Monday, August 23rd
Tuesday, August 24th - OFAC added 3 individuals and 5 entities related to corruption schemes in Paraguay to the SDN list pursuant to the Global Magnitsky program. (Here, Treasury press release, Department of States's press release)
- OFAC issued General License M-1 which extended the authorization provided in General License M for another year through Sept. 1, 2022. (Here) The General License is allowing U.S. schools to provide online education to Students whose ordinary residence is Iran.
Wednesday, August 25th
- France added ten individuals to its sanctions lists pursuant to France anti-terrorism autonomous sanction regime. (Here)
Thursday, August 26th
- France added two individuals to its list of sanctions targets. (Here)
- OFAC published a settlement notice with Bank of China UK because the bank provided services with U.S. nexus to entities in Sudan at the time Sudan was subject to comprehensive sanctions.
Friday, August 27th
- OFAC announced a settlement agreement with First Bank SA and its parent, JC Flowers & Co for apparent violations of sanctions against Iran and Syria. First Bank, which is a bank in Romania, routed transactions through the U.S. financial system for the benefit of parties in Iran and Syria. First Bank was acquired in 2018 by JC Flowers and Co, a U.S. person. After the acquisition it processed transactions denominated in Euro with persons in Iran. As the foreign subsidiaries of the U.S. companies are also prohibited from dealing with Iran, the Euro transactions violated the U.S. sanctions.
Recommendations of the week
- As the Taliban took over the power in Afghanistan, many questions surfaced about sanctions against them. The Atlantic Council published an article about existing sanctions against the Taliban. (Here)
- Over the last weekend, Dubai, the financial hub of the Middle East, established a specialized court to money laundry matters. If you want to know more about it you can click here.
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