- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-10-27T15:36:00
The Treasury Department’s Office of Foreign Assets Control (OFAC) imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.
The sanctions, announced Friday in a press release, targeted assets in Hamas’s investment portfolio, as well as supporters in the highest levels of Iran’s military. The actions built on a previous set of sanctions levied against Hamas- and Iranian-related investment entities announced by OFAC on Oct. 18.
Hamas militants killed more than 1,400 Israelis and abducted 200 more in a series of surprise attacks on Oct. 7. Since then, the United States has expressed its support for Israel and provided it with munitions and logistical support.
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The Office of Foreign Assets Control sanctioned two Israeli entities for establishing fundraising campaigns for extremists fomenting violence in the West Bank.
Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.
The Financial Crimes Enforcement Network issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
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.
