4/14/2023 0 Comments Ofac iran sanctions actUnder IEEPA, it is a crime to willfully violate, or attempt to violate, any regulation issued under the act, including the regulations related to Iran, Sudan, Burma, Cuba and Libya.Īccording to court documents, beginning as early as 1995 and continuing through 2006, Credit Suisse, in Switzerland and the United Kingdom, altered wire transfers involving U.S. Today’s announcement sends a strong message that we will not let this type of conduct stand." "Credit Suisse’s decades-long scheme to flout the rules that govern our financial institutions robbed our system of the legitimacy that is fundamental to its success. "One of this administration’s top priorities is to employ our resources aggressively to hold accountable those who engage in financial misconduct," said Attorney General Eric Holder. Credit Suisse agreed to forfeit the funds as part of the deferred prosecution agreements reached with the Department of Justice and the New York County District Attorney’s Office and in settlement of the civil claims with OFAC. Today, Credit Suisse also entered into an agreement with OFAC to settle the apparent civil violations of IEEPA and other authorities arising from this conduct. Credit Suisse waived indictment, agreed to the filing of the information, and has accepted and acknowledged responsibility for its criminal conduct. District Court for the District of Columbia charging Credit Suisse with one count of violating the IEEPA. The violations relate to transactions Credit Suisse illegally conducted on behalf of customers from Iran, Sudan and other countries sanctioned in programs administered by the Department of the Treasury’s Office of Foreign Assets Control (OFAC).Ī criminal information was filed today in the U.S. The forfeiture is the largest ever entered against an entity for IEEPA violations. Credit Suisse AG, a Swiss corporation headquartered in Zurich, has agreed to forfeit $536 million to the United States and to the New York County District Attorney’s Office in connection with violations of the International Emergency Economic Powers Act (IEEPA) and New York state law.
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