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 last week, related to the Zimbabwe, Counter-Terrorism and Non-Proliferation Designation Lists. A total of three individuals and six entities were added to the respective lists. OFAC also released the publication of Iran-related General License I and related FAQs.
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. All of the additions mentioned above were related to aviation, the names added were either connected to an avionics regime, or were the entity under which they were operating. As for the Iran-related updates, in order to allow for more efficient processing of applications under the Statement of Licensing Policy for Activities Related to the Export or Re-export to Iran of Commercial Passenger Aircraft and Related Parts and Services, OFAC has issued General License I: Authorizing Certain Transactions Related to the Negotiation of, and Entry into, Contingent Contracts for Activities Eligible for Authorization Under the Statement of Licensing Policy for Activities Related to the Export or Re-export to Iran of Commercial Passenger Aircraft and Related Parts and Services. OFAC also updated the Frequently Asked Questions Relating to the Lifting of Certain U.S. Sanctions under JCPOA.
See the Zimbabwe update on OFAC’s website.
See the Counter-Terrorism and Non-Proliferation update on OFAC’s website.
See OFAC’s recent actions page.
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