OFAC updates FAQs on sanctioned Chinese military companies
On May 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) removed FAQ 880 from its website and published a new FAQ 896 pursuant to Executive Order (E.O.) 13959, “Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies.” FAQ 880 previously stated that, following a court order preliminarily enjoining the implementation of E.O. 13959 against a previously sanctioned company, the prohibitions are no longer applicable pending further order of the court (covered by InfoBytes here). FAQ 896 clarifies that the prohibitions in E.O. 13959 do not apply with respect to the specific company identified in the FAQ.