The U.S. probably won't immediately lift a broad range of Russia sanctions when Donald Trump enters the White House next month, the former director of the Office of Foreign Assets Control said this week, despite the president-elect’s campaign promises to end the war between Russia and Ukraine during his first day.
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A California musical instrument manufacturer will pay $41,591 to settle allegations that it violated U.S. sanctions against Iran, including by shipping instruments and accessories that it knew were destined for the country, the Office of Foreign Assets Control said.
The Office of Foreign Assets Control fined an unnamed U.S. person $45,179 after OFAC said they violated the agency’s Global Magnitsky Sanctions Regulations.
The Office of Foreign Assets Control is updating its general licenses that authorize certain payments for legal services from funds originating outside the U.S., it announced in a final rule effective Dec. 19. The rule is applicable March 12.
The U.S. sanctioned two people and one entity that it said are involved in a network helping to launder millions of dollars in illegal proceeds for the North Korean government. The designations target United Arab Emirates-based Lu Huaying and Zhang Jian, who have worked through a UAE-based front company to “facilitate money laundering and cryptocurrency conversion services” that move money to North Korea. OFAC also sanctioned UAE-based Green Alpine Trading, LLC, a front company that is a “key component of this money-laundering network.”
The Office of Foreign Assets Control sanctioned 12 people and eight entities this week for their involvement in illegal drug trade, including people in Europe, the Asia Pacific and Latin America.
Semiconductor companies should expect more export control rules from the Bureau of Industry and Security before the Trump administration takes office, including possibly new licensing rules and record-keeping requirements for certain chip exports to destinations outside of China, trade lawyer Charles Capito said.
House Foreign Affairs Committee Chairman Michael McCaul, R-Texas, said Dec. 17 that lawmakers have forged a compromise on legislation to restrict U.S. outbound investment in China.
The U.S. this week sanctioned people and entities for their ties to North Korea, including financial firms, employees of U.S.-designated companies, military officials and others.
Even if a transaction is authorized by a Treasury Department sanctions license or a Commerce Department export license, it still may be subject to prohibitions or notification requirements under Treasury’s new outbound investment rules (see 2410280043), the agency said in new FAQs.