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INSIGHT: OFAC fines US person $3.77m for Syria sanctions breach – here are the lessons for businesses

Premium March 3, 2026

A person carries a flag adopted by the new Syrian rulers, in the Umayyad Mosque, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 27, 2024. REUTERS/Amr Abdallah Dalsh/File Photo

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NEWS: Customs and VAT fraud causes €45bn of ‘damage’ to EU, officials say

By SARAH BETH FELIX, Special Correspondent

OFAC, the U.S. Office of Foreign Assets Control, has just issued a $3.77 million penalty for Syria sanctions breaches.

Here is why this charge is one-of-a-kind:

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Premium

LATEST: UK professional bodies ‘lack the teeth’ to enforce AML rules, warns FCA

 Premium

LATEST: Four Swiss professional associations form AML alliance

 Premium

NEWS: Customs and VAT fraud causes €45bn of ‘damage’ to EU, officials say

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