Her Majesty's Treasury made some notable updates to their site yesterday. First, the frequently asked questions (FAQ) page was enhanced with additional sections for: · advice for designated persons on how they may use their assets, · advice on humanitarian transactions, · information on what constitutes ownership and control, · […]
The Iranian sanctions program has a General License for the provision of “basic medical supplies” to Iran. Today, OFAC updated that list of supplies under a new General License. They also added two questions to its Frequently Asked Questions (FAQ) page, and issued updated “Guidance on the Sale of Food, […]
Her Majesty's Treasury has implemented changes to the North Korean and Syrian sanctions program in-line with changes adopted by the European Union. The North Korean regulations now have new prohibitions against opening bank accounts with North Korean banks, and opening or maintaining correspondent accounts with them. There is also a […]
OFAC made 2 changes related to its Syrian program yesterday. First, it issued Statements of Licensing Policy on Activities Related to the Telecommunications and Agricultural Sectors of Syria and Petroleum and Petroleum Products of Syrian Origin for the Benefit of the National Coalition of Syrian Revolutionary and Opposition Forces or […]
The Watchlists, Licenses and Regulatory Links pages have been updated: The Licenses page has updated links for the 5 General Licenses for the terrorism sanctions, as well as a link to the page where they all are (because of the nice synopsis of the 5 on that page) The Watchlist […]
The new page has nice, short descriptions of the 5 General Licenses. Rather than rephrase them… Provision of insurance policies to designated persons This licence allows insurers (including a broker, underwriter or intermediary) to issue an insurance policy of any description to a designated person. Insurers are required to report […]
Remember when OFAC issued its license allowing the export of free personal communications software (and hardware and services) to Iran? Well, the boys in DC are at it again, issuing Iran General License D to do the same for for-profit sales of the same. The license has also been added […]
OFAC has issued General License 7a under its terrorism sanctions program in light of the resignation of the Palestinian Authority's Prime Minister Salam Fayyad. The General License, which effectively modifies the existing General License 7, and which permits transactions otherwise prohibited under these sanctions programs to be conducted with members […]
On Wednesday, OFAC issued General License No. 1 for the Zimbabwe sanctions program. It authorizes transactions with the Agricultural Development Bank of Zimbabwe and the Infrastructure Development Bank of Zimbabwe, as long as it doesn't involve someone who is explicitly sanctioned. The General License has now been added to the […]
On Friday (sorry, Mr. Watchlist was en route to the airport), OFAC issued a notice about a new online method of submitting license applications. The new system lets you apply for licenses for: Export of agricultural goods, medicine or medical devices to Iran or Sudan Travel to Cuba Release of […]
Mr. Watchlist 