Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute,

USA PATRIOT Act Monitor News Release: OFAC Civil Penalties List 4/4/03
4/5/2003 7:51:55 AM Eastern Standard Time

The Office of Foreign Assets Control has released a list of civil penalties imposed, as had been previously announced (67 Fed. Reg. 6820, February 11, 2003; see Monitor News Release 2/26/2003, "OFAC to Publicize Violators"). The list can be downloaded from OFAC's website at (click on "data release on: 04/04/2003"). The release is also attached here. OFAC indicated that information would be released on penalties imposed and settlements reached since the end of March 2002, but the posted list does not provide dates. A summary page at the end provides "aggregate numbers for the week ending 4/4/03" and indicates that there were three penalties imposed in the week, and one settlement reached. There are a total of 55 actions listed, at least 15 of which involve banks. The list indicates the regulation or executive order under which the penalty was sought, a description of the alleged violation, whether there was a voluntary disclosure (which had been requested by industry commenters), and whether there was a settlement. Eleven of the actions involved voluntary disclosure. The most common violation for banks involved funds transfers.


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