Weekly News Digest - October 30

OFAC — Office of Foreign Assets Control
October 29: Issuance of Amended Iran-related General License. OFAC issued Iran General License FF-1, authorizing the wind-down of transactions involving Iraq-based International Development Bank for Investment and Finance (IDB), which had been identified in connection with Iranian sanctions evasion and access to U.S. dollar financial channels.

October 28: Treasury Sanctions Facilitators of DPRK IT Worker Fraud Targeting U.S. Businesses. OFAC designated 10 individuals and one entity involved in North Korean government-sponsored IT worker schemes operating through Russia, targeting facilitators who generated revenue through fraudulent employment, cryptocurrency transactions and money laundering to support North Korea's weapons programs.

October 28: Treasury Sanctions Rwandan Ministry of Defence and Financial Institution Supporting M23. OFAC designated Rwanda's Ministry of Defence and Zigama Credit and Savings Society for their alleged support of the M23 armed group in eastern Democratic Republic of the Congo, including military assistance, financial facilitation and transactions connected to mineral smuggling.

October 27: Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Extreme Networks, Inc. OFAC announced a $1,529,685 settlement with Extreme Networks, Inc. over nine apparent violations involving the export of networking equipment and related services to a Russian defense manufacturer blocked under U.S. sanctions, with the violations occurring between September 2018 and March 2022.

October 26: Issuance of Amended Frequently Asked Questions Regarding Blocking and Rejecting Transactions and Filing Reports with OFAC. OFAC amended 11 frequently asked questions covering the treatment of blocked and rejected transactions and reporting obligations, as part of its ongoing review and modernization of sanctions compliance guidance.

October 21: Operation Economic Outcast Targets Iran's Shadow Fleet Networks. OFAC designated individuals, shipping companies, vessels and intermediaries involved in facilitating Iranian petroleum transportation and sanctions evasion, while issuing new Iran-related and Russia-related general licenses and amending related compliance guidance.

October 19: Imposing Sanctions to Protect Americans from Intellectual Property Theft. OFAC imposed restrictions under the Protecting American Intellectual Property Act of 2022 (PAIPA) targeting Chinese entities associated with intellectual property theft, including restrictions on certain financial transactions, investments and dealings with designated entities.

FinCEN — Financial Crimes Enforcement Network

October 19: U.S. Treasury Identifies $270 Million in Suspicious Activity Linked to Federal Student Aid Fraud. FinCEN identified approximately $270 million in suspicious financial activity potentially connected to fraud targeting federal student aid programs and referred its findings to federal investigators for further investigation and potential enforcement action.

INTERPOL

October 29: Knowledge Sharing Key to Counter Threats from Illicit Goods, Say Global IP Crime Experts. INTERPOL highlighted the need for stronger international cooperation and information sharing to combat counterfeit and illicit products, following a conference in Bangkok attended by 450 participants from 52 countries, with discussions addressing counterfeit medicines, vapes, automotive parts, lithium-ion batteries and other dangerous goods.

October 22: Cybercrime Crackdown in Africa Nets 1,462 Arrests, Recovers Over USD 105 Million. INTERPOL reported the results of Operation Serengeti III, conducted across 21 countries, which resulted in 1,462 arrests, the disruption of 10,909 malicious networks and the recovery of more than $105 million in illicit funds linked to cyber-enabled fraud, ransomware, business email compromise and digital extortion.

October 19: INTERPOL Launches Public Awareness Campaign Highlighting Risk of AI Deepfake Scams. INTERPOL launched an international awareness campaign warning about the growing use of AI-generated voices, images and videos in impersonation, investment and romance scams, encouraging individuals and businesses to independently verify identities and financial requests before taking action.