Recent news from Treasury's Office of Foreign Assets Control and the Department of State: Aug. 10 | ABA Banking Journal
The Office of Foreign Assets Control and the Department of State announced the following sanctions action last week. Cuba-related SanctionsState Department targets Cuba military procurement network: On July. . .
The Office of Foreign Assets Control and the Department of State announced the following sanctions action last week. Cuba-related SanctionsState Department targets Cuba military procurement network: On July 31, the State Department designated five Cuban entities and eight individuals involved in procuring military equipment for Cuba’s Ministry of the Revolutionary Armed Forces and security services. The action, taken under Executive Order 14404, targets actors that support the Cuban regime’s military and intelligence apparatus and seeks to limit the regime’s access to resources used for repression and other activities deemed contrary to U. S. national security interests. Related to this action, OFAC issued Cuba-relatedFAQ 1264and updated the Specially Designated Nationals and Blocked Persons List. Read more. Iran-related SanctionsOFAC targets Iran digital asset exchanges and sanctions-evasion network: OFAC sanctioned two digital asset exchanges and the leader of a network of front companies used by the Iranian regime to launder funds, evade sanctions and support the Islamic Revolutionary Guard Corps and other terrorist groups. The action targets cryptocurrency platforms, corporate networks and an online gambling enterprise that OFAC says helped move and conceal illicit proceeds. The designations support the administration’s maximum-pressure campaign against Iran and ongoing efforts to disrupt the regime’s digital asset and shadow banking networks. Read more. Related to this action, OFAC issuedFAQ 1257to clarify that foreign financial institutions and other non-U. S. persons may face sanctions exposure for dealing with Iranian digital asset exchanges designated under Executive Order 13902, including Nobitex, Wallex, Bitpin, Ramzinex and Aban Tether. OFAC targets Iran shadow banking networks: OFAC sanctioned multiple networks spanning several countries for helping Iran’s rahbar shadow banking system move hundreds of millions of dollars on behalf of the regime. The action targets exchange houses and financial facilitators, including Dubai-based Titan Exchange and Alps International L. L. C. -FZ, which OFAC says helped process transactions for Iran’s Shahr Bank and its sanctioned front companies. Taken under Executive Order 13902, the designations are part of Treasury’s ongoing Economic Fury campaign to disrupt Iran’s shadow banking and oil revenue networks. Read more. Foreign Terrorist Organization SanctionsOFAC removes Fly Baghdad from SDN List: OFAC removed Iraqi airline Fly Baghdad (also known as Iraq Express), along with two associated aircraft, from the Specially Designated Nationals and Blocked Persons List. OFAC also updated the SDN entry for Basheer Abdulkadhim Alwan Al-Shabbani, changing his listing from being linked to Fly Baghdad to being linked directly to the Islamic Revolutionary Guard Corps-Qods Force. Read more.