OFAC (the “Office of Foreign Assets Control”) released an update on 26 April 2021 entitled “Specially Designated Individuals and Blocked Persons List” whereby it publishes a list of individuals and companies owned or controlled by, or acting for and on behalf of, targeted countries. The Office of Foreign Assets Control (“OFAC”) of the … On July 28, 2021, the US Department of the Treasury’s Office of Foreign Assets Control designated eight Syrian prisons run by Assad regime intelligence and five senior security officials in charge of entities that control these detention facilities, for engaging in human rights abuses against political prisoners and other detainees. These sanctions come a day after the Maduro government held elections for a National. The Office of Foreign Assets Control (OFAC) does not maintain a specific list of countries that U.S. persons cannot do business with. P ayoneer has agreed to pay a fine of $1.4 million to settle numerous violations of multiple sanctions programs. According to OFAC, the transactions totaled $105,627 in value and were processed on behalf of approximately 40 individuals on OFAC’s Specially Designated Nationals List (SDN List). The impact of sanctions imposed by OFAC on 17 May 2021 On June 17, 2021, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued three pandemic-related general licenses (“GLs”) authorizing certain transactions and activities through June 16, 2022, involving Syria, Venezuela, Iran, or certain blocked entities in these countries. 1. List of OFAC Sanctioned Countries The US Department of State prohibits the export of military/space equipment or technical data to these countries, and to foreign nationals of these countries: As of May 30, 2021. Start Printed Page 4179 Start Printed Page 4180. 1. Tuesday, July 27, 2021 national , sanctions , venezuelas , wallpaper. The 2020 OFAC enforcement record underscores the importance of sanctions compliance. Yes, sanctions issued February 10th 2021 by Executive order 14014 (previous … On February 18, 2021, BitPay, Inc. (“BitPay”), a major cryptocurrency payment processing platform, entered into a $507,000 settlement with the Office of Foreign Asset Control (“OFAC”), to settle allegations that it processed cryptocurrency payments which violated various US sanctions programs. sanctions Every financial institution must retain a __________ of all licensed transactions in which it engages and are subject to OFAC regulations. _____ Bradley T. Smith, Acting Director, Office of Foreign Assets Control. Ofac Consolidated Frequently Asked Questions U S Department Of The Treasury. Is Your Organization OFAC Compliant for 2020? Paul, Weiss, OFAC Issues Guidance on Sanctions Compliance Programs and Flags “Root Causes” Underlying Prior Enforcement Actions, (May 14, 2019), available at . The Treasury Department's Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions imposed by the United States against foreign countries. Tuesday, July 27, 2021 national , sanctions , venezuelas , wallpaper. In particular, OFAC expects companies to screen geolocation information from IP addresses and block transactions involving sanctioned countries, continuing a trend seen in OFAC's case against BitGo, Inc. late last year. OFAC sanctions lists include the Specially Designated Nationals (SDN) list, the Consolidated Sanctions List, and others, including the following (see the OFAC website for additional sanctions lists): Cuba Sanctions. Iran Sanctions. Ukraine/Russia-Related Sanctions. Syria Sanctions. Counter Terrorism Sanctions. On April 28, 2021, the US Treasury Department’s Office of Foreign Assets Control (OFAC) issued a final rule amending and reissuing the Somalia Sanctions Regulations, 31 C.F.R. 03/02/2021. 1. In Short. On July 23, 2021, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement agreement with Payoneer Inc. (“Payoneer”), a publicly traded New York-based online money transmitter and provider of prepaid access. The Treasury Department has slapped a $507,375 fine against a bitcoin payments processor for sanctions compliance failures that allowed transactions with parties in Cuba, North Korea, Iran, and elsewhere — only the second such enforcement action ever taken over digital currency transactions, but probably not the last. OFAC fines French bank UBAF $8.6M for Syria-related sanctions violations. P ayoneer has agreed to pay a fine of $1.4 million to settle numerous violations of multiple sanctions programs. Most recently, OFAC issued General License SG on July 20, 2021, which further delays the effectiveness of the authorization in GL 5 until October 21, 2021. 12/22/2020. July 27, 2021. The Commerce and Treasury departments fined a Dubai energy equipment supplier and its U.S. affiliate more than $430,000 for illegally exporting goods to Iran, the agencies said July 19. Embargoed and Sanctioned Countries. On July 28, 2021, the US Department of the Treasury’s Office of Foreign Assets Control designated eight Syrian prisons run by Assad regime intelligence and five senior security officials in charge of entities that control these detention facilities, for engaging in human rights abuses against political prisoners and other detainees. Non-US persons also face the “secondary sanctions” risk of designation as an SDN themselves if found to have materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, another SDN. The case is the latest in a string of OFAC enforcement actions … Court: Foreign Assets Control Office,Treasury Department: Citation: 86 FR 40232: Publication Date: 27 Jul 2021: Record Number: 2021-15957 Additional Chinese Government Officials Sanctioned in Connection with Serious Human Rights Abuses in Xinjiang. Start Signature. By Danny Flynn. By Worldatlas.com. 2. On 17 June, the US Treasury’s Office of Foreign Asset Controls (“OFAC”) issued general licenses (“GLs”) for Syria, Venezuela and Iran designed to help fight the Covid-19 pandemic in the three heavily sanctioned countries. There are five major country-based sanctions programs currently in effect, broadly regulating nearly all transactions with: Iran; Central African Republic; Syria; Cuba; and North Korea. The U.S. export regulations restrict imports and exports to certain destinations without a U.S. Government authorization (called "license"). ... Countries By Life Expectancy. If one country invaded another country, … According to OFAC, the group is led by an Iran-based Houthi financier Notice of OFAC Action(s) On July 22, 2021, OFAC determined that the property and interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authority listed below. These sanctions come a day after the Maduro government held elections for a National. June 21, 2021 OFAC issues COVID-19 general licenses to address global humanitarian needs in sanctioned countries. OFAC enforces economic and trade _____ against targeted foreign countries, terrorists, and international narcotics traffickers. 16, 2021 Russia Sanctions Expanded Following Navalny Poisoning Mar. MoneyGram, a global payments service, has settled with OFAC for $34,329 for 359 sanctions programs violations. 03/02/2021. Notice of OFAC Action (s) On January 11, 2021, OFAC determined that the property and interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authorities listed below. Notice of OFAC Action (s) On January 11, 2021, OFAC determined that the property and interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authorities listed below. https://sethimaz.com/the-ofac-regulations-you-need-to-be-aware-of July 27, 2021 Campus Updates 0 Did you know that the U.S. Department of Treasury, Office of Foreign Assets Control (OFAC) restricts transactions with embargoed and sanctioned countries, including certain academic collaborations and exchange of research materials and equipment? 03/31/2021. This list shows the status of countries in the FATF's global network, as well as jurisdictions monitored by the FATF's International Co-operation Review Group . 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