OFAC announces settlement with British Arab Commercial Bank

OFAC has reached a settlement of $4m with British Arab Commercial Bank (BACB), a commercial bank based in London, UK, with “no offices, business or presence under the US jurisdiction”. BACB processed 72 bulk funding payments totalling approximately $190m on behalf of 7 Sudanese financial institutions, including the Central Bank of Sudan, between September 2010 and August 2014. In apparent …

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About Michael O'Kane

Michael O'Kane

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,...

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