SanctionsAlert.com Sanctions Round Up
November 17, 2017
EU removes FARC from terrorist list; imposes first set of sanctions on Venezuela
On November 13, 2017, the E.U. removed Colombian guerilla group FARC from its terrorism sanctions list following its disarmament and re-launch as a political party. Earlier, in September 2016, the E.U.had suspended its terrorism sanctions on FARC in recognition of the peace agreement signed between FARC and the Colombian government.
It is important to note that FARC still remains on the U.S. State Department’s Foreign Terrorist Organizations (FTO) list.
October 6, 2017
US Substantially Increases Sanctions against North Korea to include Non-U.S. Persons
On September 20, 2017, the U.S. President signed Executive Order (E.O.) 13810 imposing additional sanctions against North Korea targeting trade and financial transactions.This move closely compliments the September 11 resolution by the United Nations Security Council on imposing sanctions on North Korea’s textile and oil industry.
Sanctions as an Anti-Corruption Tool: South Sudanese Corrupt PEPs Slapped with OFAC Designations
September 18, 2017
On September 6, 2017, pursuant to Executive Order (E.O.) 13664, OFAC added three South Sudanese officials, Malek Reuben Riak Rengu, Michael Makuei Lueth, and Paul Malong Awan, in addition to three companies owned or controlled by Riak Rengu, to the Specially Designated Nationals (SDN) List for their roles in the continued undermining of the peace, security, and stability of the country. As a result of these actions, all of the aforementioned individuals’ and entities’ assets within U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. (more…)
August 31, 2017
NYDFS: Pakistani Bank’s OFAC Program Included Improper Inclusion of SDN’s on the Bank’s ‘Good Guy’ List
On August 24, 2017, the New York Department of Financial Services (NYDFS) – NY State’s financial regulator – announced it is seeking up to $630 million in penalties from Habib Bank for “serious deficiencies” in its AML and OFAC compliance programs. The deficiencies, identified in the “Statement of Charges”, span more than a decade. Among other things, the regulator’s investigation determined that transactions went un-reviewed because of the improper inclusion of certain individuals and transactions on the Bank’s so-called ‘good-guy’ list. Such improper inclusions comprised prohibited persons and entities identified on OFAC’s SDN List corresponding to: (more…)