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OFAC Amends Terrorism Sanctions Regulations

Thursday, June 27, 2013
Sandler, Travis & Rosenberg Trade Report

The Treasury Department’s Office of Foreign Assets Control has issued a final rule that, effective June 27, makes the following changes to its terrorism sanctions regulations.

- clarifies the scope of prohibitions on the making of donations by, to or for the benefit of persons whose property and interests in property are blocked pursuant to the underlying executive orders

- clarifies that a person whose property and interests in property are blocked pursuant to the Global Terrorism Sanctions Regulations and the Terrorism Sanctions Regulations has an interest in all property and interests in property of an entity in which it owns, directly or indirectly, a 50% or greater interest

- defines the term “financial, material or technological support” to mean any property, tangible or intangible

- sets at 180 days (up from 90) the maximum term of maturity for instruments in which funds may be invested or held within a blocked interest-bearing account

- corrects a clerical error within the Foreign Terrorist Organizations Sanctions Regulations

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