Financial Crime World

OFAC Sanctions List Updates in Macao: Key Individuals and Entities Added

The US Office of Foreign Assets Control (OFAC) has announced a series of updates to its sanctions list, including the addition of several key individuals and entities with ties to Macao.

Newly Added Individuals

The following individuals have been added to the sanctions list:

  • Leopoldino Fragoso do Nascimento: A Macau-based businessman with links to Angola.
  • Manuel Helder Vieira Dias, also known as “Maninho”: A Macau-based businessman with ties to Angola.
  • Ashraf Seed Ahmed Al-Cardinal: A Sudanese national with business interests in the UK and UAE.

Newly Added Entities

The following entities have also been added to the sanctions list:

  • BAIA Consulting Limited: A Macau-based company with links to Manuel Helder Vieira Dias.
  • Cochan Holdings LLC: A Marshall Islands-based company with ties to Leopoldino Fragoso do Nascimento.
  • Geni Novas Tecnologias S.A.: An Angolan company with links to Leopoldino Fragoso do Nascimento.
  • GENI SARL: An Angolan company with ties to Leopoldino Fragoso do Nascimento.

Implications for Businesses

The addition of these individuals and entities to the sanctions list has significant implications for businesses operating in Macao and elsewhere. Companies must ensure that they do not engage with or provide services to sanctioned individuals and entities, as doing so could result in severe penalties, including fines and reputational damage.

What You Need to Do

  • Review your relationships with the added individuals and entities.
  • Take steps to comply with OFAC regulations, such as terminating business relationships and freezing assets.
  • Report any suspicious activities to the relevant authorities.

Staying Ahead of Sanctions Updates

To stay informed about the latest sanctions updates and ensure compliance with OFAC regulations, businesses should:

  • Regularly check the OFAC website for updates to the sanctions list.
  • Implement robust due diligence procedures to identify and mitigate risks associated with sanctioned individuals and entities.
  • Develop effective compliance programs to prevent and detect suspicious activities.
  • Engage with regulatory bodies and industry experts to stay informed about emerging trends and best practices.

By taking these steps, businesses can minimize their risk of non-compliance and ensure that they remain ahead of sanctions updates in Macao and elsewhere.