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Profit is Sweet
At the beginning of April 2019, the United States (US) Department of Justice entered into a Non-Prosecution Agreement with UniCredit Bank Austria AG regarding the evasion of various economic sanctions. A total of USD1.3 billion was paid by UniCredit. Various branches of the American legal and regulatory regime imposed standard restrictions onto UniCredit, however the expansion of the oversight into attempted transactions raised some eyebrows within the global compliance industry.
Central Bank Lien
In January 2019, the United States Department of State removed control of financial assets in the United States owned by the Venezuelan government and handed it to the Venezuelan opposition leader, Juan Guaidó. With the stroke of a pen, Secretary of State Mike Pompeo invoked Section 25B of the Federal Reserve Act, certifying the authority of Guaidó over “certain property in accounts of the Government of Venezuela or Central Bank of Venezuela held by the Federal Reserve Bank of New York or any other U.S. insured banks”.