The Office of Foreign Assets Control announced the following sanctions action last week.
International Criminal Court-related Sanctions
- OFAC issues General Licenses related to the State Department’s ICC sanctions: OFAC on June 5 issued seven General Licenses related to the Department of State’s action in sanctioning four individuals, currently serving as judges of the International Criminal Court (ICC). The Department of State’s designations are made pursuant to Executive Order 14203, which authorizes sanctions on foreign persons engaged in certain efforts by the ICC and aims to impose tangible and significant consequences on those directly engaged in the ICC’s transgressions against the United States and Israel. Read more.
Iran-related Sanctions
- OFAC sanctions Iranian network for money laundering through shadow banking scheme: OFAC on June 6 designated over 30 individuals and entities tied to Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam, who have collectively laundered billions of dollars through the international financial system via Iranian exchange houses and foreign front companies under their control as part of Iran’s “shadow banking” network. The Iranian regime leverages this network to evade sanctions and move money from its oil and petrochemical sales, which help the regime fund its nuclear and missile programs and support its terrorist proxies. Concurrently, the Financial Crimes Enforcement Network issued an updated Advisory to assist financial institutions in identifying, preventing, and reporting suspicious activity connected with Iranian illicit financial activity, including oil smuggling, shadow banking, and weapons procurement. Read more.
Counter-narcotics-related Sanctions
- OFAC targets network trafficking cocaine to the United States and Europe: OFAC on June 5 sanctioned four Guyanese nationals and two Colombian nationals responsible for trafficking tons of cocaine from South America to the United States, Europe, and the Caribbean. OFAC’s sanctions target drug traffickers utilizing boats and narco-subs to traffic ton-quantities of cocaine, along with an alleged corrupt Guyanese law enforcement official. The sanctions also target individuals that are operating covert airstrips to traffic drugs via aircraft. Read more.
