InfoBytes Blog
E.O. blocks property of Afghan bank
On February 11, President Biden issued an Executive Order (E.O.) on Protecting Certain Property of Da Afghanistan Bank [DAB] for the Benefit of the People of Afghanistan. The E.O. generally blocks “[a]ll property and interests in property of DAB that are held, as of the date of this order, in the United States by any United States financial institution, including the Federal Reserve Bank of New York.” The E.O. establishes that “[a]ny transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions set forth in this order is prohibited.” Among other things, the order's prohibitions “apply except to the extent provided by statutes, or in regulations, orders, directives, or licenses that may be issued pursuant to this order, and notwithstanding any contract entered into or any license or permit granted before the date of this order.” The E.O. also prohibits any transactions by U.S. persons—or within the U.S—that evade or avoid, have the purpose of evading or avoiding, cause a violation of, or attempt to violate the provisions set forth in the order, as well as any conspiracy to violate any of these prohibitions. Additionally, the Secretary of the Treasury—after consulting with heads of other executive departments as deemed appropriate—is authorized to take actions, including promulgating rules and regulations, to carry out the purposes of the E.O.