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Financial Services Law Insights and Observations

OFAC sanctions four individuals for corruption in South Africa

Financial Crimes Of Interest to Non-US Persons Department of Treasury OFAC Sanctions

Financial Crimes

On October 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against four members of a corruption network in South Africa for alleged corruption violations of the Global Magnitsky Human Rights Accountability Act. According to OFAC, the four individuals “leveraged [their] political connections to engage in widespread corruption and bribery, capture government contracts, and misappropriate state assets.” As a result of the sanctions, all property and interests in property of the designated persons within U.S. jurisdiction must be blocked and reported to OFAC. OFAC notes that its regulations “generally prohibit” U.S. persons from participating in transactions with these individuals and entities.

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