Treasury Designates 26 Entities Tied to the Mugabe Regime
The U.S. Department of the Treasury today designated 26 Zimbabwean entities, 24 commercial farms and two businesses, controlled by members of Zimbabwean President Robert Mugabe's regime. This designation is pursuant to Executive Order (EO) 13288, which is aimed at blocking the property of persons undermining democratic processes in Zimbabwe. The commercial farms are among those handed to favored members of the Mugabe regime following Mugabe's land redistribution scheme.
EO 13288 imposes economic sanctions on persons who undermine democratic processes and institutions in Zimbabwe. Included in the Annex are President Mugabe and 76 other Zimbabwean government officials and persons of influence. Executive Order 13288 provides for the blocking of properties within U.S. jurisdiction or the possession or control of U.S. persons in which the SDNs have an interest, and it also denies them access to the U.S. financial system. Today's action brings the total number of designations under E.O. 13288 to 110 individuals and entities.
Doing business with an SDN of Zimbabwe may carry criminal penalties of up to $500,000, twice the monetary gain or loss per violation for an organization. Individual criminal penalties may be up to $250,000 or twice the monetary gain or loss per violation. Individuals may also face imprisonment for up to ten years for a criminal violation. In addition, civil penalties of up to $11,000 per violation may be imposed administratively.
The list of today's Zimbabwe SDN designations can be found at the following link: www.treas.gov/offices/enforcement/ofac/actions/20050803.shtml.
Labels: OFAC
|posted by Douglas N. Jacobson| Permalink 
