Sanctions

The U.S. Treasury Department on Tuesday sanctioned Nobitex, Iran’s largest digital asset exchange, accusing the platform of helping Tehran evade sanctions and facilitate terrorist financing and ransomware attacks. 

FTI Consulting, Inc. has agreed to pay $1,050,000 to settle potential civil liability for apparent violations of U.S. sanctions on Russia’s financial sector, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced Monday.

The Trump administration will designate Brazil’s two largest criminal gangs as Foreign Terrorist Organizations effective this June, U.S. Secretary of State Marco Rubio said in a statement Thursday. 

Financial firms have improved their sanctions controls but persistent weaknesses in due diligence, screening, and asset-freezing controls continue to drive compliance violations, the U.K. Financial Conduct Authority (FCA) said in a multi-firm review published Thursday.

The Trump administration has re-added a United Nations human rights official to the U.S. sanctions blacklist just one week after quietly removing her, and less than two weeks after a federal judge ruled the original designation unconstitutional.

Russian airlines have largely defied Western sanctions aimed at grounding their fleets by building a shadow supply chain for Boeing and Airbus spare parts routed through India, Turkey, the United Arab Emirates, and Kazakhstan.

The United Kingdom announced a new package of sanctions Tuesday targeting cryptocurrency exchanges and a Kremlin-backed shadow finance network known as A7 as part of an effort to close off payment routes used by Russia to sustain its war against Ukraine. 

BNP Paribas is asking a federal appeals court to overturn a landmark jury verdict that found the French bank liable for enabling human rights abuses in Sudan, arguing the trial judge misapplied both Swiss and U.S. law.

OFAC designated more than a dozen individuals and entities linked to the Sinaloa Cartel, targeting two separate networks accused of fentanyl trafficking and money laundering, including one that allegedly converted bulk U.S. drug cash into cryptocurrency for transfer to cartel leadership in Mexico.

Russian intelligence-linked hackers who penetrated the U.S. Treasury Department in the 2020 SolarWinds cyberattack gained the ability to access email accounts across the entire agency, including staff working on sanctions and financial-crime investigations.