Last Friday, OFAC further amended its rules relating to “flag of convenience” ships registered in North Korea. Previously, OFAC had forbidden Americans from owning, leasing, operating or insuring North Korean flagged ships. Under the new rules, Americans may not obtain…
The recent addition by OFAC of two South African individuals and one company to the SDN list illustrates the perils that may face companies engaged in Internet services and commerce. OFAC designated Farhad and Junaid Dockrat, both alleged to be…
OFAC has released its monthly civil penalty report for January. As usual, OFAC seems to be in competition with BIS to provide even less information about penalties imposed by the agency. Only two penalties are listed: one for “an individual”…
The Treasury Department announced today the imposition of sanctions on Iran’s fifth-largest state-owned bank, Bank Sepah, because of its financial support of Iranian firms engaged in nuclear and missile proliferation. According to Treasury, Bank Sepah has been involved, among other…
Tucked away in the penalty notices released by OFAC last week was this typically terse and unhelpful entry: IXTLAN Corporation and Four Individuals Settle Cuban Embargo Allegations: IXTLAN Corporation, Santa Monica, California (“IXTLANâ€), and four individuals have agreed to a…