OFAC Updates Week 8/23/21
August 23, 2021
The Office of Foreign Assets Control (OFAC) has updated their Specially Designated Nationals and Blocked Persons (SDN) List with a single Global Magnitsky [GLOMAG] designation. The designation was placed on a single Eritrean individual.
August 24, 2021
OFAC has updated their SDN list with GLOMAG designations including three individuals and five entities. All of the designations are connected to Paraguay.
OFAC has issued Iran General License M-1, "Authorizing the Exportation of Certain Graduate Level Educational Services and Software." Additionally OFAC has updated their related Frequently Asked Question (FAQ) 853.
August 26, 2021
OFAC has announced a settlement agreement with Bank of China (UK) Limited (BOC UK) in the amount of $2,329,991. BOC UK has agreed to remit the given amount to settle its potential civil liability for processing transactions in apparent violation to the now repealed Sudan Sanctions program. BOC UK was accused of exporting financial services from the U.S. by processing 111 commercial transactions through the U.S. financial system on behalf of parties in Sudan.
August 27, 2021
OFAC has published a technical notice alerting users of the OFAC website and Sanctions list data files that the annual renewal of the public certificate will take place at September 1, 2021 at 9 p.m. EST. This process will take 3-6 hours, after which users may need to update their devices' trust settings for the OFAC site again. The notice offers detailed instructions and more comprehensive explanations.
OFAC has announced a settlement agreement in the amount of $862,318 with First Bank SA and its U.S. parent company, JC Flowers & Co. This aforementioned amount was agreed upon to settle potential civil liability for First Bank's processing of transactions in apparent violation of the Iran and Syria sanctions programs. First Bank processed 98 commercial transactions through U.S. banks on behalf of parties located in Iran and Syria.
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