Last Friday, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) placed two individuals, Hamad El Khairy and Ahmed El Tilemsi, from Mali and one entity in Mali, Movement for Unity and Jihad in West Africa (MUJWA) on the Specially Designated Nationals and...
Trust accounts Loan payments Letters of credit Currency exchanges Safety deposit boxes Depositing or cashing checks Guarantors and collateral owners Money orders or cashier’s checks OFAC compliance for the financial industry means that in addition to the above, the names of all persons in a transac...
In short, the prohibitions imposed by E.O. 13664 are unchanged in the SSSR. As such, the SSSR, unlike the SSR, is a targeted sanctions program. This means that it does not impact the entire region of South Sudan, but only those parties engaged in particular activities which threaten th...
OFAC is a common acronym in business and banking, but what does OFAC stand for? The acronym OFAC stands for “Office of Foreign Assets Control”. The OFAC is an important part of the U.S. Department of the Treasury and holds the crucial task of administering and enforcing economic and tra...
21 apps by Sovkombank which were included in the OFAC's stringent Specially Designated Nationals (SDN) List along with several of its 22 subsidiaries. (Presence on OFAC’s SDN List means their assets are blocked and U.S. persons are generally prohibited entirely from dealing with these entiti...