OFAC Panama-related Kingpin FAQs

 


General Licenses Issued Authorizing Certain Activities Pertaining to Panama


470. What transactions and activities does General License 2 (Authorizing Certain Transactions and Activities Necessary to Wind Down Operations for the Hotel Operating at Millennium Plaza, Panama) authorize? 

If you are a U.S. person currently staying at the hotel operating at Millennium Plaza, Panama, you are authorized to continue your stay through 12:01 a.m. eastern daylight time, on May 26, 2016.

If you are a U.S. person with an upcoming reservation at the hotel scheduled to begin and conclude within the authorized 21 day window, you are authorized to stay at the hotel. 

If you are a U.S. person with an upcoming reservation at the hotel outside of the authorized 21 day window, General License 2 does not authorize you to stay at the hotel to the extent your stay is outside the authorized time. 

During any authorized stay U.S. persons are permitted to engage in other transactions insofar as they relate to lodging activities. For the purposes of this General License, lodging activities include payment for your hotel room, service charges, applicable taxes, meals, internet access, media, and transportation. Lodging does not include casino-related transactions or general retail-related transactions. [05-05-16]


471. What transactions and activities does General License 3 (Authorizing Certain Transactions and Activities Necessary to Maintain Existing Operations of La Estrella and El Siglo Newspapers) authorize? 

If you are a U.S. person providing services to La Estrella or El Siglo, you are authorized to continue providing those services through 12:01 a.m. eastern daylight time, on July 6, 2016. 

Services include, but are not limited to, the provision of paper, ink, and other printing supplies; web hosting; advertising; marketing; newspaper delivery; information dissemination via social media and other web applications; and publishing-related activities. U.S. persons are also authorized to engage in any other transaction that is related to the operations of the newspapers, including, but not limited to, necessary support services such as accounting, human resources, and information technology. [05-05-16]


472. What transactions and activities does General License 4A (Authorizing Certain Transactions Involving Individuals or Entities Located in the Panamanian mall, Soho Panama S.A. (a.k.a. Soho Mall Panama)) authorize? 

If you are a U.S. person currently transacting, operating, or otherwise engaged in dealings with a non-designated individual or entity located at the Panamanian mall and associated complex, Soho Panama, S.A. (a.k.a. Soho Mall Panama), you are authorized to engage in transactions and other activities provided that those transactions and activities are for the wind down of operations, contracts, and other agreements; are related to building services; or are related to the provision of financial services; provided that the transactions and activities are not with a designated individual or entity and do not involve orders for shipment of goods to the mall placed after the date of designation. These transactions and other activities are authorized through 12:01 a.m. eastern daylight time on July 6, 2016.

These authorized transactions and activities include: (1) the completion of shipments provided that they do not involve any orders for goods placed after the date of designation; (2) re-location, liquidation, or disposition of existing inventory; (3) processing of transactions and provision of financial services by non-designated persons operating at the mall and complex, including salary payments; (4) the provision of goods and services related to building maintenance; and (5) other transactions incident to the wind down of operations, contracts, or other agreements, insofar as they do not include payments, including rent payments, to the mall and complex. Any transactions carried out directly with any designated entity are prohibited as are any new orders for shipment of goods to Soho Panama, S.A. (a.k.a. Soho Mall Panama).

Payments made by non-designated individuals or entities located in the designated mall and associated complex, to or for the benefit of Soho Panama S.A. or Westline Enterprises, Inc., are required to be made into a blocked interest-bearing account in accordance with 31 C.F.R. 598.206(a).

A person wishing to conduct a transaction or activity not covered by an OFAC General License should submit an online specific license application to OFAC. [05-05-16]


473. What transactions and activities does General License 5 (Authorizing Certain Transactions and Activities Related to the Panamanian Seizure of Balboa Bank & Trust) authorize? 

If you are a U.S. person, you are authorized to engage in all transactions and activities necessary for the analysis of, and recommendations regarding, the financial viability of Balboa Bank & Trust being conducted by the appointed administrator. 

These transactions and activities include the export, re-export, and provision of software, hardware, and other information technology-related goods and services; goods and services related to payroll, building utilities, building insurance, building maintenance, building security, and infrastructure; and goods and services related to auditing, consulting, legal, and other professional services. The authorization also includes U.S. persons providing information necessary for the administrator’s analysis and recommendations regarding the financial viability of Balboa Bank & Trust. [05-13-2016] 


474. What transactions and activities does General License 6 (Authorizing Certain Transactions and Activities Related to the Panamanian Intervention of Balboa Securities) authorize? 

If you are a U.S. person, you are authorized to engage in all transactions and activities necessary for the appointed administrator’s inventory of assets and liabilities, and development of a final report, on Balboa Securities, Corp. 

These transactions and activities include the export, re-export, and provision of software, hardware, and other information technology-related goods and services; goods and services related to payroll, building utilities, building insurance, building maintenance, and building security; and goods and services related to auditing, consulting, legal, and other professional services. The General License also authorizes U.S. persons to provide information necessary for the administrator’s inventory and report on Balboa Securities, Corp. [05-13-2016] 

 


Link:

OFAC Panama Related Kingpin Act Frequently Asked Questions

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