The Treasury and Federal Reserve have jointly fined Wells Fargo Bank nearly $100 million for failing to prohibit sanctions violations conducted on its trade finance platform Eximbills over a period of seven years.
Treasury’s Office of Foreign Assets Control (OFAC) and UK officials named associates of Syrian President Bashar al-Assad for the production or export of Captagon, a dangerous amphetamine.
Treasury Secretary Janet Yellen announced a commitment by the United States and more than twenty foreign governments to enhance beneficial ownership transparency.
Treasury’s Office of Foreign Assets Control (OFAC) designated four entities and three individuals in Iran and Turkey for their involvement in the procurement of equipment, including European-origin engines of unmanned aerial vehicles (UAV) in support of Iran’s UAV and weapons programs.
Treasury and the Internal Revenue Service released a notice of proposed rulemaking for the Advanced Manufacturing Investment Credit (CHIPS ITC) established by the CHIPS Act of 2022.
“By providing detailed eligibility guidance for this tax credit, we’re equipping taxpayers with the clarity and certainty they need to make investments that will increase semiconductor manufacturing and strengthen America’s semiconductor supply chain,” said Treasury Secretary Janet Yellen.
