Search for: "OFFICE OF FOREIGN ASSETS CONTROL"
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19 Apr 2024, 4:36 pm
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed new sanctions Friday on multiple entities that back extremist settlers in the West Bank, including the Mount Hebron Fund and Shlom Asiraich. [read post]
19 Apr 2024, 9:27 am
The new rules provide certain exceptions to the above, including one for persons having or controlling total assets of less than $50 million. [read post]
16 Apr 2024, 1:47 pm
Management and Control: Aligning management styles and agreeing on control mechanisms can be challenging. [read post]
16 Apr 2024, 1:04 pm
Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Black Shield, also known as Black Shield for Trading LLC, Deiry, and Rayya, as well as other individuals and entities involved in the procurement network used by Deiry and Rayya in support of Black Shield’s illegal supply of munitions used in conflicts around the world. [read post]
16 Apr 2024, 12:26 pm
To qualify as a “beneficial owner” one must either:Exercise substantial control over the reporting company. [read post]
15 Apr 2024, 10:00 pm
Bank Reporting Requirements under the Bank Secrecy Act and OFAC Sanctions Laws Review the various statutory and regulatory reporting obligations for banks under the Bank Secrecy Act and the reporting and filing requirements mandated by the Office of Foreign Assets Control of the Treasury Department. [read post]
11 Apr 2024, 4:57 am
The Staff noted the 133 officer and director bars in 2023 was the highest number in a decade. [read post]
8 Apr 2024, 9:01 pm
The DOJ’s initially identified countries are China (including Hong Kong and Macau), Russia, Iran, North Korea, Cuba, and Venezuela, “Covered person” means an entity owned by, controlled by, or subject to the jurisdiction or direction of a country of concern; a foreign person who is an employee or contractor of such an entity; a foreign person who is an employee or contractor of a country of concern; a foreign person who is primarily resident in… [read post]
8 Apr 2024, 6:05 am
” As Congress later elaborated, “engaging in educational, cultural and other exchanges with persons from around the world” can “significantly promote the foreign policy objectives of encouraging democracy and human rights abroad, and improving understanding of and goodwill toward the United States abroad. [read post]
5 Apr 2024, 2:44 am
On 6 April 2018, the US Department of the Treasury’s Office of Foreign Assets Control imposed sanctions on RTI’s parent company such that the parent company was added to the Specially Designated Nationals and Blocked Persons List (the “Sanctions”). [read post]
4 Apr 2024, 10:58 am
Specifically, the OTA determined qualitative distortion did not exist, notwithstanding the size of the dividend, because the taxpayer regularly received dividends including repatriated dividends from its various subsidiaries and controlled foreign corporations. [read post]
1 Apr 2024, 5:50 am
Although the property was seized following his conviction for money laundering and embezzling Syrian state funds in France in 2020, the asset remains under the control of a UK court-appointed trustee, with its proceeds yet to reach those affected by Rifaat’s crimes. [read post]
1 Apr 2024, 4:31 am
He foreshadowed “important innovations” including extending a loan and authorizing President Biden to seize Russian assets. [read post]
28 Mar 2024, 9:01 pm
Background The Bank Secrecy Act (“BSA”), as amended by the USA PATRIOT Act (“PATRIOT Act”), requires “financial institutions” to establish and maintain anti-money laundering compliance programs, which at minimum must include: the development of internal policies, procedures, and controls; designation of a compliance officer; an ongoing employee training program; an independent testing function; and procedures for conducting ongoing customer due… [read post]
22 Mar 2024, 10:48 am
Even if a transaction requires multiple signatories to sign off, you are still considered to have some control over the account. [read post]
22 Mar 2024, 4:00 am
Sherrod Brown in a contest that could determine control of the Senate. [read post]
21 Mar 2024, 1:16 pm
A ”transferee trust” is defined by the Proposed Rule as any legal arrangement created when a person (generally known as a settlor or grantor) places assets under the control of a trustee for the benefit of one or more persons (each generally known as a beneficiary) or for a specified purpose, as well as any legal arrangement similar in structure or function to the above, whether formed under the laws of the United States or a foreign jurisdiction. [read post]
21 Mar 2024, 5:45 am
Russians have endured centuries of terror imposed by both foreign invaders and their own leaders. [read post]
19 Mar 2024, 6:05 am
Foreign Assistance Act which bars military assistance to states impeding U.S. humanitarian aid. [read post]
19 Mar 2024, 6:05 am
Foreign Assistance Act which bars military assistance to states impeding U.S. humanitarian aid. [read post]
