Sanctions Regulations
Publication of Syria-related Sanctions Regulations 6/4/2020 The Office of Foreign Assets Control (OFAC) is issuing regulations to implement Executive Order 13894 of October 14, 2019 (“Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Syria”). These regulations are currently available for public inspection with the Federal Register […]
As you may know, the OFAC 50 Percent Rule guidance says that entities owned by 1 or more sanctioned parties subject to the same types of sanctions (e.g. asset freezes, capital markets restrictions, etc.) are considered sanctioned themselves if the ownership stake of the sanctioned parties reaches 50% or greater […]
Publication of Amended North Korea Sanctions Regulations 4/9/2020 OFAC is amending the North Korea Sanctions Regulations, 31 C.F.R. part 510, to further implement the North Korea Sanctions and Policy Enhancement Act of 2016, as amended by the Countering America’s Adversaries Through Sanctions Act of 2017 and the National Defense Authorization Act […]
Implementation of the Federal Civil Penalties Inflation Adjustment Act 4/8/2020 The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending its regulations to implement for 2020 the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil […]
Yesterday, UK regulators announced the imposition of 2 monetary penalties against Standard Chartered Bank for Violations of EU Council Regulation 833/2014 (that’s the Ukraine/Russia sectoral sanctions one), and Regulation 38 of the Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014. The total penalty amounts to 20,471,809.83 GBP. The notice notes […]
Ukraine territorial integrity: EU renews sanctions for a further 6 months The Council today decided that current sanctions in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine should be extended for a further six months until 15 September 2020. These restrictive measures provide not only for a freezing of […]
Removal of the Terrorism Sanctions Regulations 3/9/2020 The Office of Foreign Assets Control (OFAC) is issuing a final rule to remove the Terrorism Sanctions Regulations, 31 CFR part 595, from the Code of Federal Regulations. OFAC is taking this action because the national emergency on which part 595 was based was […]
If so, you might be interested in my new KYC360 article Interested Parties: Understanding ‘Property’ in OFAC Compliance – which just got published this morning. It’s an area which doesn’t get written about much (“property and interests in property”)… hope you find it interesting!
Earlier today, OFAC added the following person: CASIMIRO, Didier, Moscow, Russia; DOB 15 Nov 1966; POB Vilvoorde, Belgium; Gender Male (individual) [VENEZUELA-EO13850] (Linked To: ROSNEFT TRADING S.A.). and entity: ROSNEFT TRADING S.A., Rue Place du Lac 2, 1204, Geneva, Switzerland; Website http://www.rosneft.com; Executive Order 13662 Directive Determination – Subject to […]
United States Further Restricts Air Travel to Cuba PRESS STATEMENT MICHAEL R. POMPEO, SECRETARY OF STATE JANUARY 10, 2020 Share Today, at my request, the U.S. Department of Transportation (DOT) suspended until further notice all public charter flights between the United States and Cuban destinations other than Havana’s José Martí […]
