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Economic Sanctions

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OFAC expands sanctions against Iranian financier Babak Zanjani’s network, designating 4 individuals and 9 entities involved in sanctions evasion, ML and digital asset operations used to support IRGC

July 24, 2026

The Treasury designated four individuals and nine entities linked to Zanjani’s broader network, including businesses involved in fintech, digital wallets, diamonds, gold-backed tokens, transport and infrastructure. Treasury said the network used offshore companies and public-facing commercial ventures to obscure ownership, settle cross-border payments and support exchanges whose wallets had processed….

OFSI warns of scams impersonating the sanctions authority to demand payments, crypto transfers, or fees to release frozen funds, urging users to verify communications and report suspicious activity

July 24, 2026

The guidance explains how businesses and individuals can assess emails, letters and other communications claiming to come from the Office of Financial Sanctions Implementation. OFSI clarifies that it will never request payments, charge a fee for a licence or ask for money to release assets, helping recipients distinguish legitimate regulatory contact from phishing and financial fraud…

OFAC targets 4 individuals and 3 entities for providing financial support to Hamas, targeting fundraising networks that used sham charities and front organisations to finance terrorist activities

July 23, 2026

Designates a senior Egyptian Muslim Brotherhood official alongside three individuals and three entities accused of providing material support to Hamas. Treasury describes a cross-border financing model involving sham charitable appeals, diversion of ostensibly humanitarian donations and underground banking services that handled both conventional currency and digital assets…

OFAC sanctions more than 50 people and businesses across CJNG’s leadership, drug-trafficking, ML operations and illicit-finance networks in its largest action against the Mexican cartel

July 23, 2026

This action targets individuals and entities operating across several Mexican states and supporting revenue streams including drug trafficking, fuel theft, smuggling and timeshare fraud. Treasury said the designations reflect a network-based strategy aimed at disrupting the cartel’s leaders, financiers, front businesses, facilitators and corrupt enablers simultaneously…

OFSI and OFAC publish comparative guide outlining key similarities and differences between UK and U.S. sanctions regimes, covering sanctions lists, licensing, reporting and recordkeeping

July 22, 2026

The guidance, published on 23 June 2026, compares key aspects of the two sanctions systems, including organisational responsibilities, legal frameworks, sanctions terminology, jurisdictional reach, prohibited activity, permitted activity and reporting obligations. It supports private-sector compliance by highlighting both alignment and divergence…

OFSI updates its UK Financial Sanctions FAQs, providing greater clarity on sanctions compliance, licensing and reporting obligations for regulated firms

July 21, 2026

The latest update introduces new guidance on the Basic Needs Allowance (BNA) licence, explaining how designated persons may access limited frozen funds for essential living expenses, how spending limits are applied, and when separate licences may be required. The FAQs also provide practical clarification on sanctions implementation, licensing processes, and compliance expectations for regulated firms…

U.S. designates the Juárez Cartel and Los Viagras as Foreign Terrorist Organizations, expanding sanctions and enforcement powers to disrupt their financing and criminal operations

July 17, 2026

The designations classify the Juárez Cartel and Los Viagras as Foreign Terrorist Organizations and Specially Designated Global Terrorists, citing a sufficient factual basis that the groups have committed, attempted to commit, or pose a significant risk of committing terrorist acts threatening U.S. nationals, national security, foreign policy or the U.S. economy…

OFAC sanctions 7 individuals and entities linked to an IRGC weapons procurement network, targeting illicit financing channels and Iran’s proliferation activities

July 15, 2026

The network allegedly used foreign aviation and transport companies, financial intermediaries, and travel coordinators to conceal procurement activities and move materials and personnel globally. The designations block the assets of targeted parties under U.S. jurisdiction and prohibit U.S. persons from engaging in transactions with them, reinforcing efforts to disrupt Iran’s illicit weapons financing…

U.S. Treasury expands sanctions on Shamkhani’s shipping network, targeting 50+ individuals, entities and vessels involved in Iran’s illicit oil trade and sanctions evasion activities

July 14, 2026

OFAC sanctioned more than 50 individuals, entities and vessels linked to the network of Mohammad Hossein Shamkhani, which Treasury says moves Iranian oil, commodities and shipping revenue through a global web of intermediaries. The designations target exchange services, shell companies, shipping firms, foreign currency channels and procurement links used to move proceeds from sanctioned trade and obscure…

U.S. Treasury sanctions a PCC-linked Brazilian network for laundering over $190M through drug trafficking and trade-based schemes that exploited the U.S. financial system

July 1, 2026

OFAC designates two Brazilian nationals, three Brazilian companies and one Portuguese company for alleged links to Primeiro Comando da Capital, which Treasury describes as the largest transnational criminal organisation in the Western Hemisphere and a growing threat inside the United States. The action targets a São Paulo-based node accused of laundering more than $30 million generated in U.S. cities for PCC, while also…

Ropes & Gray’s FCA sanctions review analysis highlights improved compliance but rising supervisory expectations for demonstrable controls and closer FCA coordination with OFSI and OTSI

July 1, 2026

It also finds that significant weaknesses persist—especially in customer due diligence, ongoing monitoring, trade finance controls, and the consistency of sanctions screening outcomes across jurisdictions and business lines. The article emphasises that the FCA is now shifting toward a more proactive, risk-based supervisory model, where firms are expected not only to have policies in place but to demonstrate that controls are effective…

U.S. Treasury and TFTC target Hizballah’s financial network, sanctioning senior officials and institutions for moving funds through shadow accounts, shell companies, and quasi-banking channels

June 30, 2026

The Terrorist Financing Targeting Center jointly designated five entities and 16 individuals linked to Hizballah, including Al-Qard Al-Hassan, Bayt al-Mal and senior financial officials, with Treasury saying the action targets core funding structures used to exploit the international financial system. The designations focus on alleged sanctions evasion, shadow banking activity, use of personal and joint accounts, and formal-sector transfers exceeding $500 million…

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