• Deanna Clark-Esposito

OFAC Updates Week 7/13/20

Updated: Jul 26


July 15, 2020

The Office of Foreign Asset Control (OFAC) has amended the Venezuela related General License 5d regarding "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After October 20, 2020." OFAC is also amending their frequently asked questions regarding Venezuela.

See the General License Below:

https://bit.ly/VenezuelaGeneralLicense5D


See FAQ's Below: https://bit.ly/OFACVenezuelaFAQs


OFAC has updated their Specially Designated Nationals and Blocked Persons (SDN) list with cyber related and Ukraine/Russia related designations. The cyber-related designations were in response to suspicions of foreign interference in U.S. election designations.


See Below:

https://bit.ly/TreasurySDNList

July 16, 2020

OFAC has amended the Nicaragua Sanctions Regulations, 31 CFR Part 582 to incorporate the Nicaragua Human Rights and Anticorruption Act of 2018. Tandem to this amendment, OFAC is also introducing a new general license.


See the Regulation Amendments Below:

https://bit.ly/Nicaragua31CFRprt582


OFAC has amended two Ukraine-related licenses. The first is General License 13O "Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in GAZ Group." The second is General License 15I "Authorizing Certain Activities Involving GAZ Group."


See General License No. 13O Below:

https://bit.ly/UkraineGenLicense130


See General License 15I Below:

https://bit.ly/UkraineGenLicense15I


OFAC announced a $665,112 settlement with Essentra FZE Company Limited (Essentra FZE) after the company was suspected of three violations of the North Korea Sanctions Regulations, 31 C.F.R. part 510. OFAC believes that Essentra FZE used a network of "front companies" in China and other countries to ship cigarette filters then received payment for the goods at a foreign branch of a U.S. bank.


See the Notice Here:

https://bit.ly/EssentraFZECivilPenaltyJuly20


July 17, 2020

OFAC has updated their SDN list with counter narcotics designations, specifying both removals and additions alongside new Nicaragua related designations.


See Below:

https://bit.ly/TreasurySDNList


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