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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-06-26T14:37:00
The Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
The entities sanctioned by OFAC include the Sadaf Exchange in Iran and Golden Stars currency exchange company in Türkiye, both owned by Seyyed Mohammad Mosanna’i Najibi, an Iranian-Turkish money-changer also placed on the sanctions list, OFAC said Tuesday in a press release.
Najibi’s companies used 27 “cover companies” based in Hong Kong, the United Arab Emirates, and the Marshall Islands to conduct shadow banking activity on behalf of Iran’s military, OFAC said. OFAC has sanctioned all of the companies as well.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-11-18T20:43:00Z By Aaron Nicodemus
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
2024-09-27T13:36:00Z By Adrianne Appel
U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.
2024-07-31T14:40:00Z By Aaron Nicodemus
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.
2024-12-05T13:00:00Z By Ruth Prickett
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.
2024-12-04T16:32:00Z By Ruth Prickett
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?
2024-11-08T14:43:00Z By Aaron Nicodemus
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.
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