The U.S. Department of the Treasury's Office of Foreign Assets Control Issues Finding of Violation to Mashreqbank psc

Release date
11/09/2021
Body

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced the issuance of a Finding of Violation ("FOV") to Mashreqbank psc ("Mashreq"), a financial institution headquartered in the United Arab Emirates with a branch in London, United Kingdom.  Between January 4, 2005 and February 6, 2009, Mashreq's London branch processed 1,760 outgoing payments totaling $4,085,427,520 through financial institutions in the United States in violation of OFAC's now-repealed Sudan sanctions program, which prohibited the exportation, directly or indirectly, of services to Sudan. This FOV is part of a global settlement between Mashreq, the New York State Department of Financial Services and the Federal Reserve Board of Governors. 

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