Zimbabwe Bank Avoids OFAC Fines
A major Zimbabwe bank doesn't have to pay a $385 million penalty to the Office of Foreign Assets Control, the CEO of CBZ Holdings said in a recent interview with Bloomberg. CBZ Holdings issued a notice on Sept. 3 to…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
shareholders to withdraw cautionary statements related to the OFAC investigation. The bank cooperated with OFAC “regarding historical transactions involving a party that was subject to OFAC economic sanctions,” it said. “OFAC has concluded its investigations and the matter has been resolved through the issuance of a Cautionary Letter,” it said.