OFAC amends several sanctions regulations

Financial Crimes Department of Treasury OFAC Sanctions Of Interest to Non-US Persons

On July 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) released amendments to the Global Terrorism Sanctions Regulations (GTSR); Transnational Criminal Organizations Sanctions Regulations (TCOSR); and portions of the Hizballah Financial Sanctions Regulations (HFSR). Specifically, the GTSR and the TCOSR were amended to implement the Hizballah International Financing Prevention Amendments Act of 2018. The TCOSR was also amended to implement Executive Order 13863. OFAC also announced amendments to the GTSR to implement and reference the Sanctioning the Use of Civilians as Defenseless Shields Act of 2018. Finally, OFAC amended the HFSR to make various technical and conforming changes as well as update certain provisions. The amendments take effect July 23.