The Treasury Department's Financial Crimes Enforcement Network launched a new webpage last week designed to confidentially accept whistleblower tips on violations related to sanctions, fraud and money-laundering rules. The webpage will be used to accept tips involving "violations and conspiracies" related to the Bank Secrecy Act, U.S. sanctions programs and other laws "critical to safeguarding the U.S. financial system and national security," Treasury said. "Individuals who provide information may be eligible for awards if their tip leads to a successful enforcement action." The agency added that whistleblowers should submit information "as soon as possible" and provide "detailed, specific documentation to support their claims."
The Office of Foreign Assets Control last week issued two new general licenses to allow more oil- and gas-related transactions involving Venezuela. The State Department also published a notice describing the licenses that have been issued so far and suggested more may be on the way.
The Office of Foreign Assets Control on Feb. 10 issued a new general license to authorize another set of oil-related transactions with Venezuela. It also updated two existing Venezuela-related general licenses.
The Office of Foreign Assets Control this week sanctioned a gold exchange company and an international procurement and commodities shipping network with ties to the terrorist group Hezbollah.
The U.S. last week sanctioned 15 entities, two people and 14 vessels that it said have ties to Iran's illegal trade in petroleum, petroleum products and petrochemical products.
The European Commission last week proposed its latest package of sanctions targeting Russia, including a full maritime services ban for Russian crude oil, more designations of Russian shadow fleet vessels and Russian banks, and new export and import restrictions. It also proposes new export restrictions on certain tools sent to countries at risk of reexporting them to Russia.
The Office of Foreign Assets Control published 10 new FAQs last week about Venezuela-related General License 46, the recently issued license that authorizes certain oil-related activities and transactions in Venezuela as the Trump administration looks to allow American oil companies to reenter the country (see 2601280059). The FAQs add information about the types of activities authorized by the license, how banks can verify a transaction is compliant with the terms of the license, what OFAC considers to be "commercially reasonable terms" for Venezuela-related contracts, what types of non-U.S. entities can be involved in those transactions, and more.
Australia this week announced new sanctions against three Iranian entities and 20 people for either supporting Iran's weapons programs, oppressing the Iranian people or undermining the rule of law in the country. The entities are the Islamic Revolutionary Guard Corps Cyber Defence Command, the IRGC Quds Force Unit 840 and the IRGC Intelligence Organization, and the 20 people include Iranian military and security officials, including some sanctioned by other countries for violence against protestors.
The Office of Foreign Assets Control issued a new general license this week to authorize the sale to Venezuela of U.S.-origin diluents, a fuel needed to make exportable crude oil.
Some European firms are still struggling with how to comply with a 2024 requirement that calls on parent companies to make “best efforts” to ensure their third-country subsidiaries aren’t enabling Russia-related sanctions evasion (see 2411220014 and 2406240024), said Liesbeth Truyens, a Crowell trade lawyer based in Brussels.