OFAC has announced 3 settlement agreements totalling $611m with 3 UniCredit Group Banks: UniCredit Bank AG in Germany, UniCredit Bank Austria AG and UniCredit S.p.A in Italy, as part of a $1.3bn settlement with federal and state government partners. This resolves OFAC investigations into violations of US sanctions on Burma, Cuba, Iran, Libya, Sudan, Syria, and violations related to proliferation of weapons of mass destruction and global terrorism.
Between January 2007 and December 2011, UniCredit Bank “processed over 2,000 payments totalling over $500m through financial institutions in the United States” in violation of sanctions programmes, “operated US dollar accounts on behalf of the Islamic Republic of Iran Shipping Lines and managed these accounts”, and “processed payments […] in a manner that did not disclose underlying sanctioned persons or countries”. See OFAC Notice and Treasury Press Release.
Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...See profile for Maya Lester QC >