OSFI
There were no updates released from OSFI this week.
OFAC
The U.S. Department of Treasury’s Branch, The Office of Foreign Asset Control (OFAC), released two updates to five sanction lists last week. The updates, include the following:
- Release of the 2015 Terrorist Assets Report;
- Iran-related FAQ;
- Counter Terrorism Designation;
- Termination of the OFAC Fax-on-Demand Service; and
- Kingpin Act/Honduras and Kingpin Act/Panama-related General Licenses and FAQ.
OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals. The sanctions target countries, regimes, terrorists, international narcotics traffickers, the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the U.S.
The 2015 Terrorist Assets Report is theTwenty-fourth Annual Report to the Congress on Assets in the United States Relating to Terrorist Countries and International Terrorism Program Designees. This report cites a number of sanctions-related authorities including executive orders. All of the legal materials cited in this report may be found in the legal section of OFAC’s website.
The Iran-related FAQ was adding two FAQs related to Financial and Banking Measures and nine FAQs related to Foreign Entities Owned or Controlled by U.S. Persons. OFAC added these FAQs to provide further clarity on the scope of the sanctions lifting that occurred on Implementation Day of the Joint Comprehensive Plan of Action (JCPOA).
The Counter Terrorism Designation list update was related to a single entity, Yarmouk Martyrs Brigade, who are known to be operating in Syria.
The termination of the OFAC Fax-on-Demand services was due to a lack of user demand for the service which is effective Friday, June 10, 2016. General information pertaining to sanctions programs will remain publicly available on OFAC’s website.
The recently published update and FAQ to the Kingpin Act General Licenses, included four new General Licenses related to:
- General License 1B – Authorizing certain transactions and activities to liquidate and wind down Banco Continental, S.A.;
- General License 4B – Authorizing certain transactions involving individuals or entities located in the Panamanian Mall and associated complex, Soho Panama, S.A. (a.k.a. Soho Mall Panama);
- General License 5A – Authorizing certain transactions and activities related to the Panamanian seizure of Balboa Bank & Trust; and
- General License 6A – Authorizing certain transactions and activities related to the Panamanian intervention in Balboa Securities, Corp.
These General Licenses authorize certain transactions and activities that would otherwise be prohibited pursuant to the Kingpin Act. OFAC also amended four FAQs related to the above licenses.
See the 2015 Terrorist Assets Report on OFAC’s website.
See the Iran-related FAQ updates on OFAC’s website.
See the Counter Terrorism Designations list update on OFAC’s website.
See the termination of OFAC’s Fax-on-Demand service information on OFAC’s website.
See OFAC’s recent actions page.
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