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Financial Services Law Insights and Observations

OFAC sanctions Syrian government officials

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

Financial Crimes

On September 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced three individuals and 13 entities were added to the Specially Designated Nationals and Blocked Persons List, pursuant to Syria sanctions authorities. As a result, all property and interests in property belonging to the designated individuals and entities subject to U.S. jurisdiction are blocked and must be reported to OFAC. OFAC further noted that its regulations “generally prohibit all dealings by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked or designated persons,” and warned that non-U.S. persons that engage in transactions with the designated persons may expose themselves to designation.

Moreover, OFAC issued a new Syria General License 20, “Authorizing Transactions and Activities Necessary for Wind Down of Transactions with Emma Tel LLC,” and updated the FAQs to reflect the new issuance. 

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