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Economic Sanctions
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OFAC targets Southeast Asian cyber scam networks in Myanmar and Cambodia for defrauding Americans of $10B+, freezing their assets and banning U.S. transactions
The designations target key individuals, companies, and financial facilitators linked to the scam operations, freezing their U.S. assets and prohibiting U.S. persons from engaging in transactions with them. By cutting off access to the U.S. financial system, OFAC aims to disrupt the network’s ability to profit from cyber fraud, modern slavery, and illicit cross-border activities…
OFSI issues Disclosure Notice to Vanquis Bank for an 8-day delay in freezing a designated person’s a/c, allowing cash withdrawals and a transaction, stressing the need for robust sanctions controls
The breach involved a delay of eight days in restricting access to the account of a person who had been designated under the sanctions regime. During this time, the designated person (DP) was able to withdraw £200 in cash and make a purchase of £8.99. VBL’s internal screening flagged the DP soon after designation, but due to resource constraints…
OFAC sanctions China’s Guangzhou Tengyue Chemical and its leaders for manufacturing and supplying synthetic opioids to the U.S. drug market – blocking their assets and U.S. transactions
The sanctions block U.S. assets and prohibit transactions by U.S. persons, and follow a joint investigation by the DEA and FBI, which has resulted in an unsealed criminal indictment alleging a conspiracy to traffic synthetic opioids and related chemicals…
US Treasury imposes its largest Iran sanctions since 2018 – targeting Shamkhani’s oil smuggling network and blacklisting 115 entities and vessels linked to funding Tehran’s military
Applies to six entities and two individuals operating within Iran’s shadow banking network, which enables billions of dollars in illicit oil revenue to flow through front companies and proxy accounts worldwide. The designations target firms across Iran, Türkiye, and the UAE that facilitate funding for Iran’s Ministry of Defence and Armed Forces Logistics…
OFAC sanctions top Cartel del Noreste members for fentanyl trafficking, human smuggling, ML, and violence under Executive Orders targeting international drug trafficking and terrorism
The designated individuals include the cartel’s second-in-command, a former police officer, a tactical operations leader, and a narco-rapper, each playing a key role in the organization’s criminal and financial activities. These sanctions, coordinated with U.S. law enforcement, target the cartel’s revenue streams and operational capabilities, aiming to undermine its influence along the U.S.-Mexico border…
OFAC has sanctioned PARECO-FF and associated companies for illegal mining and armed violence in the DRC, aiming to cut off funding for armed groups
The sanctions specifically target PARECO-FF, a successor to the destabilizing PARECO armed group, along with companies in the DRC and China involved in trading conflict-linked minerals from Rubaya, a key mining area. These measures are designed to disrupt illicit revenue streams that finance armed activity and promote greater stability and transparency in the region’s mineral supply chains.
OFAC sanctions 18 Iranian entities, including RUNC Exchange Co. and Cyrus Offshore Bank, for evading U.S. sanctions and enabling the regime’s illicit financial operations
The sanctions target Iran’s Cross-Border Interbank Messaging System (CIMS) and the covert Cyrus Offshore Bank, both of which facilitate illicit cross-border financial transactions in violation of U.S. sanctions. Additionally, the measures designate FANAP, an Iranian IT company, and its executive Shahab Javanmardi for developing surveillance technologies used by the Iranian regime to monitor and suppress domestic dissent…
OFAC sanctions 5 companies and an executive in Iran, Hong Kong, Taiwan, and China for supplying advanced equipment to Iran’s drone-maker HESA used by the IRGC
Applies to five entities and one individual across Iran, Hong Kong, Taiwan, and China for facilitating technology transfers to HESA—an Iranian state-owned defence manufacturer supplying UAVs to the IRGC in violation of Executive Order 13382. The move blocks all U.S. property and transactions involving these actors, imposes strict liability sanctions for violations, and reinforces global efforts to curtail Iran’s UAV procurement networks and asymmetric weapons development…
OFAC sanctions Brazilian Minister Alexandre de Moraes for undermining democracy and suppressing dissent through abusive actions
Brazilian Minister Alexandre de Moraes has been sanctioned by OFAC for directing actions that suppress dissent, including freezing assets, revoking passports, banning social media accounts, and ordering federal police to arrest critics.
OFAC designates Venezuela’s Cartel de los Soles as a global terrorist group for drug trafficking and aiding foreign terror groups – targeting state‑backed corruption and narcotrafficking
OFAC designates the Venezuelan Cartel de los Soles as a Specially Designated Global Terrorist due to its involvement in large-scale narcotics trafficking and its provision of material support to foreign terrorist organisations, including Tren de Aragua and the Sinaloa Cartel. These actions undermine regional security and contribute to transnational organised crime, prompting the sanctions to disrupt the cartel’s financial networks and restrict its operational capabilities…
HMT consults on proposed reforms to toughen OFSI enforcement with a Case Assessment Matrix, stricter discounts, new settlement tools, and fines up to £2M or 100% of breach value – open until 13 Oct 2025
Key proposals include a new Case Assessment Matrix to better link breach severity with penalties; introducing an Early Account Scheme offering up to 40% penalty discounts for early cooperation; capping voluntary disclosure discounts at 30%; and adding a settlement option with an extra 20% discount for swift resolution…
EU adopts its 18th sanctions package against Russia, tightening oil price caps and export controls, blocking key banks, and targeting shadow fleet vessels and entities supporting the war in Ukraine
The new measures focus on five building blocks: cutting Russia’s energy revenues, hitting Russia’s banking sector, further weakening its military-industrial complex, strengthening anti-circumvention measures, and holding Russia accountable for its crimes against Ukrainian children and cultural heritage. With this package, the number of listed vessels in Russia’s shadow fleet…