Anti-Money Laundering
Consulting Services & Strategies

0 Items - Total: $0.00 CAD

Sanctions This Week: May 30th-June 5th, 2016


OSFISanctions Pic

There were no updates released from OSFI this week.

Go to the OSFI lists page.


The U.S. Department of Treasury’s Branch, The Office of Foreign Asset Control (OFAC), released two updates to five sanction lists last week.  The lists that were updated, include the following:

  • Burundi Sanctions Designations;
  • Kingpin Act Designations;
  • Kingpin Act/Panama-related General License; and
  • A Statement on the Felix Maduro Group.

OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.  The sanctions target countries, regimes, terrorists, international narcotics traffickers, the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the U.S.

The Burundi Sanctions Designations update included three military individuals, who were added.  These individuals are all high ranking military officers who are currently serving.

The Kingpin Act Designations update, included the removal of a single Panamanian entity.  No details were provided about the reasoning for the removal.

The Kingpin Act/Panama-related General License update, covered the maintenance of certain operations within the country.  Much like the previous related updated, the information provided details how to deal with listed Panamanian individuals and entities included in the General Licenses.  However, this iteration referred to the maintenance of La Estrella and El Siglo Newspapers.

The statement on the Felix Maduro Group, is related to OFAC’s designation of Waked Money Laundering Organization and their shared ownership.  However, based on consultations with, and actions undertaken by, the Government of Panama, OFAC understands that the Government of Panama is working to sever the SDNTs’ ownership and control of the Felix Maduro Group, in an effort to protect the Panamanian and U.S. financial systems from abuse.  The statement further clarifies the persons and transactions that would require authorization.

See the Burundi Sanctions Designations updates on OFAC’s website.

See the Kingpin Act Designations list updates on OFAC’s website.

See the Kingpin Act/Panama-related General License updates on OFAC’s website.

See the Statement on the Felix Maduro Group on OFAC’s website.

See OFAC’s recent actions page.

Need A Hand?

We would love to hear from you.  If there are subjects in this post that you would like to know more about, or if you need assistance with your compliance program, please contact us.

Return to Blog Listing