Zimbabwe Bank Avoids OFAC Fines

A major Zimbabwe bank doesn't have to pay a $385 million penalty to the Office of Foreign Assets Control, the CEO of CBZ Holdings said in a recent interview with Bloomberg. CBZ Holdings issued a notice on Sept. 3 to shareholders to withdraw cautionary statements related to the OFAC investigation. The bank cooperated with OFAC “regarding historical transactions involving a party that was subject to OFAC economic sanctions,” it said. “OFAC has concluded its investigations and the matter has been resolved through the issuance of a Cautionary Letter,” it said.