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The Treasury Department announced Monday that OFAC has designated seven individuals and one entity pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. Specifically, OFAC designated key financial facilitators and conduits for the Islamic State of Iraq and Syria (ISIS) operating in Europe, Africa, and the Middle East. Six individuals, located in Iraq, Turkey, and Belgium, and the entity, an Iraq, Turkey, and Syria-based money services business (MSB), are part of the Rawi Network, a key ISIS financial facilitation group based out of Iraq, which was the target of a joint Treasury-Department of Defense (DOD) action in October 2018. The seventh individual designated yesterday is a Kenya-based female financial facilitator who has played an important role in an ISIS facilitation network in East Africa.

These designations coincide with the eleventh meeting of the Counter-ISIS Finance Group (CIFG), which includes 54 countries and international partners. As a working group of the Global Coalition to Defeat ISIS, the CIFG plays a fundamental role in coordinating efforts to isolate ISIS from the international financial system and eliminate its sources of revenue.

For identity details for the designated parties, see our OFAC Update.

A meeting of the Americas Region of the Egmont Group of Financial Intelligence Units was held on April 10 and 11 in Miami, Florida. Mr. Mariano Federici, President of Argentina’s Financial Intelligence Unit (the Unidad de Información Financiera, or UIF) , and Mr. Luc Beaudry, Assistant Director of Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC), co-chaired the meeting in their roles as Regional Representatives. FinCEN Director Kenneth A. Blanco represented the United States. Representatives of the Financial Intelligence Units from 23 jurisdictions in the Americas, including the Caribbean, gathered to work three key priorities for the Egmont Group: FIU operational independence and autonomy; the role of public-private partnerships; and the value of public-public partnerships in the fight against money laundering and the financing of terrorism.

• Statement of the regional representatives

A meeting in Washington D.C. of the ministers of the Financial Action Task Force (FATF) was chaired by Treasury Secretary Mnuchin. He stated, “Since its inception thirty years ago, the FATF has been at the forefront of efforts to combat money laundering. This Minister-level meeting reaffirmed our collective commitment to protect the integrity of the international financial system. FATF is a dynamic, agile, and enduring body that continues to take concrete steps to harden the international financial system, as criminals, terrorists, and rogue nations actively attempt to exploit any weak links. I am pleased that we decided today on a permanent mandate for the FATF, and that we gave further focus on its work against terrorist and proliferation finance. Because of the importance Ministers ascribe to the FATF, we also agreed upon Minister-level meetings every two years moving forward.” The ministers agreed on an open-ended Mandate for the FATF and its role leading global action to counter money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.

OFAC has announced the designation of four companies that operate in the oil sector of the Venezuelan economy. Additionally, OFAC identified nine vessels, some of which transported oil from Venezuela to Cuba, as blocked property owned by the four companies. For identification details, see our OFAC Update.

The OCC will host two workshops at the Hotel Indigo Pittsburgh East Liberty in Pittsburgh, May 21-22, for directors of national community banks and federal savings associations supervised by the OCC.

• The Risk Governance: Improving Director Effectiveness workshop on May 21 provides practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry.
• The Credit Risk: Directors Can Make a Difference workshop on May 22 focuses on credit risk within the loan portfolio and techniques for managing them, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.
  Each workshop is limited to 35 registrants.

The Treasury Department has announced that OFAC has identified Lebanese national Kassem Chams and designated the Chams Money Laundering Organization as Specially Designated Narcotics Traffickers (SDNT) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). OFAC also designated Chams Exchange, a money service business located in Chtaura, Lebanon. Chams and the Chams money laundering organization were also identified as an affiliated network of Hizballah. Identifying information for Chams and his network can be found in BankersOnline's OFAC Update.

• OFAC chart of the Chams network
  

The FATF has published its report to the April 2019 G20 Finance Ministers and Central Bank Governors' meeting. The report sets out FATF’s ongoing work to fight money laundering and terrorist financing, and in particular in the following areas:

• Strengthening the institutional basis, governance and capacity of FATF
• FATF’s work program on virtual currencies/crypto assets
• Countering the financing of terrorism
• Countering the financing of proliferation of weapons of mass destruction
• Improving transparency and the availability of beneficial ownership information
• Improving the effectiveness of the criminal justice system: FATF engagement with judges and prosecutors
• Financial Technologies, Regulatory Technologies: Digital Identity
• De-risking

OFAC has announced a $639,023,750 settlement agreement with Standard Chartered Bank (“SCB”), a financial institution headquartered in the United Kingdom. The bank has agreed to settle its potential civil liability for apparent violations of the now-repealed Burmese Sanctions Regulations; the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, the Sudanese Sanctions Regulations; and the Syrian Sanctions Regulations. In a separate action, SCB also has agreed to pay $18,016,283 to settle its potential civil liability for apparent violations of the Zimbabwe Sanctions Regulations. In a coordinated announcement, the Federal Reserve Board reported it has fined Standard Chartered plc and Standard Chartered Bank, of London, England, $164 million for the firm's unsafe and unsound practices relating to inadequate sanctions controls and failure to disclose sanctions risks to the Federal Reserve. The settlements were part of a combined $1.1 billion settlement with U.S. federal, state and local agencies, and United Kingdom government partners.

OFAC has announced the designation of two companies operating in the oil sector of the Venezuelan economy, pursuant to E.O. 13850, as amended. Additionally, OFAC identified one vessel, which transported oil from Venezuela to Cuba, as blocked property that is owned by one of these companies. Separately, OFAC is also identifying 34 vessels as blocked property of Petroleos de Venezuela, S.A., which was designated on January 28, 2019, for operating in the oil sector of the Venezuelan economy. For identity information see our OFAC Update and the Treasury Department's press release.

The OCC has issued an alert that an entity using the name of First National Bank and purporting to be located at 222 S 9th Street, Minneapolis, Minn. 55402 is misrepresenting itself as a national bank. First National Bank purports to be a financial institution offering business banking services. This entity is not a licensed or chartered bank. Businesses have reported receiving fictitious letters and faxes offering uncollateralized revolving lines of credit, secured loans, and long-term loans. For additional information, see BankersOnline's Alerts and Counterfeits listing.