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OFAC Issues Regulations to Implement Sanctions on Transnational Criminal Organizations

Thursday, January 12, 2012
Sandler, Travis & Rosenberg Trade Report

The Treasury Department’s Office of Foreign Assets Control has issued a final rule that, effective Jan. 12, establishes regulations to implement Executive Order 13581 of July 24, 2011, (Blocking Property of Transnational Criminal Organizations). OFAC states that the Transnational Criminal Organizations Sanctions Regulations (31 CFR Part 590) are being published in abbreviated form at this time for the purpose of providing immediate guidance to the public. OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy. OFAC is also updating the Reporting, Procedures and Penalties Regulations (31 CFR Part 501), which set forth standard reporting and recordkeeping requirements and license application and other procedures relevant to the economic sanctions programs administered by OFAC, to clarify the availability of general licenses on OFAC’s Web site.

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