. Tightens Sanctions on Venezuela Oil Trade Amid Evasion and Production Cuts

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.

via U.S. Department of the Treasury (.gov)|

#maduro-regime #ofac #oil-trade

world9 months ago•3 min saved

Venezuela Faces Increased U.S. Sanctions and Naval Challenges Amid Maduro's Regime

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.

via U.S. Department of the Treasury (.gov)|

#corruption #maduro-regime #ofac

world9 months ago•6 min saved

US Sanctions Mexican Cartel and Leader for Oil Theft and Violence

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.

via U.S. Department of the Treasury (.gov)|

#fuel-theft #guanajuato-violence #mexican-cartels

world11 months ago•5 min saved

U.S. Sanctions and Diplomatic Tensions with Colombia Over President Petro

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.

via U.S. Department of the Treasury (.gov)|

#colombia #drug-trafficking #gustavo-petro

world1 year ago•8 min saved

US Sanctions Target Iran’s Defense Machinery and Smuggling Networks

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.

via U.S. Department of the Treasury (.gov)|

#iran #military-technology #ofac

finance1 year ago•8 min saved

Global Crackdown on Russian Crypto Money Laundering Networks

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.

via Treasury|

#digital-assets #finance #money-laundering

cryptocurrency1 year ago•3 min saved

Court Overturns Tornado Cash Sanctions, Boosting Crypto

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.

via Bitcoinist|

#cryptocurrency #cryptoregulation #ofac