InfoBytes Blog
OFAC sanctions individuals and entities tied to ISIS
On November 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against four members of an Islamic State of Iraq and Syria (ISIS) cell operating in South Africa, along with eight companies owned, controlled, or directed by the individuals in the ISIS cell. According to OFAC, the individuals provided technical, financial, or material support to the terrorist group. As a result of the sanctions, all property and interests in property belonging to the sanctioned individuals and entities, and of “any entities that are owned, directly or indirectly, 50 percent or more by them, individually, or with other blocked persons” that are subject to U.S. jurisdiction are blocked. U.S. persons are also generally prohibited from engaging in any dealings involving the property or interests in property of blocked or designated persons. Persons that engage in certain transactions with the designated individuals or entities may themselves be exposed to designation, OFAC warned, adding that foreign financial institutions that knowingly conduct or facilitate significant transactions to any of the sanctioned persons could also be subject to U.S. sanctions.