Syria-related and Cyber-related EOs; SDN List update; OFAC Settlement
OFAC has posted a Notice of Recent Actions, including President Biden's signing of two Executive Orders, "Taking Additional Steps with Respect to the Situation in Syria" and "Strengthening and Promoting Innovation in the Nation's Cybersecurity"; North Korea and Sudan designations, a Russia-related designation removal; and a Settlement Agreement between OFAC and Family International Realty LLC and an individual.
Settlement:
OFAC entered into a $1,076,923 settlement with a Miami, Florida-based natural U.S. person and their real estate company Family International Realty LLC regarding their potential civil liability for apparent violations of OFAC's Ukraine-/Russia-related sanctions. Between 2018 and 2023, Family International Realty and its owner engaged in a willful scheme to evade OFAC sanctions by concealing the property interest of two sanctioned Russian oligarchs in luxury condominiums and profiting from the rental and sale of the properties, thereby committing 73 apparent violations of Executive Order 13685. The settlement amount reflects OFAC's determination that the conduct at issue was egregious and was not voluntarily self-disclosed. For more information, see OFAC's Enforcement Release.
The Notice also included additions of four individuals and five entities to OFAC's SDN List, and one deletion. Refer to the Notice for these details.