US imposes $8.6m penalty on French-Arab bank for violating sanctions January 11, 2021 at 3:52 pm
The Paris-based Union of Arab and French Banks (UBAF) has agreed to pay an $8.6 million penalty imposed by the US Treasury Department for violating a series of sanctions on Syria.
The Treasury s Office of Foreign Assets Control (OFAC) said last Monday that it was imposing the penalty on the bank – which facilitates international trade between Europe, the Middle East, Asia, and Africa – for dealing with the Syrian regime through processing US dollar payments.
According to OFAC, the bank effectively processed internal transfers on behalf of Syrian state entities by transferring money from the accounts of sanctioned clients to the accounts of unsanctioned clients, before conducting transactions of equivalent amounts through US banks.
Monday, January 11, 2021
All eyes were on Washington, D.C. last week, as news emerged Wednesday that the United States (US) Capitol was breached. Order was restored quickly and Congress moved ahead with certifying the 3 November election results. In the wake of the incident, US President Donald Trump is under pressure to resign, with just over a week remaining in his term.
COVID-19 cases continue to increase on both sides of the Atlantic Ocean, with varying levels of restrictions imposed to prevent healthcare systems from being overwhelmed. Distributing approved vaccines and inoculating citizens is proving to be a challenge in the United States and in Europe.
(Source: U.S. Department of the Treasury)
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(Source: U.S. Department of the Treasury)
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Mérida, December 19, 2020 (venezuelanalysis.com) – The US Treasury Department has sanctioned a technology service provider for its involvement in Venezuelan elections.
The Treasury’s Office of Foreign Assets Control (OFAC) blacklisted Ex-Cle Soluciones Biometricas on Friday for “providing goods and services” used to carry out the recent legislative elections in Venezuela.
“The United States remains committed to targeting the Maduro regime and those who support its aim to deny the Venezuelan people their right to free and fair elections,” Treasury Secretary Steve Mnuchin said in a statement, echoing the Trump administration’s claim that the vote was “fraudulent.”
Apart from the company, Argentine-Italian dual national Guillermo San Agustin and Venezuelan citizen Marcos Machado were likewise targeted as co-directors and shareholders. Ex-Cle, San Agustin and Machado will now see any US-based assets where they hold a stake larger than 50 percent blocked. In add