InfoBytes Blog
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
OFAC sanctions Russian officials
On March 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13661 against seven Russian government officials in connection with the “poisoning and subsequent imprisonment of [a] Russian opposition figure.” One of the designated individuals is also being sanctioned pursuant to E.O. 13382 “for acting or purporting to act for or on behalf of, directly or indirectly, the Federal Security Service.” In conjunction with OFAC’s sanctions, the Department of State also designated several entities and persons pursuant to E.O. 13882 for “having engaged, or attempted to engage, in activities or transactions that have materially contributed to, or pose a risk of materially contributing to, the proliferation of weapons of mass destruction or their means of delivery” by Russia. As a result of the sanctions, all of the property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons, as well as any entities that are owned 50 percent or more by the designated persons, are blocked and must be reported to OFAC. Additionally, OFAC regulations generally prohibit U.S. persons from participating in transactions with the designated persons unless exempt or otherwise authorized by an OFAC general or specific license. OFAC further warned that “any foreign person who knowingly facilitates a significant transaction or transactions for or on behalf of one of these persons risks being sanctioned.”
OFAC sanctions key Yemeni military leaders
On March 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against two individuals associated with the Ansarallah militia. The sanctions are taken pursuant to Executive Order 13611, which authorizes “blocking property of persons threatening the peace, security, or stability of Yemen.” As a result of the sanctions, all of the property and interests in property of the designated individuals that are in the United States or in the possession or control of U.S. persons, as well as any entities that are owned 50 percent or more by the designated individuals, are blocked and must be reported to OFAC. Additionally, OFAC regulations prohibit U.S. persons from participating in transactions with the designated individuals unless exempt or otherwise authorized by an OFAC general or specific license. OFAC specifies that the “prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person or the receipt of any contribution or provision of funds, goods, or services from any such person.”
OFAC sanctions Saudis for human rights abuse
On February 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against Saudi Arabia’s former Deputy Head of General Intelligence Presidency and Saudi Arabia’s Rapid Intervention Force in connection with the death of a Saudi journalist. The sanctions are taken pursuant to Executive Order 13818, which implements the Global Magnitsky Human Rights Accountability Act and “targets perpetrators of serious human rights abuse and corruption around the world.” As a result of the sanctions, all of the property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons, as well as any entities that are owned 50 percent or more by the designated persons, are blocked and must be reported to OFAC. Additionally, OFAC regulations prohibit U.S. persons from participating in transactions with the designated persons unless exempt or otherwise authorized by an OFAC general or specific license.
OFAC updates SDN List
On February 22, the U.S. Treasury Department’s Office of Foreign Assets Control added two entities to its Specially Designated National List pursuant to the Countering America’s Adversaries Through Sanctions Act (CAATSA). One of the added entities has been designated pursuant to CAATSA Section 235, which provides the president with the authority to, among other things, “prohibit any transfers of credit or payments between financial institutions or by, through, or to any financial institution, to the extent that such transfers or payments are subject to the jurisdiction of the United States and involve any interest of the sanctioned person” or “prohibit any United States person from investing in or purchasing significant amounts of equity or debt instruments of the sanctioned person.”
OFAC sanctions additional individuals connected to Burmese military coup
On February 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against two individuals connected to a Burmese military coup. The sanctions build upon actions taken by OFAC earlier in the month against 10 current or former military officials as well as three Burmese entities (covered by InfoBytes here), and reaffirms the U.S.’s continued work to “promote accountability for those responsible for attempting to reverse Burma’s progress toward democracy.” As a result of the sanctions all property and interests in property belonging to the sanctioned individuals and “any entities that are owned, directly or indirectly, 50 percent or more by them, individually, or with other blocked persons,” subject to U.S. jurisdiction are blocked and must be reported to OFAC. U.S. persons are generally prohibited from engaging in any dealings involving the property or interests in property of blocked or designated persons, unless exempt or authorized by a general or specific license.