Financial Crime World

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US Treasury Hits BOUVET ISLAND Entities with Sanctions in Latest OFAC Update

The US Treasury’s Office of Foreign Assets Control (OFAC) has announced a new batch of sanctions targeting entities and individuals in Bouvet Island. The latest update to the Specially Designated Nationals and Blocked Persons List (SDN List) took effect on August 12, 2024.

Sanctions Target Companies and Individuals Accused of Association with Blocked Assets

According to sources within the US government, the sanctions aim to disrupt the activities of TABACALERA DEL ESTE S.A. (TABESA), a Paraguayan company accused of associating with Horacio Manuel CARTES JARA. The assets of CARTES JARA have already been blocked, and the new designations also include entities and individuals providing material, financial, or technological support to sanctioned persons.

Implications for US Businesses

The move freezes all property and interests within the US belonging to these entities and individuals, effectively banning any transactions involving them. Compliance experts warn that companies must take immediate action to ensure they do not inadvertently engage in prohibited activities.

“We urge all businesses with operations in the US to review their dealings carefully and seek guidance from regulatory authorities if needed,” said a spokesperson for the OFAC.

Key Details

  • TABACALERA DEL ESTE S.A. (TABESA) has been designated for its association with CARTES JARA, Horacio Manuel.
  • Entities providing support to sanctioned persons have also been targeted.
  • All property and interests of these entities and individuals are blocked within the US, with strict bans on transactions involving them.

Compliance Guidelines

The full list of designations can be accessed on the official OFAC website, along with guidelines for compliance and frequently asked questions. As this is an ongoing situation, further updates will be provided as more information becomes available.

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