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OFAC-a-Rama: Updated Venezuela GL , Updated TCO regulations, Civil Monetary Penalty definition update

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 […]

Ooh, a good question… which OFAC answers!

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 […]

Counter Terrorism updates: OFAC giveth (to Afghanistan)…

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 […]

OFAC updates two programs: amendments to Syria Sanctions Regulations & its FAQs – and updates Venezuela GL 8

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 […]

Did you read OFAC FAQ 936?

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 […]

You knew it was just a matter of time – OFAC dusts off its Ethiopia program and takes it for a spin

OFAC today designated the following persons: NEMARIAM, Abraha Kassa (a.k.a. KASSA, Abraha; a.k.a. KASSA, Wedi), Eritrea; DOB 15 Jul 1953; POB Eritrea; nationality Eritrea; Gender Male; Passport D000294 (Eritrea) (individual) [ETHIOPIA-EO14046]. W KIDAN, Hagos Ghebrehiwet (a.k.a. WELDEKIDANE, Hagos Ghebrehiwet; a.k.a. WOLDEKIDAN, Hagos Ghebrehiwet), Asmara, Eritrea; DOB 25 Apr 1953; POB […]

OFAC has a new Syria FAQ for you…

934. Are the United Nations and the U.S. government permitted to conduct stabilization and early recovery-related activities and transactions involving Syria?  Does this apply to their contractors and grantees as well?Answer Yes.  The Syrian Sanctions Regulations (SySR) § 542.513 authorize, subject to certain conditions, the United Nations, its Specialized Agencies, Programmes, Funds, and […]

OFAC publishes Virtual Currency Sanctions Compliance Guidance (& 2 updated FAQs)

Publication of Sanctions Compliance Guidance for the Virtual Currency Industry and Updated Frequently Asked Questions Release date10/15/2021Body The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is publishing an industry-specific brochure, “Sanctions Compliance Guidance for the Virtual Currency Industry,” as a resource to help members of the […]