US seeks money laundering forfeiture of a large cargo ship citing sanctions and correspondent banking violations

The US government unsealed a federal forfeiture complaint this week, seeking in rem forfeiture of a cargo ship that was used for sanctions avoidance to benefit North Korea which used US correspondent banks to engage in sanctions avoidance. The case has no tie to the US except for the use of correspondent banks and is […]

Selling watches and other stuff may land you in hot water

The high end jewellery chain, Cartier, was fined US$384,000 for violating US sanctions on four occasions for selling expensive jewellery to Shuen Wai Holding Limited, a Hong Kong company. But surprisingly, the purchases took place in California and Nevada. Shuen Wai Holding Limited is on the OFAC List of Specially Designated Nationals and Blocked Persons and American […]

Sanctions world first ~ US imposes sanctions against North Koreans for private sector and over cyberhack incident

Economic sanctions ordered Today, the US announced it is imposing economic sanctions against certain individuals  and entities in North Korea over the Sony cyberhack. The so-called Sony sanctions appears to represent the first time in history that sanctions have been imposed (a) solely in response for, or over a, private sector dispute / issue; and […]