WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning Cambodian businessman Ly Yong Phat (Ly), his conglomerate L.Y.P. Group Co., LTD (L.Y.P. Group), and O‑Smach Resort for their role in serious human rights abuse related to the treatment of trafficked workers subjected to forced labor in online scam centers. […]
Category Archives: U.S. Treasury
Treasury Targets Venezuelan Officials Aligned with Nicolas Maduro in Response to Electoral Fraud
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 16 Maduro-aligned officials who obstructed a competitive and inclusive presidential election process in Venezuela and violated the civil and human rights of the people. The individuals sanctioned today pursuant to Executive Order (E.O.) 13692, as amended, include leaders of the Maduro-aligned […]
U.S. Department of the Treasury Releases Proposed Rules for Corporate Alternative Minimum Tax to Address Significant Corporate Tax Avoidance By Companies with $1 Billion Or More In Annual Profit
Minimum tax estimated to generate more than $250 billion from the most profitable companies over next 10 years and $20 billion in 2025; 60% of corporations that pay the tax would otherwise have an effective federal tax rate of 1% or less. WASHINGTON – Today the U.S. Department of the Treasury (Treasury) and Internal Revenue […]
READOUT: Deputy Secretary of the Treasury Wally Adeyemo’s Meeting with Bank Policy Institute Members
WASHINGTON – Today, Deputy Secretary Wally Adeyemo and Deputy Assistant Secretary Todd Conklin met with Bank Policy Institute leaders and Chief Executive Officers to discuss cybersecurity and the operational resilience of the broader financial sector. The group discussed opportunities to continue to scale Treasury’s Project Fortress to leverage the support of larger institutions and federal […]
Treasury Targets Oil and LPG Smuggling Network That Generates Millions in Revenue for Hizballah
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning three individuals, five companies, and two vessels that are involved in smuggling oil and liquified petroleum gas (LPG) to generate revenue for Hizballah. The network, comprised of Lebanese businessmen and companies and overseen by a senior leader of […]
OCC Allows National Banks and Federal Savings Associations in Alabama, Louisiana, Mississippi and Texas Affected by Tropical Storm Francine to Close
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices in areas of Alabama, Louisiana, Mississippi and Texas affected by Tropical Storm Francine. In issuing the proclamation, the OCC expects that only those bank offices […]
U.S. Department of the Treasury Awards $4 Million to Nevada to Help Small Businesses in Key Sectors of the Economy Grow and Hire
Funding will support rural and Tribal businesses, healthcare businesses, and advanced manufacturers in the clean energy sector. WASHINGTON – Today, the U.S. Department of the Treasury announced that the Nevada Governor’s Office of Economic Development has been awarded more than $4 million to help small businesses in key sectors of the economy grow and hire […]
Treasury Targets Key Funding Source of Deadly Fentanyl- Trafficking Cartel CJNG
CJNG Fuel Theft Network Deprives Mexico of Revenue while Strengthening Cartel WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nine Mexican nationals and 26 Mexico-based entities linked to a fuel theft network that generates tens of millions of dollars benefiting the Cartel Jalisco Nueva Generacion (CJNG), a violent […]
Treasury Designates Actors Facilitating Iran’s Transfer of Lethal Aid to Russia
United States and Partners Respond to Iran’s Escalatory Decision to Provide Ballistic Missiles to Russia for its War Effort WASHINGTON — Today, in response to Iran’s ongoing military support, including the recent delivery of ballistic missiles, to Russia for its war of aggression against Ukraine, the U.S. Department of the Treasury’s Office of Foreign Assets […]
U.S. Department of the Treasury Releases New Data Showing Nearly 50 Million Americans Have Been Covered Through Affordable Care Act Health Insurance Marketplaces Since 2014
1 in 7 U.S. residents covered through Affordable Care Act health insurance marketplaces over the last decade, with all-time high enrollment under Biden-Harris Administration WASHINGTON – Today, the U.S. Department of the Treasury released new data showing that nearly 50 million Americans, or 1 in 7 U.S. residents, have been covered through the Affordable Care Act […]