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Financial Services Law Insights and Observations

OFAC sanctions Saudis for human rights abuse

Financial Crimes OFAC Department of Treasury SDN List Sanctions Of Interest to Non-US Persons OFAC Designations Saudi Arabia

Financial Crimes

On February 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against Saudi Arabia’s former Deputy Head of General Intelligence Presidency and Saudi Arabia’s Rapid Intervention Force in connection with the death of a Saudi journalist. The sanctions are taken pursuant to Executive Order 13818, which implements the Global Magnitsky Human Rights Accountability Act and “targets perpetrators of serious human rights abuse and corruption around the world.” As a result of the sanctions, all of the property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons, as well as any entities that are owned 50 percent or more by the designated persons, are blocked and must be reported to OFAC. Additionally, OFAC regulations prohibit U.S. persons from participating in transactions with the designated persons unless exempt or otherwise authorized by an OFAC general or specific license.

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