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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-07-24T15:50:00
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control (OFAC) are now required to do so by Aug. 2.
According to a new reporting requirement for the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act ( REPO for Ukrainians Act), financial institutions that have newly discovered or obtained Russian sovereign assets must report them to OFAC by Aug. 2, or within 10 days of the detection of the assets, the agency said Tuesday in a press release.
Reports on Russian sovereign assets can be made using OFAC’s new form.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-05-15T20:56:00Z By Adrianne Appel
Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.
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2024-07-22T15:50:00Z By Aaron Nicodemus
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