InfoBytes Blog
OFAC issues sanctions compliance guidance for transactions related to Syrian earthquake disaster relief
On February 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued sanctions compliance guidance for authorized transactions related to Syrian earthquake disaster relief. The OFAC Compliance Communique: Guidance on Authorized Transactions Related to Earthquake Relief Efforts in Syria responds to questions from nongovernmental organizations and the general public on how to provide assistance and funding to earthquake relief efforts in Syria that would otherwise be prohibited by the Syrian Sanctions Regulations. As previously covered by InfoBytes, earlier in February, OFAC issued Syria General License (GL) 23 to authorize certain transactions ordinarily prohibited by OFAC sanctions. Among other things, GL 23 informed U.S. financial institutions and U.S. registered money transmitters that they “may rely on the originator of a funds transfer with regard to compliance” for transactions related to earthquake relief efforts in Syria, provided that the financial institution does not know or have reason to know that the funds transfer is not related to such efforts.