Office of Foreign Assets Control (OFAC)
Coverage of Office of Foreign Assets Control (OFAC) in the Nexus archive.
- US Treasury and Mexico’s UIF team up to target cross-border fuel theft by the Jalisco cartel
The U.S. Treasury's OFAC and Mexico’s UIF have sanctioned two individuals and nine entities linked to the Jalisco New Generation Cartel (CJNG) for cross-border fuel theft and smuggling. The sanctions target Oscar Guillermo Juraidini Silva and J. Refugio Ruiz Villagomez, along with businesses and logistics companies they control, aiming to disrupt illicit revenue streams from fuel smuggling, which the Treasury calls a major non-drug income source for Mexican cartels.
- Why undoing the 'tangled nest' of Iran sanctions won't be easy or quick for the US
The US has announced a 60-day reprieve from sanctions on Iran, allowing temporary oil and petrochemical trade, but dismantling decades of sanctions faces legal, political, and commercial challenges. The interim deal requires coordination with Congress, international bodies, and private-sector entities, with some sanctions tied to laws that only Congress can amend. Republican lawmakers have criticized the move.
- The Weaponization of GLOMAG: How Rivals Co-opt U.S. Sanctions to Target Business and Political Opponents
The article examines how the Global Magnitsky Human Rights Accountability Act (GLOMAG) and Section 7031(c) of U.S. sanctions laws, designed to combat corruption and human rights abuses, are being weaponized by adversaries to target political and business rivals. It highlights structural vulnerabilities, including vague 'credible information' standards and weak procedural protections, enabling exploitation by oligarchs and authoritarian regimes.
- Wallets seized by OFAC may not be Iranian; other state actors instead: Analyst
Treasury Secretary Scott Bessent claimed U.S. sanctions targeted wallets linked to Iran, but an analyst's analysis suggests the wallets may instead be connected to other state actors. The discrepancy highlights potential inaccuracies in the U.S. government's attribution of cryptocurrency wallets to Tehran.
- Treasury Department tells US ships not to pay Hormuz tolls to Iran
The U.S. Treasury Department warned shippers against paying Iranian tolls for access through the Strait of Hormuz, warning of potential sanctions. The Office of Foreign Assets Control (OFAC) issued an advisory highlighting U.S. awareness of Iranian toll demands.
- Iran and its allies are committing epic financial fraud in America. I watch it happen every day
Iran, North Korea, Russia, and China are conducting coordinated financial fraud operations within the U.S. system using shell companies, stolen identities, and synthetic profiles. Iran's 'shadow banking' network, linked to the Zarringhalam brothers, evades sanctions by routing funds through intermediaries in the UAE and Hong Kong to finance military and terrorist activities.
- US sanctions Cambodian senator alleged to be behind crypto scam centers as crackdown widens
The US imposed sanctions on a Cambodian senator allegedly involved in cryptocurrency scam operations. Over 500 fraudulent web domains linked to the crypto investment fraud were seized by the US Treasury's Office of Foreign Assets Control (OFAC).
- Scoop: U.S. eases bank sanctions amid Venezuela's economic woes
The U.S. Treasury eased sanctions on Venezuela's state-run financial system to allow the country to use U.S. currency, receive oil revenues, and reenter the global financial system. This move aims to stabilize Venezuela's economy and support oil-sector development under acting president Delcy Rodriguez.