Last month, OFAC imposed sanctions on the Waked Money Laundering Organisation and several of its associates, including Felix Maduro and his group of companies (see previous blog). OFAC has now said in a statement that, in support of Panama’s efforts to deny resources to Specially Designated Narcotics Traffickers and protect the international financial system, non-US persons will not be designated by OFAC for engaging in transactions related to the removal of SDNT ownership of the Felix Maduro Group. This is subject to the condition that such non-US persons are engaging in arm’s length, bona fide transactions and that any funds or other resources for the benefit of SDNTs are placed in an approved restricted account. Where these transactions would involve a US person, a licence should be applied for from OFAC.
Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...See profile for Michael O'Kane >