Syrian Sanctions Regulations Updated to Reflect Executive Orders and General Licenses
The Treasury Department’s Office of Foreign Assets Control has issued a final rule that, effective May 2, amends the Syrian Sanctions Regulations to implement various executive orders and incorporate several new general licenses. This rule also updates certain provisions of the regulations and makes other technical and conforming changes.
First issued in April 2005, the Syrian Sanctions Regulations are being amended to implement the following executive orders.
- 13399 (blocking assets of those found to be involved with a February 2005 bombing in Lebanon that killed that country’s former prime minister)
- 13460 (blocking assets of those involved in public corruption by senior officials within the government of Syria)
- 13572 (blocking the assets of those involved in human rights abuses in Syria)
- 13573 (blocking the property of Syrian government senior officials, agencies and instrumentalities)
- 13582 (blocking the property of the government of Syria and prohibiting new investment in Syria, exports of services to Syria and imports of oil of Syrian origin)
- 13606 (blocking the property of those involved in the use of certain information and communications technology that could assist in or enable serious human rights abuses by or on behalf of the government of Syria)
Transactions otherwise prohibited under the Syrian Sanctions Regulations but found to be consistent with U.S. policy may be authorized by one of the general licenses contained in subpart E of the regulations or by a specific license. The regulations are now being updated to include new general licenses that previously had been posted only on OFAC’s Web site as well as new statements of licensing policy.