- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2020-12-29T15:57:00
The Office of Foreign Assets Control announced a $650,000 settlement with a Saudi Arabian bank for apparent violations of sanctions against Sudan and Syria related to transactions that took place via the U.S. financial system.
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The Office of Foreign Assets Control announced Bank of China’s U.K. arm agreed to pay $2.3 million to settle its potential civil liability for processing transactions in apparent violation of now-repealed Sudan sanctions regulations.
The Office of Foreign Assets Control settled with a French bank for processing payments on behalf of sanctioned Syrian financial institutions that were followed by corresponding funds transfers through the U.S. financial system.
The Trump administration has dropped most of the U.S. sanctions targeting Sudan, also removing it from the list of nations targeted by a controversial travel ban. The White House stopped short, however, of removing the war-torn country from its terrorism watch list.
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
