Yesterday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), announced a Finding of Violation to Dominica Maritime Registry, Inc. (DMRI) On July 4, 2015, DMRI violated § 560.211 of the ITSR by dealing in the property or interests in property of the National Iranian Tanker Company (NITC). Therefore, the registration of the ship is a serious matter in dealing with Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR). For comple
Yesterday, the US Department of Treasury's Office of Foreign Assets Control (OFAC) issued General License 1B regarding Ukraine-/Russia situation. Changes has been made related to Directives 1 and 2 that were issued on September 29, 2017 in accordance with Title II of the Countering America’s Adversaries Through Sanctions Act of 2017 (CAATSA). For complete document, click here.
Today, North Korea has been re-listed as "State Sponsors of Terrorism". The US Department of Treasury took this step to put pressure on Pyongyang's nuclear weapons program. For official press release, click here.
The US Department of Treasury's OFAC imposed a settlement amount on the financial firm American Express Company (Amex) for a value of 204,277 dollars. This action was taken in regard to the violations of the regulations of the embargo on Havana. BCCC is a Belgium-based credit card is a company that issues credit cards and corporate services to customers based in Europe. "At the time of the apparent violations, BCCC was a subsidiary of the Alpha Card Group, which in turn was
On November 9, 2017, the US Department of Treasury's Office of Foreign Assets Control (OFAC), Bureau of Industry and Security (BIS), and the US Department of State published final rule in Federal Register amending the Cubian Assets Control Regulation (CACR). This was regarding the National Security Presidential Memorandum (NSPM) on Strengthening the Policy of the United States Toward Cuba. The changes made are summarized below: Prohibitions towards “direct financial transact
The situation of Venezuela's political and diplomatic are in crisis, therefore, the Council decided to adopt restrictive measures, underscoring its concerns with the situation in the country. The measures consists of an embargo on arms and on related material, as well as a legal framework for a travel ban and assets freeze. The EU calls upon the government to urgently restore democratic legitimacy, including through free and fair elections. For complete conclusion, click here
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule under Section 311 of the USA PATRIOT Act to officially cut off a small Chinese bank from the U.S. financial system. The Chinese bank, Bank of Dandong, is accused of helping North Korea develop its illegal ballistic missile program and funnelling illicit funds. Along with the ban on Bank of Dandong, there is also an issuance of new guidance to international banks' risk a