OFAC; FINDING OF VIOLATION OF SUDAN SANCTIONS BY MASHREQBANK PSC

On 9 November, OFAC advised the issuance of a Finding of Violation to Mashreqbank psc, a financial institution headquartered in the UAE with a branch in UK. Between 2005-2009, Mashreq’s London branch processed 1,760 outgoing payments totalling $4,085,427,520 through financial institutions in the US in violation of OFAC’s now-repealed Sudan sanctions programme, which prohibited the exportation, directly or indirectly, of services to Sudan. This FOV is part of a global settlement between Mashreq, the New York State Department of Financial Services and the Federal Reserve Board of Governors.

https://content.govdelivery.com/accounts/USTREAS/bulletins/2fb754b

https://home.treasury.gov/system/files/126/20211109_mashreq.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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