OFAC announced a $7,452,501 settlement with State Street Bank and Trust Company on behalf of itself and its subsidiary, Charles River Systems, Inc.  State Street agreed to settle its …

Other OFAC enforccement actions this week targeted ISIS facilitators in several African states, rebels in the Democratic Republic of Congo, a Guatemalan human smuggling network, and two members of Cartel de Jalisco Nueva Generacion and related firms involved in the fentanly trade.

All financial institutions at which Russian sovereign assets are located, and that know or should know of such assets, must provide notice of such assets to OFAC no later than August 2, 2024

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today released guidance addressing questions raised by recent legislation that extended the statute of limitations for violations of certain sanctions that the agency administers.   As explained in the guidance, OFAC may now commence an enforcement action for civil violations of International Emergency Economic Powers Act- or Trading with Enemy Act-based sanctions prohibitions within 10 years of the latest date of the violation if such date was after April 24, 2019. To match the new statute of limitations period, OFAC anticipates publishing an interim final rule, with an opportunity to provide comment, extending from five years to 10 years the recordkeeping requirements codified at 31 C.F.R. § 501.601.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is providing more detailed updates regarding the status of their applications via the public Licensing Portal. Applicants will now receive one of ten following case statuses to better indicate where their application is in the processing timeline.

The Treasury Department's Office of Investment Security formally published the Notice of Proposed Rulemaking for the Outbound Investment Rule announced June 21st.   Written comments must be received by August 4, 2024.

To support the Department's announcement of over 300 new sanctions Wednesday, Treasury's Office of Foreign Assets Control (OFAC) is publishing Determinations, General Licenses and FAQs relating to trade with Russia and Belarus

Treasury’s Office of Foreign Assets Control is issuing an interim final rule to amend the Reporting, Procedures and Penalties Regulations (RPPR), to require electronic filing of certain submissions to OFAC and to describe and modify certain reporting requirements related to blocked property and rejected transactions.

Secretary of the Treasury Janet L. Yellen met with the Economic Working Group (EWG) and Financial Working Group (FWG) on April 16. Chian Daily, a party organ, cited Liu Ying, a researcher at the Chongyang Institute for Financial Studies of Renmin University of China, as saying the meeting was "of great significance in delivering a positive signal that China-US economic and financial ties are steadily recovering."

OFAC has released the first video in its “OFAC Basics” video series.  The OFAC Basics: Sanctions List Search video provides viewers with a brief tutorial on how to use OFAC’s Sanctions List Search Tool and recommended steps for assessing a potential match to one of OFAC’s published sanctions lists.  

January 1st,  Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025. Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

FinCEN joined twelve financial intelligence units (FIUs) in issuing a public statement November 27, recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations.

The Financial Crimes Enforcement Network (FinCEN) issued a final rule Nov 29 that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports.

Under Secretary for Terrorism and Financial Intelligence Brian Nelson  shared an update on his teams efforts to revamp money laundering enforcement at Deloitte's 15th Annual Anti-Money Laundering Conference.     Mr. Nelson’s talk focused on the financing of terrorism, specifically targeting Hamas and Treasury's efforts to disrupt these networks in collaboration with international partners.

Newly installed FinCEN Director Andrea Gacki outlined her group's  agenda including a whistleblower rewards program, rules targeting real estate and investment advisors, drug trafficking and the rollout of  beneficial ownership information reporting requirements of the Corporate Transparency Act In a presentation to the Association of Certified Anti-Money Laundering Specialists October 3. Ms. Gacki walked attendees through her objectives since being named to head FinCEN in July.   Prevoiusly she served as chief of Treasury's Office of Foreign Assets Control (OFAC) 

Treasury's Office of Foreign Assets Control sanctioned two commercial entities related to the conflict in Sudan, as well as five entities and two individuals involved in the procurement of sensitive parts for Iran’s one-way attack unmanned aerial vehicle (UAV) program. Elsewhere, OFAC sanctioned several Sinaloa Cartel affiliates and fugitives affiliated with Mexico’s Sinaloa Cartel. Responsible for a significant portion of the illicit fentanyl and other deadly drugs trafficked into the United States, the Sinaloa Cartel is one of the world’s most damaging transnational criminal organizations. Additionally, OFAC sanctioned the leader of the Clan del Golfo, one of Colombia’s largest criminal enterprises that controls most of the country’s cocaine cultivation, production, and transportation routes.

FinCEN, a part of the Treasury Department focusing on financial crimes, recently proposed a revision to the beneficial ownership information (BOI) reporting rule. The aim of this amendment is to provide an extended deadline for certain newly registered companies to file their initial BOI reports.

FinCEN intends to require individuals to use to obtain a FinCEN identifier, consistent with the final Beneficial Ownership Information Reporting Requirements Rule. Obtaining a FinCEN identifier is voluntary, but the rule requires those seeking to obtain a FinCEN identifier to complete an application and submit it to FinCEN and to update the information provided on the application. Public are invited to comment on: (1) the FinCEN Identifier Application that FinCEN intends to require individuals to use; and (2) FinCEN’s estimate of the burden involved in completing the application.

In a press briefing ahead of the G20 summit, U.S. Treasury Secretary Janet L. Yellen emphasized the administrations efforts to promote development through multilateral development banks (MDBs)., …

OFAC is releasing the second episode of its “Introduction to OFAC” web series, a series of short videos created to provide viewers with a high-level introduction on the fundamentals of …