Enforcement Action
- OFAC Announces Settlement with EFG International AG: The Office of Foreign Assets Control on March 14 announced a $3,740,442 settlement with Switzerland-based global private banking group, EFG International AG to settle its potential civil liability for processing 873 securities transactions in apparent violation of the Cuban Asset Control Regulations, the Kingpin Act, and Executive Order 14024. Specifically, EFG International AG caused U.S. securities firms to process 727 securities-related transactions totaling $29,939,701 on behalf of customers in Cuba, 141 securities-related transactions totaling $468,615 for an individual blocked under the Kingpin Act, and, in 2023, five dividend payments, with a combined value of $1,200 for U.S.-custodied securities of a person blocked under Executive Order 14024 of OFAC’s Russia sanctions program. The settlement amount reflects OFAC’s determination that EFG’s apparent violations were voluntarily self-disclosed and were non-egregious. The settlement amount also reflects EFG’s significant remedial measures. Read more.
OFAC took sanctions action last week in the Balkans, West Bank, terrorism and transnational criminal organizations programs:
Balkans-related Sanctions
- OFAC Designates Republika Srpska Officials: OFAC on March 14 designated three Republika Srpska (RS) officials—Branislav Okuka, Jelena Pajic Bastinac and Srebrenka Golic—who have contributed to Specially Designated National and RS President Milorad Dodik’s efforts to undermine the peace and stability of Bosnia and Herzegovina (BiH) by organizing and executing the commemoration of “Republika Srpska Day” (RS Day), an activity determined to be unconstitutional in BiH. These individuals facilitated Dodik’s efforts to undermine the Dayton Peace Agreement (DPA) and the authority of the BiH Constitutional Court. Read more.
West Bank-related Sanctions
- OFAC Designates Individuals and Farms in the West Bank: OFAC on March 14 designated Zvi Bar Yosek, Neriya Ben Pazi and Moshe Sharvit pursuant to Executive Order 14115, Imposing Certain Sanctions on Persons Undermining Peace, Security, and Stability in the West Bank. OFAC also designated Moshes Farm and Zvis Farm which are linked to Moshe Sharvit and Zvi Bar Yosef, respectively. No additional information was released by OFAC regarding this action. Read more.
Terrorism-related Sanctions
- OFAC Designates Vessel Shipping for Iranian Commodities: OFAC on March 15 designated Marshall Islands-registered shipping company Vishnu Inc., whose vessel, the LADY SOFIA, is involved in illicit shipments to China in support of Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Houthi financial facilitator Sa’id al-Jamal, who is sanctioned under U.S. counterterrorism authorities. Read more.
- OFAC Designates Al-Ashtar Brigades Operatives: OFAC in coordination with the Kingdom of Bahrain designated key Iran-based operatives and a financial facilitator for terrorist group Al-Ashtar Brigades. In 2018, OFAC designated Al-Ashtar Brigades as a Foreign Terrorist Organization and a Specially Designated Global Terrorist. On March 12, OFAC designated Iran-based individuals Hussein Ahmad ‘Abdallah Ahmad Hussein Al-Dammami, Ali Abdulnabi Ahmed Ebrahim M Alshofa, Hasan Ahmed Radhi Husain Sarhan and financier, Isa Saleh Isa Mohamed Salman who is involved in money transfers for the group. Read more.
Transnational Criminal Organizations Sanctions Regulations
- OFAC Designates Brazilian Organized Crime Member: OFAC on March 14 designated Diego Macedo Gonçalves do Carmo, member of Primeiro Comando da Capital (PCC), a Brazil-based criminal organization sanctioned pursuant to counter narcotics authorities. PCC is a notorious organized crime group in Brazil and among the largest in Latin America. Gonçalves plays a key role for laundering hundreds 1.2 billion Brazilian reals ($240 million) for the organization. The Court of Justice of the State of São Paulo sentenced Gonçalves to prison in 2022 on drug trafficking charges. Though incarcerated, Gonçalves remains active in PCC affairs, delivering instructions from behind bars. OFAC’s action prohibits transactions with the designee and freezes any assets he may have under U.S. jurisdiction. Read more.
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