Recent ofac designations reflect coordinated money laundering focus _ the national law review

On November 12, the U.S. Anti money laundering training material Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the designations of Altaf Khanani Money Laundering Organization (Khanani MLO) and Al Zarooni Exchange pursuant to Executive Order 13581, the transnational criminal organization designation authority. Money laundering fees OFAC designated Khanani MLO as a transnational criminal organization [1] and concurrently listed Al Zarooni Exchange based on its being owned or controlled by, or providing support or services to Khanani MLO. Money laundering companies Al Zarooni Exchange is located in Deira, Dubai, an international financial center for Iran. Money laundering reporting It is therefore not surprising that Khanani MLO provides money laundering services for associates of Hizballah, according to OFAC.

These are the second recent OFAC designations in the past few weeks based on the provision of money laundering services. Examples of money laundering On October 7, 2015, OFAC designated Honduran international narcotics trafficking money launderers and several of their prominent businesses, including Banco Continental pursuant to the Kingpin Act. Money laundering hsbc While the Specially Designated Nationals (SDN) List and the Sectoral Sanctions Identification (SSI) List contain many banks, Banco Continental is the first bank designated pursuant to the Kingpin Act. Money laundering fatf The immediate effect of this designation was quite clear, as the Government of Honduras placed Banco Continental under the management of a government-appointed liquidator in response to the listing. About money laundering Is OFAC the New Anti-Money Laundering Enforcer?

The Financial Crimes Enforcement Network (FinCEN) enforces money laundering controls and related regulatory requirements pursuant to the Bank Secrecy Act. Money laundering investigation FinCEN also has the authority to identify banks of “primary money laundering concern” pursuant to Section 311 of the USA PATRIOT Act, codified at 31 U.S.C. Risk of money laundering 5318A. Anti money laundering india Such a finding requires domestic financial institutions to take certain “special measures” specified in the agency’s final rule. Money laundering effects The most significant requirement is the severance of U.S. What does laundering money mean correspondent and payable through accounts.

FinCEN is only authorized to place special measures on jurisdictions, financial institutions, international transactions, and types of accounts.


Purpose of money laundering Thus, it could not have placed Special Measures on the Khanani MLO or the Honduran individuals. Is money laundering illegal The lack of 311 actions against Al Zarooni Exchange and Banco Continental probably reflects resource allocation within the U.S. Money laundering in the uk Treasury Department. Miami money laundering FinCEN’s inaction may also be a temporary response to the August 7, 2015 preliminary injunction granted by the United States District Court for the District of Columbia, which enjoins the Final Rule imposing a special measure against FBME Bank Ltd. Money laundering certification Of course, it remains highly unlikely that any U.S. Money laundering texas financial institution would maintain accounts or provide indirect use of accounts in the United States for FBME following the July 2014 Notice of Finding. Federal money laundering Coordinated Domestic and International Enforcement to Combat Money Laundering

Domestic law enforcement took significant steps to protect the U.S. Insurance money laundering financial system from these alleged criminals. Laundering of money The SDNY U.S. What does placement mean in money laundering Attorney’s Office indicted the Honduran individuals for alleged violations of 18 U.S.C. Anti money laundering identification requirements 1956. What do you understand by money laundering One of the Honduran designees was also arrested in the United States. Money laundering uk sentences Additionally, the DEA arrested Altaf Khanani pursuant to a sealed indictment.

[1] Section 3(e) of E.O. Anti money laundering definition 13581 defines ‘‘significant transnational criminal organization’’ to mean a group of persons that includes one or more foreign persons; that engages in an ongoing pattern of serious criminal activity involving the jurisdictions of at least two foreign states; and that threatens the national security, foreign policy, or economy of the United States.

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