Lawyer added to OFAC List
The U.S. Department of the Treasury has designated a lawyer, Jose Antonio Nunez Bedoya, to its Specially Designated Nationals List (“SDNL“). Mr. Bedoya was added to the SDNL for incorporating several companies on behalf of members of Mexican organized crime, the Sinaloa Cartel, in an effort allegedly to create front companies to facilitate the laundering of assets and funds. Two other persons and three entities were designated with Mr. Bedoya today.
As a result of the designation to the SDNL, all property (money, securities, and other property) of the designated persons and entities in the U.S. or in the possession or control of a U.S. person, or U.S. company must be immediately frozen and cannot be dealt with in any way.
The sanction applies to a U.S. person, a U.S. incorporated company or entity, a U.S. based partnership, joint venture, trust, group or any organization (even if Canadian parented) and any foreign branches of any of those entities.
Banks, funds, brokers, trust companies and in particular, charge and credit card companies in the U.S. or situated elsewhere but with a U.S. parent or U.S. connection need to take extra precautions to confirm they are not holding funds belonging to persons on SDNL.
The Sinaloa Cartel was listed as significant foreign narcotics traffickers pursuant to the Kingpin Act in May 2002 and April 2009, respectively.