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Top Story Security Related

12/11/2023

Joint statement on EU–U.S. Financial Regulatory Forum

The Treasury Department on Friday released a Joint Statement on the recent EU – U.S. Financial Regulatory Forum, which took place on December 4–5, 2023, hosted by the U.S. Department of the Treasury and the European Commission.

The Forum emphasized close ongoing EU and U.S. cooperation in a range of areas and focused on six themes: (1) market developments and financial stability; (2) regulatory developments in banking and insurance; (3) anti-money laundering and countering the financing of terrorism (AML/CFT); (4) sustainable finance; (5) regulatory and supervisory cooperation in capital markets; and (6) operational resilience and digital finance. Agency participation varied across themes, with representatives expressing views on issues in their respective areas of responsibility.

12/11/2023

U.S. designates perpetrators of human rights abuse

The Treasury Department has announced that OFAC has sanctioned 20 individuals for their connection to human rights abuse in nine countries. An additional two individuals were sanctioned under the Department of State’s counterterrorism authority. Furthermore, the Department of State likewise designated individuals in Russia, Indonesia, and the People’s Republic of China (PRC) for visa restrictions pursuant to Section 7031(c) of the Annual Appropriations Act. These actions were taken in concert with measures imposed by partners in the United Kingdom and Canada, which have similarly utilized economic measures to deter human rights abuse globally.

For the names and identification information of the designated parties, a related Global Magnitsky FAQ, and a reminder on OFAC's plan to shut down an FTP server, see this BankersOnline OFAC Update.

12/08/2023

U.S. targets Russian cyber actors and Houthi financing network

Yesterday, the Treasury Department reported that OFAC, in coordination with the United Kingdom, designated two individuals associated with an advanced persistent threat (APT) group that is sponsored by the Russian Federal Security Service (FSB) and has targeted individuals and entities in the United States, United Kingdom, and other allied and partner countries.

Treasury also announced that OFAC has sanctioned 13 individuals and entities responsible for providing tens of millions of dollars’ worth of foreign currency generated from the sale and shipment of Iranian commodities, backed by the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), to the Houthis in Yemen.

For the names and identification information of the designated individuals and entities, see yesterday's BankersOnline OFAC Update.

12/08/2023

OCC identifies key risks facing federal banking system

The Office of the Comptroller of the Currency yesterday reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2023.

The OCC highlighted credit, market, operational, and compliance risks as the key risk themes in the report. The report also highlights artificial intelligence (AI) in banking as an emerging risk.

12/07/2023

Sanctions against new generation of violent drug trafficking

Yesterday, Secretary of the Treasury Janet L. Yellen announced during her travel to Mexico that OFAC has sanctioned 15 Mexican individuals — several of whom are U.S. fugitives — and two Mexico-based companies linked, directly or indirectly, to the Beltrán Leyva Organization (BLO), which continues to be one of the most powerful drug trafficking organizations in the world and is heavily involved in the transportation and distribution of deadly drugs, including fentanyl, to the United States. It has been one of the largest suppliers of cocaine to the U.S. market for over two decades.

This action was coordinated closely with the Government of Mexico, including La Unidad de Inteligencia Financiera (Mexico’s Financial Intelligence Unit), consistent with the Bicentennial Framework, which was adopted at the inaugural meeting of the High-Level Security Dialogue in October 2021 and continues to guide bilateral security cooperation between the United States and Mexico.

For the names and identification information of the designated individuals and entities, see yesterday's BankersOnline OFAC Update.

12/06/2023

Treasury targets Belarusian revenue generators and Russian procurement network

On Tuesday, the Treasury Department reported that OFAC has designated 11 entities and seven individuals pursuant to Executive Order (E.O.) 14038 and one individual pursuant to E.O. 14024. This action increases the pressure on Alyaksandr Lukashenka’s authoritarian regime for its brutal suppression of Belarus’s democratic civil society, corrupt financial enrichment of the Lukashenka family, and complicity in Russia’s unjustified war against Ukraine.

Treasury also reported that OFAC has targeted a network led by Belgium-based Hans De Geetere that is involved in procuring electronics with military applications for Russian end-users. The network consists of nine entities and five individuals based in Russia, Belgium, Cyprus, Sweden, Hong Kong, and the Netherlands.

Concurrent with OFAC’s action, the U.S. Department of Justice unsealed two separate indictments against Hans De Geetere related to his years-long scheme to unlawfully export sensitive, military-grade technology from the United States to end users located in the People’s Republic of China and the Russian Federation. The U.S. Department of Commerce is also concurrently adding Hans De Geetere and five entities to the Bureau of Industry and Security (BIS) Entity List. Additionally, Belgian authorities took action against De Geetere on charges related to his global illicit procurement scheme.

For the names and identification information of the designated individuals and entities and information on a related Belarus General License, see Tuesday's BankersOnline OFAC Update.

12/05/2023

Treasury launches Counter-Fentanyl Strike Force

Yesterday, the Treasury Department announced the launch of a Counter-Fentanyl Strike Force to marshal Treasury’s resources and expertise in a coordinated and streamlined operation to combat the trafficking of illicit fentanyl. This Strike Force brings together personnel, expertise, intelligence, and resources across key Treasury offices and is jointly led by the Office of Terrorism and Financial Intelligence (TFI) and IRS Criminal Investigation (CI).

The Strike Force will leverage Treasury’s core competencies and unique expertise in identifying and countering financial crimes. Its mission will advance the Administration's counternarcotics priorities, including targeting the global illicit supply chain with sanctions and other disruptive actions; working with Mexico and Canada to counter illicit fentanyl through the North American Drug Dialogue, and, when possible, through joint investigations; and liaising with the private sector to share financial intelligence, red flags, trends, and typologies.

12/05/2023

OFAC targets Sudanese actors undermining peace, security and stability

On Monday, a Treasury Department news release reported that OFAC was targeting three individuals for their role in undermining the peace, security, and stability of Sudan. The designations support diplomatic efforts by the international community to end the conflict and demonstrate the U.S. commitment to achieve a civilian government and a transition to democracy.

Monday's action was taken under the authority of Executive Order 14098, which imposes sanctions on certain persons destabilizing Sudan and undermining the goal of democratic transition.

For the names and identification information of the three designated individuals, see Monday's BankersOnline OFAC Update.

12/04/2023

FinCEN updates BOI reporting guidance materials

FinCEN has updated its Beneficial Ownership Information (BOI) Frequently Asked Questions, Small Entity Compliance Guide, quick reference materials, and informational video. These guidance materials now reflect the reporting deadline extension for companies created or registered in 2024 to file their initial BOI reports.

12/04/2023

OFAC adds Global Magnitsky and Russian oil price-cap sanctions

On Friday, the Treasury Department announced that OFAC had sanctioned Luis Miguel Martinez Morales (Martinez) for his role in corruption in Guatemala wherein he engaged in widespread bribery schemes, including schemes related to government contracts. Martinez was designated under Executive Order 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators of serious human rights abuse and corruption around the world.

Treasury also reported the imposition of OFAC sanctions on three entities and identification as blocked property three vessels that used Price Cap Coalition services while carrying Russian crude oil above the Coalition-agreed price cap.

For detailed information on the designated parties and vessels, see Friday's BankersOnline OFAC Update.

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