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

An official website of the United States government

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
Recent Actions 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payments totaling $4,085,427,520 through financial institutions in the United States in violation of OFAC's now-repealed Sudan sanctions program, which prohibited the exportation, directly or indirectly, of services to Sudan.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. 

For more information, please visit the following web notice