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Financial Services Law Insights and Observations

OFAC sanctions actors throughout the Western Balkans

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

Financial Crimes

On June 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against two prominent officials in Bosnia and Herzegovina. This is the third action taken under E.O. 14033. According to the Under Secretary of the Treasury for Terrorism and Financial Intelligence, the designated individuals “have each sought to pursue ethnonationalist and political agendas at the expense of the democratic institutions and citizens of Bosnia and Herzegovina.” As a result of the sanctions, all assets belonging to 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. U.S. persons are generally prohibited from engaging in dealings involving any property or interests in property of the blocked or designated persons.