OFAC: SETTLEMENT WITH BANK OF CHINA (UK) LTD OVER SUDAN SANCTIONS

On 26 August, OFAC announced that it entered into a settlement under which the Bank of China (UK) agreed to remit $2,329,991 to settle its potential civil liability for processing transactions in apparent violation of OFAC’s now-repealed Sudan sanctions programme, a programme which has subsequently been repealed.  The Bank is said to have handled 111 commercial transactions totalling $40,599,184 through the US financial system on behalf of parties in Sudan.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210826

https://content.govdelivery.com/accounts/USTREAS/bulletins/2ee843c

https://home.treasury.gov/system/files/126/20210826_bankofchina_uk.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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