OFAC cleans up some of their regs…

Amendments to the Global Terrorism Sanctions Regulations (GTSR); Transnational Criminal Organizations Sanctions Regulations (TCOSR); and Hizballah Financial Sanctions Regulations (HFSR)

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the Global Terrorism Sanctions Regulations (GTSR); Transnational Criminal Organizations Sanctions Regulations (TCOSR); and Hizballah Financial Sanctions Regulations (HFSR), 31 CFR parts 566, 590 and 594.  This final rule implements and references recent legislation and a new Executive Order.

OFAC is amending the GTSR and the TCOSR to implement and reference the Hizballah International Financing Prevention Amendments Act (HIFPAA) of 2018.  OFAC is also amending the GTSR to implement and reference the Sanctioning the Use of Civilians as Defenseless Shields Act of 2018 (Shields Act).  OFAC is further amending the TCOSR to implement Executive Order 13863 of March 15, 2019 (“Taking Additional Steps to Address the National Emergency with respect to Significant Transnational Criminal Organizations”).  Finally, OFAC also is amending the HFSR, to make certain technical and conforming changes and to update certain provisions.  

This regulatory amendment is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on Tuesday, July 23, 2019.

Links:

OFAC Notice

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