All Department of Treasury articles
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ArticleOFAC bills Bulgarian sanctions as ‘single largest action targeting corruption’
Calling it the “single largest action targeting corruption to date,” the Office of Foreign Assets Control sanctioned three prominent Bulgarian individuals along with their network of 64 companies for their “extensive roles” in corruption in Bulgaria.
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Article
OFAC targets Iran metals sector with new sanctions
The Department of the Treasury’s Office of Foreign Assets Control designated more than a dozen new sanctions aimed to impact the revenue production of the Iranian metals sector.
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Article
Sanctions guidance: Best practices for maritime, energy, metals sectors
A global advisory to alert the maritime, energy, and metals sectors about common deceptive shipping practices used to evade sanctions includes seven sanctions compliance best practices to mitigate risk.
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Article
Treasury lists ‘compliance weaknesses’ as U.S. finance vulnerability
A new report published by the Department of the Treasury cites compliance weaknesses among the most significant illicit finance threats and vulnerabilities facing the U.S. financial system.
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Article
OFAC designates new sanctions against Iran’s metals industry
Sanctions compliance officers should be on alert following several new sanctions designated by the Office of Foreign Assets Control against Iran’s largest steel, aluminum, copper, and iron manufacturers.
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Article
Treasury sanctions 18 individuals connected to human rights abuse
The Office of Foreign Assets Control has added 18 individuals across six geographies to its Specially Designated Nationals list for their roles in serious human rights abuse. Six entities have also been added to the list.
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Article
Bill demands ownership reveals for shell companies
The newly proposed ILLICIT CASH Act would, for the first time, require shell companies to disclose their true owners to the U.S. Department of Treasury.
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Blog post
U.S. Treasury sanctions Petroleos de Venezuela
The Department of the Treasury’s Office of Foreign Assets Control has designated Venezuelan state-owned oil company Petroleos de Venezuela under Executive Order 13850 for operating in the oil sector of the Venezuelan economy.
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Blog post
Treasury lifts sanctions on Rusal, En+, ESE
The U.S. Department of Treasury announced that it has lifted sanctions on three companies controlled by Russian oligarch Oleg Deripaska: power company EuroSibEnergo, aluminum producer UC Rusal, and Rusal’s parent company, En+ Group. Following this news, En+ Group announced an overhaul of its board of directors.
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Blog post
Bitcoin ‘addresses’ added to sanctions screening
For the first time, the Treasury Department has added digital currency identifiers on its sanctions blacklist. It has also drafted new guidance on how those transactions should be identified and reported.
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Article
Government clears way for FinTech firms to compete with banks
In separate developments announced July 31, the U.S. Department of Treasury and the Office of the Comptroller of the Currency paved the way for FinTech firms and other non-banks to more easily compete with traditional banks. Once again, opponents are threatening legal action.
