Issuance of Venezuela-related General License 5I and Updated Frequently Asked Question; Issuance of Amended Transnational Criminal Organizations Sanctions Regulations; Amendment of the definition of the term “Applicable Schedule Amount” Release date01/20/2022Body The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 5I, “Authorizing Certain Transactions […]
Estimated reading time: 6 minutes
956. For the Belarus, Ukraine-/Russia-related, and Venezuela-related sanctions programs, how does OFAC view modifications to pre-existing loans, contracts, or other agreements to replace London Interbank Offered Rate (LIBOR) as the reference rate? Answer In July 2017, the United Kingdom Financial Conduct Authority (FCA) announced the “future cessation and loss of representativeness” of […]
Estimated reading time: 2 minutes
Fact Sheet: Provision of Humanitarian Assistance to Afghanistan and Support for the Afghan People December 22, 2021 The United States is the largest single provider of humanitarian assistance in Afghanistan and is committed to continuing to support the Afghan people. The Treasury Department seeks to ensure that humanitarian assistance and […]
Estimated reading time: 16 minutes
OFAC today has issued 3 new Afghanistan-related General Licebses for the counter terrorism sanctions program: General License 17 (Authorizing Official Business of the United States Government) General License 18 (Authorizing Official Activities of Certain International Organizations and Other International Entities) General Licenses 19 (Authorizing Certain Transactions in Support of Nongovernmental […]
Estimated reading time: 37 minutes
Structural changes to the UK sanctions list The structure and the format of the UK Sanctions List will be changing in February 2022. OFSI’s consolidated list will also be changing to align with the UK Sanctions List. FCDO has published guidance around these changes including: New fields Name changes to existing fields A sample […]
Estimated reading time: 1 minute
Oh, where to start? First, Directive 1, which prohibits dealing in longer-term debt (>90 days) by the Ministry of Finance and the Development Bank – as of today. It explicitly notes that everything else with those two government entities is authorized – and FAQ 943 makes it clear that this […]
Estimated reading time: 51 minutes
CBUAE issues new guidance on anti money laundering and combatting the financing of terrorism for licensed exchange houses Abu Dhabi (17 November 2021): The Central Bank of the UAE (CBUAE) has issued new guidance on anti money laundering and combatting the financing of terrorism (AML/CFT) for licensed exchange houses (LEH). […]
Estimated reading time: 3 minutes
Publication of Amended Syria Sanctions Regulations and Related Frequently Asked Questions; Issuance of Venezuela-related General License 8I Release date. 11/24/2021 The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is adopting a final rule amending the Syrian Sanctions Regulations, 31 CFR part 542, to expand an existing authorization related […]
Estimated reading time: 7 minutes
Updates to guidance on FINTRAC’s website We wish to inform all reporting entities subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations of recent updates to the following guidance on FINTRAC’s website: Reporting large virtual currency transactions (LVCTRs) to FINTRAC In September 2021, […]
Estimated reading time: 5 minutes
It says that Hidri Trust and Red Sea Trading Corporation are not subject to the 50 Percent Rule. How does that happen? Section 2(b) of Executive Order includes the following: No entity shall be blocked pursuant to this order solely because it is owned in whole or in part, directly […]
Estimated reading time: 1 minute
Mr. Watchlist 