• Deanna Clark-Esposito

OFAC Updates Week 9/21/20


September 21, 2020

The President has issued the "Blocking Property of Certain Persons with Respect to the Conventional Arms Activities of Iran" executive oder. This order was introduced with the specific intent of sanctioning the transfer of arms, military equipment and related materials that support ongoing conflicts in Syria, Lebanon, Iraq and Yemen. Alongside this order, the Office of Foreign Assets Control (OFAC) has updated their Specially Designated Nationals and Blocked Person (SDN) list with Iran-related designations.


See the Executive Order Below:

http://bit.ly/IranConvenArmsActsExecOrder


See the SDN List Below:

http://bit.ly/SDNUpdates92120


September 22, 2020

OFAC has updated their SDN list with new Venezuela designations. One of the designations was based on the new Iran Conventional Arms Executive Order.


See the SDN List Below:

http://bit.ly/SDNUpdates92220


OFAC has issued a notice to remind holders of blocked property that the annual report for said property is due on September 30. The report is filed by completing spreadsheet TD F 90-22.50 which is offered by OFAC. More in depth information about the filing process can be found here.


September 23, 2020

OFAC has updated their SDN list with cyber related designations from Ukraine and Russia for interference in U.S. election designations. Several of the designations are linked to the Russian Federal Security Service.


See the SDN List Below:

http://bit.ly/SDNUpdates92320


OFAC has amended the Cuban Assets Control Regulations (CACR), which is codified at 31 C.F.R Part 515. The amendments are implemented so that the CACR will be in further compliance with the foreign policy towards Cuba as set forth by the president. OFAC has also updated their frequently asked questions (FAQ) section regarding CACR.


See the Notice of Amendment Below:

http://bit.ly/CACRSept20Amendment


See the Updated FAQ's below:

http://bit.ly/CubaSanctionsFAQUpdateSept20


September 24, 2020

OFAC has reached a settlement agreement of $473,157 with Keysight Technologies, Inc for potential civil liabilities. Keysight is the successor entity to Anti Finland OY and is held liable for Anite's exportation of goods that incorporated 10 percent or more of U.S. export controlled content than allowed by a license to Iran. There are six apparent violations but Keysight voluntarily disclosed the violations.


See the Full Web Notice Below:

http://bit.ly/KeysightOFACSettlement


OFAC has updated their SDN list with Iran and Venezuela related designations. Some of the Iran-related designations were done in enforcement of the Countering America's Adversaries through Sanctions Act (CAATSA).


See the SDN Updates Below:

http://bit.ly/SDNUpdate92420


September 25, 2020

OFAC has issued Global Magnitsky General Guidance 2A which authorizes certain wind down and divestment transactions and activities related to blocked subsidiaries of the Xinjiang Production and Construction Corps (XPCC). Global Magnitsky (GLOMAG) sanctions are issued specifically in reaction to suspicion of human rights abuses and violations. OFAC has also updated their FAQs related to GLOMAG sanctions.


See the Guidance Below:

http://bit.ly/GloMagGuidance2A


See the GLOMAG FAQs Below:

http://bit.ly/GloMagFAQUpdateSept20


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