OFAC amends Transnational Criminal Organizations Sanctions Regulations

Financial Crimes Of Interest to Non-US Persons OFAC Department of Treasury Agency Rule-Making & Guidance

On January 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published a final rule in the Federal Register amending the Transnational Criminal Organizations Sanctions Regulations. The final rule reissues the regulations in their entirety to further implement Executive Order (E.O.) 13581 and E.O. 13863 related to transnational criminal organizations. Last July, President Biden extended the national emergency related to significant transnational criminal organizations declared in E.O. 13581 for an additional one-year period. Replacing regulations that were published in abbreviated form in January 2012 (and amended in July 2019 here), OFAC’s final rule provides additional comprehensive interpretive guidance, definitions, general licenses, and other regulatory provisions. The final rule is effective immediately.