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OFAC Compliance Requirements in Serbia and Montenegro: Key Updates

The Office of Foreign Assets Control (OFAC) has announced updates to its specially designated nationals (SDN) list, which is a critical component of US sanctions policy. These updates are crucial for individuals and entities doing business in Serbia and Montenegro, as they must comply with OFAC regulations to avoid penalties.

New Additions

The following individuals have been added to the SDN list:

  • Nikola Gruevski (North Macedonia), known for his involvement in corruption and human rights abuses
  • Svetozar Marovic (Serbia/Montenegro), a former Montenegrin politician with alleged ties to organized crime
  • Sasho Mijalkov (North Macedonia), a prominent figure in North Macedonia’s politics, accused of corruption and money laundering
  • Ylli Bahri Ndroqi (Albania), a businessman linked to organized crime and drug trafficking

Additionally, the entity I.C.I.C. K.K. (Serbia) has been added to the SDN list due to its alleged ties to organized crime.

Removals

The following individuals have been removed from the SDN list:

  • Zdravko Mucic (Croatia), a former Croatian politician accused of war crimes
  • Sait Rushiti (Albania), a businessman cleared of all charges related to organized crime and drug trafficking

Takeaway

These updates underscore the importance of staying informed about OFAC’s sanctions policies, particularly for businesses operating in Serbia and Montenegro. Failure to comply with these regulations can result in severe penalties, including fines and imprisonment.

In today’s complex global landscape, staying informed about sanctions policies is crucial for avoiding potential legal and financial risks. As the US continues to refine its sanctions approach, it is essential for businesses to adapt and ensure they are in compliance with OFAC regulations.