OFAC Updates Week 1/11/21

January 11, 2021

The Office of Foreign Assets Control (OFAC) has updated its Specially Designated Nationals and Blocked Persons (SDN) List with foreign individuals involved in election interference. All of the suspected individuals were identified as Ukrainian.

January 12, 2021

OFAC has updated its SDN List with counter-terrorism designations including individuals with ties to Iran, Iraq and Afghanistan.

January 13, 2021

OFAC has updated its SDN List with counter-terrorism and Iran-related designations. The majority of the designations were secondary designations placed on utility companies.

OFAC has updated their SDN List with a single counter-terrorism designation of an Iraqi individual.

January 14, 2021

OFAC has updated its SDN List with counter-terrorism designations related to Egypt and Turkey. These designations consist of two individuals as well as three political groups.

OFAC has reached a settlement of $1,016,000 with PT Bukit Muria Jaya (BMJ) after the finding of 28 apparent violations of the North Korea Sanctions Regulations codified at 31 C.F.R. part 510. Through a series of transactions BMJ caused US banks to clear wire transfers from a blocked person between March 2016 and May 2018. OFAC has determined that even though BMJ did not voluntarily disclose these violations constitute a non-egregious case.

OFAC has issued General License 2, "Authorizing Securities Exchanges Operated by U.S. Persons to Engage in Transactions Involving Securities of Communist Chinese Military Companies." Alongside this new license OFAC has updated their frequently asked questions (FAQs) with relevant questions related to the license and Executive Order 13959 which is the direct cause of the general license. FAQs 871, 872, 873 and 874 were the newest additions related to the Communist Chinese Military Companies.

January 15, 2021

OFAC has updated their SDN List with a variety of designations. The types of designations include Hong Kong-related, Iran-related, Global Magnitsky (GLOMAG), counter-terrorism and non-proliferation designations. GLOMAG designations are placed upon individuals or entities for committing civil rights and liberties violations so special attention is usually given to these designations. The GLOMAG designations here were placed upon the Ministry of Interior and a national of Cuba.

OFAC has officially published the Hong Kong-related Sanctions Regulations in response to Executive Order 13936. The regulations have been published in the Federal Registrar, codified at 31 CFR 585. Generally the new regulation details which individuals and types of transactions are blocked or restricted with Hong Kong nationals.

Have questions related to anything you've read above? Feel free to connect with us using the Contact form at the bottom of the Home page or send us an email at contact@clarkespositolaw.com.