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Financial Services Law Insights and Observations

OFAC sanctions al-Qa’ida facilitator

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

Financial Crimes

On October 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) designated an al-Qa’ida facilitator based in Australia and the company he owns for “having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of” the terrorist organization, pursuant to Executive Order 13224. Specifically, OFAC alleges that the individual and his company are involved in gemstone dealings, which provide the ability to move funds internationally for the benefit of al-Qa’ida. As a result of the sanctions, all property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC. OFAC further warned foreign financial institutions that knowingly facilitating significant transactions or providing significant financial services to the designated person or entity may subject them to U.S. correspondent account or payable-through sanctions. 

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