Obama Nominates New Undersecretary for Terrorism and Financial Intelligence

President Obama’s point person on cracking down on financial and economic sanctions has recently resigned.

The departure of Stuart Levey from his role as the Treasury Department’s undersecretary for terrorism and financial intelligence comes as the United States and its allies appear likely to make a push for stiffer sanctions on Iran.

Obama nominated Levey’s deputy, David Cohen, to replace him. Cohen will need to be confirmed by the Senate.

Within the Treasury Department, The Office of Terrorism and Financial Intelligence develops and implements U.S. government strategies to combat terrorist financing domestically and internationally, develops and implements the National Money Laundering Strategy as well as other policies and programs to fight financial crimes.

The Office of Foreign Assets Control (OFAC) operates within the Terrorism and Financial Intelligence Office. The new undersecretary, whether the Senate confirms Cohen or another individual, will be responsible for the oversight of OFAC operations and enforcement.

Levey was known for his influence on foreign banks and companies to comply with U.S. sanctions, raising the threat that they could jeopardize their ability to do business in the United States if they violated them. Many banks have cut all ties to Iran as a result.

Douglas McNabb and other members of the firm practice and write extensively on matters involving Federal Criminal Defense, INTERPOL Litigation, International Extradition and OFAC SDN Litigation.

The author of this blog is Douglas McNabb. Please feel free to contact him directly at mcnabb@mcnabbassociates.com or at one of the offices listed above.

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