The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a network of six individuals and five entities based in the People’s Republic of China (PRC). These sanctions target those involved in procuring items to support the Democratic People’s Republic of Korea’s (DPRK) ballistic missile and space programs. The DPRK has continued its ballistic missile launches, including a recent failed attempt to place a military satellite into orbit in May 2024, violating multiple United Nations Security Council Resolutions (UNSCR).
Indian Island, ME – On July 23, 2024, U.S. Treasurer Chief Lynn Malerba and Internal Revenue Service (IRS) Chief Counsel Margie Rollinson visited the Penobscot Nation in Maine to meet with Tribal leadership and discuss the Biden-Harris Administration’s investments in Indian Country. This visit marks the first time an IRS Chief Counsel has visited Tribal lands.
The United States has taken action against a network of three individuals associated with the expanded activities of the Islamic State of Iraq and Syria (ISIS) on the African continent. These individuals serve as key financiers and trusted operatives, enabling ISIS activities across Central, Eastern, and Southern Africa. They also act as critical links between ISIS operations in the Democratic Republic of the Congo (DRC), Mozambique, Somalia, and South Africa, allowing ISIS leadership to leverage each affiliate’s capabilities to conduct terrorist attacks that undermine...
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a new reporting requirement for financial institutions holding Russian sovereign assets, as part of implementing the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (REPO for Ukrainians Act). According to section 104(a) of the REPO for Ukrainians Act, all financial institutions that hold or are aware of Russian sovereign assets must notify OFAC by August 2, 2024, or within 10 days of detecting such assets. The notification can be submitted using OFAC’s new form.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two Mexican members of Cartel de Jalisco Nueva Generacion (CJNG) and two Mexican companies. CJNG, a Mexico-based criminal organization, is one of the largest producers and traffickers of illicit fentanyl to the United States. This action was coordinated with the Government of Mexico, including its financial intelligence unit, La Unidad de Inteligencia Financiera (UIF), as well as U.S. Government partners such as the U.S. Attorney’s Office for the Central District of California, the...
The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released its Annual Report to Congress for calendar year 2023.
From July 24-27, Secretary of the Treasury Janet L. Yellen will travel to Rio de Janeiro to participate in a G20 Finance Ministers and Central Bank Governors Meeting along with bilateral engagements with her counterparts and events on the margins. On July 27, Secretary Yellen will then travel to Belem, Brazil, for a meeting of Amazon basin ministers hosted by the Inter-American Development Bank and events related to Treasury’s international climate efforts.
WASHINGTON - The U.S. mission team, led by Nigel Chalk and Mai Chi Dao, has been thanked for their policy advice and analysis in the latest IMF Article IV Consultation. The assessment highlights a resilient U.S. economy with strong growth, a historic economic recovery since the Biden Administration began, and low unemployment rates. The Federal Reserve's management of the disinflation process is noted as effective.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned the Abdul Karim Conteh Human Smuggling Organization (Karim HSO), a transnational criminal organization based in Tijuana, Mexico. This action, coordinated with partners in the U.S. and Mexico, aims to disrupt the organization's finances and operations.
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for May 2024 today. The next release, covering June 2024, is scheduled for August 15, 2024.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated and identified as blocked property a dozen individuals and vessels involved in financing the Houthis' regional activities through Sa’id al-Jamal's network. The designations include Indonesia-based Malaysian and Singaporean national Mohammad Roslan Bin Ahmad, and China-based Chinese national Zhuang Liang, both of whom facilitated illicit shipments and engaged in money laundering for the network.
WASHINGTON – The U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) have released a set of resources aimed at guiding financial services institutions on secure cloud adoption practices. This initiative results from a year-long collaboration between the Financial and Banking Information Infrastructure Committee (FBIIC) and the FSSCC.
Under Secretary for Terrorism and Financial Intelligence Brian Nelson delivered remarks at a beneficial ownership event in Columbus, Ohio, hosted by Representative Joyce Beatty. Nelson thanked Beatty for her efforts and acknowledged her comments during Secretary Yellen’s recent hearing.
Yesterday, Secretary of the Treasury Janet L. Yellen and Secretary of Energy Jennifer Granholm hosted a working dinner with CEOs of leading companies in the clean energy economy. During the meeting, Secretary Yellen, Secretary Granholm, and CEOs discussed the impact of President Biden’s Inflation Reduction Act, described as "the most significant climate law in history," which is driving private sector investments in American clean energy and creating new jobs across the nation.
The U.S. Department of the Treasury hosted a Transition Finance Dialogue with representatives from various financial institutions, civil society organizations, and other stakeholders to discuss how financial institutions can support or enable the net-zero transition. Secretary of the Treasury Janet L. Yellen and Ethan Zindler, Climate Counselor to the Secretary, emphasized Treasury’s recent efforts to encourage financial institutions and market participants to seize opportunities created by the shift to clean energy.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned three Mexican accountants and four Mexican companies linked to timeshare fraud led by the Cartel de Jalisco Nueva Generacion (CJNG). Concurrently, the Financial Crimes Enforcement Network (FinCEN) issued a Notice, jointly with OFAC and the FBI, to financial institutions detailing timeshare fraud schemes in Mexico associated with CJNG and other transnational criminal organizations.
WASHINGTON – The United States and Australia hosted the Pacific Banking Forum from July 8-9 in Brisbane, Australia, to address the urgent issue of 'de-risking' and the decline of correspondent banking relationships (CBRs) in the Pacific. Initiated by President Joe Biden and Prime Minister Anthony Albanese, the Forum gathered Pacific Island Finance Ministers, Central Bank Governors, regulators, international financial institutions (IFIs), multilateral development banks, policymakers, Financial Intelligence Units, and commercial banks. Senior officials from the U.S., Australia,...
On Tuesday, July 16, Under Secretary for Terrorism and Financial Intelligence Brian Nelson and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki will participate in a beneficial ownership reporting outreach event in Columbus, Ohio, in partnership with Rep. Joyce Beatty (D-OH).
