• Deanna Clark-Esposito

OFAC Updates Week 12/7/20

December 7, 2020

The Office of Foreign Assets Control (OFAC) has updated their Specially Designated Nationals and Blocked Persons (SDN) List with Hong Kong related designations consisting completely of individuals from Beijing.

OFAC has published two new Iran-Related frequently asked questions (FAQs). In addition to the two new FAQs, 855 and 856, OFAC has also updated other Iran-related FAQs; 830, 831 832 and 847.

December 8, 2020

OFAC has updated their SDN List with Iran-related, counter terrorism and North Korea designations. The majority of the designations were entities that conducted business with North Korea to some degree.

December 9, 2020

OFAC has updated their SDN List with Global Magnitsky (GLOMAG) designations. GLOMAG designations are issued on entities that commit civil rights and humanitarian violations. The designations were issued for three individuals of Portuguese, Kyrgyzstani and Liberian affiliation separately alongside three Chinese entities.

December 10, 2020

OFAC has updated their SDN List with GLOMAG and Yemen-related designations. All of the designations were made under the GLOMAG act and were placed on individuals and entities from Russia, Haiti, Germany, Yemen and the United Arab Emirates.

December 11, 2020

The Treasury Department has submitted a report to Congress pursuant to Section 5(b) of the Hong Kong Autonomy Act. Section 5(b) mandated the Treasury department to identify any foreign financial institutions that knowingly conducts significant transactions with the ten entities identified in Section 5(a) of the Act. The Treasury department has not found any foreign financial institutions that violated Section 5(a).

OFAC has updated their SDN with counter-terrorism designations. The single designations was placed upon a Tunisian individual.

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