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Financial Services Law Insights and Observations

OFAC amends narcotics trafficking and kingpin-related sanctions regulations

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

Financial Crimes

On May 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a final rule to amend the Narcotics Trafficking Sanctions Regulations (NTSR) and Foreign Narcotics Kingpin Sanctions Regulations (FNKSR). The amendments relate to “general licenses for payments for legal services, certain transactions for personal maintenance, certain transactions for maintenance of blocked tangible property, and emergency medical services.” In addition, the final rule updates regulatory provisions prohibiting transactions involving blocked property and clarifies the terms “evasions,” “attempts,” and “conspiracies” in the NTSR and the FNKSR so that they are consistent with the definitions of those terms in other OFAC sanctions regulations.

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