The Treasury Department’s Office of Foreign Assets Control today imposed sanctions on international payment processor PacNet and a network of 12 individuals and 24 entities targeted for supporting PacNet. The processor “has a lengthy history of money laundering by knowingly processing payments on behalf of a wide range of mail fraud schemes that target victims in the United States and throughout the world,” OFAC said. “PacNet is the third-party payment processor of choice for perpetrators of a wide range of mail fraud schemes.”
Financial stability council to focus on regulatory burden, economic security
The Financial Stability Oversight Council will take an expanded view of the term “financial stability” moving forward by examining whether regulation weakens economic growth and what can be done to strengthen the nation’s economic security, Treasury Secretary Scott...
