Enforcement Release - Toll Holdings Limited

Date issued: Apr. 25 2022

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TURBOFAC Commentary (243 words)

Notes:

1) From a legal basis perspective, this enforcement action is precedential in at least one notable respect. There have been enforcement actions in the past where non-U.S. person originators of payments through U.S. banks were held liable for "causing" the U.S. banks to export financial services to sanctioned jurisdiction or otherwise deal in property in which a blocked person had an interest (compare Civil Enforcement Information - PT Bukit Muria Jaya and Civil Enforcement Information - Essentra FZE). This, however, is the first time that a non-U.S. person recipient of a payment "caused" U.S. persons to process payments through the U.S. financial system. OFAC would probably say that, when an invoice is issued by a non-U.S. person that requests payment into a U.S. bank account, the issuance of the invoice “causes” the payment to be made (even though the actual...