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Financial Services Law Insights and Observations

FinCEN director comments on cooperative efforts to freeze assets belonging to transnational criminal organization

Financial Crimes FinCEN International OFAC Department of Treasury Anti-Money Laundering

Financial Crimes

On July 14, Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. Blanco issued a statement regarding recent actions taken by Argentina’s Unidad de Informaciὀn Financiera de la República Argentina (UIF-AR) to freeze assets belonging to Clan Bakarat, a transnational criminal organization with ties to Hezbollah leadership. According to Director Blanco, FinCEN’s cooperative efforts with UIF-AR led to the action against Clan Barakat, which is currently listed with the Treasury Department’s Office of Foreign Assets Control as a Specially Designated Global Terrorist for its suspected involvement with money laundering and terrorist financing among other things.