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  • OFAC sanctions additional persons in Bosnia and Herzegovina

    Financial Crimes

    On March 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three individuals in Bosnia and Herzegovina (BiH), pursuant to Executive Orders 14033 or 14059. The designations build on other sanctions measures taken in the region (covered by InfoBytes here) and “collectively underscore the United States’ willingness to hold accountable those who are undermining democratic institutions and furthering their agendas for political and personal gain, at the expense of peace, stability, and progress in the Western Balkans,” OFAC explained. Specifically, the sanctions target the director general for BiH’s Intelligence Security Agency, a BiH national who headed an agency responsible for obstructing or threatening the implementation of the Dayton Peace Agreement, and a significant Balkans narcotics trafficker.

    As a result of the sanctions, all property and interests in property belonging to the sanctioned individuals subject to U.S. jurisdiction are blocked and must be reported to OFAC. Additionally, “any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.” OFAC further noted that “transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt,” which “include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person.” OFAC warned financial institutions and other persons that should they engage in certain transactions or activities with the sanctioned individuals they may expose themselves to sanctions or be subject to an enforcement action.

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

  • OFAC sanctions persons in Bosnia and Herzegovina

    Financial Crimes

    On October 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14033 against two individuals and one business entity in Bosnia and Herzegovina (BiH). According OFAC, these designations follow OFAC’s September 26 designation of a corrupt state prosecutor in BiH and build on other recent sanctions imposed on individuals and entities in the region (covered by InfoBytes here). Collectively, OFAC noted that “these actions underscore the United States’ willingness to hold accountable those enabling divisive and destabilizing activities in the Western Balkans.” OFAC further noted that one of the designated individuals is one of the wealthiest individuals in BiH and is the longtime owner of a large engineering firm. According to OFAC, the individual and the firm “have been linked to corruption in the construction sector.” The sanctions also target the Prime Minister of the Federation of Bosnia and Herzegovina for “misus[ing] pensioner data for the benefit of his own political party and contrary to BiH law.” As a result of the sanctions, all property and interests in property belonging to the sanctioned individuals and entities subject to U.S. jurisdiction are blocked and must be reported to OFAC. Additionally, “any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.” OFAC further noted that “transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt,” which “include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.”

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

  • OFAC sanctions state prosecutor in Bosnia and Herzegovina

    Financial Crimes

    On September 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14033 against a state prosecutor in Bosnia and Herzegovina. According to OFAC, the individual has played a central role in enabling corruption and has been designated for being “responsible for or complicit in, or having directly or indirectly engaged in, actions or policies that undermine democratic processes or institutions in the Western Balkans.” As a result of the sanctions, all property and interests in property belonging to the sanctioned individual subject to U.S. jurisdiction are blocked and must be reported to OFAC. U.S. persons are also generally prohibited from engaging in any dealings involving the property or interests in property of blocked or designated persons unless authorized by an OFAC general or specific license. U.S. persons who violate these prohibitions may face civil or criminal penalties.

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

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