Skip to main content
Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

OFAC sanctions politically connected Lebanese individuals

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

Financial Crimes

On April 4, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 13441, against two politically connected Lebanese brothers who engaged in corrupt practices that contributed to the undermining of Lebanon’s democratic process. As a result of the sanctions, “all property and interests in property of the individuals named above, and of any entities that are owned, directly or indirectly, 50 percent or more by them, individually, or with other blocked 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 any dealings involving the property or interests in property of blocked or designated persons.