By Maya Lester QC & Michael O’Kane

OFAC waives penalty on Zimbabwe bank

It has been reported that OFAC has decided to waive a $385m penalty imposed on Zimbabwe’s CBZ Holdings in 2017. A cautionary letter was issued after OFAC finished a review of 15,000 transactions carried out by CBZ from 2009 to 2014 on behalf of ZB Bank, which was US-designated at the time.

ZimbabweZimbabwe United StatesUnited States

About Maya Lester QC

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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...

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