ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Uncategorized

Recent news from Treasury’s Office of Foreign Assets Control: July 27

July 28, 2023
Reading Time: 3 mins read
AML Innovation and Whistleblower Provisions of the NDAA Mean Important Changes Ahead

OFAC took sanctions action over the last week in the Russia, Venezuela and Terrorism Sanctions programs:

Russia-related Sanctions

  • OFAC Sanctions Malian Officials Facilitating Wagner Group: OFAC on July 24 sanctioned three Malian transition government and military officials for facilitating the deployment and expansion of the Private Military Company ‘Wagner’s (Wagner Group) activities in Mali. OFAC clarified in its news release that this action does not target the people of Mali. “As the largest bilateral donor of development and humanitarian assistance to Mali, the United States continues to support the Malian people in their pursuit of peace, prosperity, and democracy,” OFAC said. The United States took this step based on evidence showing that these officials have contributed to the Wagner Group’s malicious activities in Mali. OFAC designated Colonel Sadio Camara, Mali’s Minister of Defense; Colonel Alou Boi Diarra, Mali’s Chief of Staff of the Air Force; and Lieutenant Colonel Adama Bagayoko, Malian Air Force Deputy Chief of Staff. These government officials were designated for having materially assisted, sponsored, or provided financial, material, or technological support to or in support of, the Wagner Group. The United States previously sanctioned the Wagner Group, a proxy military force of the Kremlin, for its role in carrying out combat operations around the world, including in Russia’s war against Ukraine. The Wagner Group has also committed widespread human rights abuses and has exploited and appropriated natural resources across multiple countries in Africa. Read more.

Venezuela-related Sanctions

  • OFAC Updates Venezuela-related Designations; Global Magnitsky Designation: OFAC on July 28 deleted an individual from its Specially Designated Nationals list. Carlos Rotondaro was previously designated pursuant to Executive Order 13692, Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Venezuela. A second individual, Didier Casimiro was removed from OFAC’s SDN List. Casimiro was previously designated pursuant to Executive Order 13850, Blocking Property of Additional Persons Contributing to the Situation in Venezuela. OFAC also updated its SDN listing for Tabacos USA Inc., a U.S. entity designated pursuant to Executive Order 13818, Blocking the Property of Persons Involved in Serious Human Rights Abuse or Corruption (Global Magnitsky). Read more.

Terrorism-related Sanctions

  • OFAC Designates ISIS-Somalia Financier: OFAC on July 27 imposed sanctions on Abdiweli Mohamed Yusuf, the head of the finance office of the Somalia-based affiliate of ISIS, designating him as a Specially Designated Global Terrorist. Abdiweli Mohamed Yusuf has played a key role in the delivery of foreign fighters, supplies, and ammunition on behalf of ISIS-Somalia, which serves as a hub for disbursing funds and guidance to ISIS branches and networks across the African continent. ISIS-Somalia has continued to facilitate financial transfers, including through mobile money, to support ISIS’s destabilizing activities across Africa. OFAC’s action builds on OFAC’s previous designations in November 2022 of a transnational ISIS-Somalia weapons trafficking network and senior members of the terrorist group. It also follows U.S. military action in January of this year that targeted and killed Somalia-based ISIS leader Suhayl Salim Abd El-Rahman, more commonly known as Bilal al-Sudani. Read more.
  • In remarks at a roundtable with Somali financial services firms, U.S. Department of the Treasury Under Secretary for Terrorism and Financial Intelligence, Brian Nelson acknowledged that Somali authorities have made progress combatting the terrorist group al-Shabaab; however, challenges still remain. In particular, al-Shabaab continues to generate revenue and seeks to abuse Somalia’s financial sector. “I would encourage you to strengthen your own internal compliance frameworks to align with international standards, including AML/CFT measures,” Nelson said. “As we have discussed, this involves implementing robust AML/CFT policies, conducting thorough due diligence on customers, and demonstrating compliance with international financial regulations,” he added. Read more.

ADVERTISEMENT
Tags: Anti-money launderingOFACSanctions
ShareTweetPin

Related Posts

Recent news from Treasury’s Office of Foreign Assets Control: April 5

Recent news from Treasury’s Office of Foreign Assets Control: June 16

Uncategorized
June 16, 2025

The Office of Foreign Assets Control announced the following sanctions action last week.

Recent news from Treasury’s Office of Foreign Assets Control: April 5

Recent news from Treasury’s Office of Foreign Assets Control: June 9

Uncategorized
June 9, 2025

News items that are the most recent sanctions-related actions from the Office of Foreign Assets Control.

Preliminary injunction denied in bid to delay Capital One’s Discover purchase

Preliminary injunction denied in bid to delay Capital One’s Discover purchase

Uncategorized
June 2, 2025

A California federal court denied a group of consumers’ motion for a preliminary injunction seeking to delay Capital One’s impending purchase of Discover.

Third Circuit reverses FCRA lawsuit against Nissan over lease dispute

Third Circuit reverses FCRA lawsuit against Nissan over lease dispute

Uncategorized
June 2, 2025

A unanimous Third Circuit panel reversed a New Jersey federal court decision and ruled that a jury could find Nissan’s credit reporting inaccurate and its investigation unreasonable under the FCRA.

Green Dot agrees to pay Federal Reserve $44 Million to resolve UDAP allegations.

ABA, co-plaintiffs file joint motion with Federal Reserve to stay proceedings in stress test lawsuit

Uncategorized
June 2, 2025

ABA and its co-plaintiffs filed a joint motion with the Fed to stay proceedings in their lawsuit claiming the Fed’s stress testing framework violates the APA.

U.S. Supreme Court vacates Ninth Circuit preemption decision

U.S. Supreme Court clarifies wire fraud liability

Uncategorized
June 2, 2025

In a unanimous decision, the U.S. Supreme Court ruled a defendant may be convicted of federal fraud for inducing a victim to enter into a transaction under materially false pretenses, even if the defendant did not intend to...

NEWSBYTES

Treasury official outlines principles for Bank Secrecy Act modernization

June 18, 2025

Report: Bank merger activity continues at steady pace

June 18, 2025

CFPB proposes ending using civil penalty funds for consumer education, financial literacy

June 18, 2025

SPONSORED CONTENT

AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025

PODCASTS

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 2025

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025

Podcast: What bankers need to know about ‘First Amendment audits’

June 5, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.