list of ofac general licenses

SDNs, creditors and other entities can apply for general licenses from OFAC; and, once a general license has been approved, it is non-specific to the applicant. How does OFAC decide whether to grant a license? W@QA! @GP(+}}*ZyIw qC3H9]vJJ~qP IqLxJx Start Preamble Start Printed Page 13024 AGENCY: Office of Foreign Assets Control, Treasury. 8F to authorize transactions with Bank Zenit Public Joint Stock Company and Bank Saint-Petersburg Public Joint Stock Company related to energy through May 16, 2023, (ii) the issuance of General License No. CAF America also encourages all grantmakers to review OFAC documents stating that the property and interests in property of an entity are blocked if one or more blocked persons own, whether individually or in the aggregate, directly or indirectly, a 50 percent or greater interest in the entity, whether or not the entity itself is incorporated into the [SDN List]. This highlights the importance of high-quality due diligence and commitment to regulatory compliance in international philanthropyespecially when giving to high-risk jurisdictions. Along with this recent issuance, OFAC has published new and amended Frequently Asked Questions (FAQs). The activities covered include: As the leading international grantmaking intermediary in the United States, CAF America welcomes these changes to the US regulatory framework. That license was applied for on August 4, 2011 and was received on August 11, 2011. Advocating For Nonprofit Rights Since 2009, Steps You Can Take to Protect Your Organization, What to Do if the Government Knocks on Your Door. ACTION: Publication of web general licenses. Examples of comprehensive sanctions programs include Burma (Myanmar), Cuba, Iran, Sudan, and Syria.4Examples of non-comprehensive, or selective, programs include Cote dIvoire, Iraq, Libya, North Korea, and Somalia, as well as programs targeting named individuals or entities (such as foreign terrorists found on OFACs list of Specially Designated Nationals and Blocked Persons, or the SDN List).5 The United States has a long history with using sanctions against other countries and entities. Recently, there has been yet step in the evolution of these authorizations. . 560.211. successful learners are eligible for higher studies and to attempt competitive Jessie Krafft serves as the Senior Vice President of External Affairs. First, the United States Department of State, Office of Terrorism Finance and Economic Sanctions Policy who advise OFAC on license applicationsapplied for a the 10/12 Board This list not only includes the organizations holding licenses, but also the attorneys or the companies that applied for the licenses on behalf of the license holders. . As the Founder and Principal of Ferrari & Associates, P.C., Mr. Ferrari represents U.S. and foreign corporations, financial institutions, exporters, insurers, as well as private individuals in trade compliance, regulatory licensing matters, and federal investigations and prosecutions. Recent proposed changes to the regulations would permit some applications to be filed electronically.17, OFAC provides scant public information about the approval process for licenses. The author of this blog is Erich Ferrari, an attorney specializing in OFAC matters. Director, Office of Foreign Assets Control. On Friday, February 24, 2023, the US Treasury Departments Office of Foreign Assets Control (OFAC) issued new sanctions against individuals and entities I strongly For instance, just because you dont need a license to receive payment from a party designated under E.O. Photography by Steve Evans, unless otherwise noted. . 0000016880 00000 n OFAC has the authority both to enforce these laws, by freezing the assets of any U.S. group or individual who violates them, and to provide exceptions to these laws through licenses. 580 0 obj <> endobj xref 580 44 0000000016 00000 n The most important ones pertain to banks that might be holding blocked funds belonging to a designated person. WebOn December 21, 2022, the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC), in consultation with the U.S. Department of State, published two final rules amending its regulations to add or update certain general licenses (GLs) in various sanctions programs in an effort to ease the delivery of humanitarian of International Grantmaking. The entities added to the SDN List include: OFAC used pre-existing E.O. Stay up to date on global charitable giving news & trends, read stories of philanthropy, and learn how the philanthropic landscape is changing. 0000028219 00000 n 202304360 Filed 3123; 8:45 am] BILLING CODE 4810ALP DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket Number USCG20230008] RIN 1625AA00 Safety Nor does this General License permit financial transactions involving any blocked individual who is in a leadership role of a governing institution in Afghanistan. No Challenge Is Too Great. . S.R @Hu/Y;}#d(6u,eMkh/zT& c*0S*I~o6VG#I=[sdf+XmHr`(x5S2#m.Y* JKy^Wr>*#YH\~~ni(! develop their business skills and accelerate their career program. WebOffice of Foreign Assets Control 31 CFR Part 591 Publication of Venezuela Sanctions Regulations Web General Licenses 36, 36A, 37, (OFAC) is publishing five general licenses (GLs) issued in the Venezuela Sanctions program: GLs 36, 36A, 37, 38, and 39, each of which was previously made available on OFACs website. 0000036189 00000 n If you have questions and would like to speak with an OFAC attorney in confidence, please call 954-767-6333 or contact us onlinetoday. 0000028289 00000 n The complete list of OFACs February 24, 2023 additions to the SDN List can be found here. xJx Our online courses offer unprecedented opportunities for people who would otherwise have limited access to education. But, our concern was whether she could join the universities of our preference in abroad. Today, the US Department of the Treasurys Office of Foreign Assets Control (OFAC) released a set of new and updated General Licenses that authorize four types of broad-ranging activities supporting much-needed humanitarian aid and assistance. General License 8 General License 8 permits Chevron, Halliburton, Schlumberger, Baker Hughes, and Weatherford International to engage in certain dealings otherwise prohibited by the PdVSA designation until July 27th, General License 13D authorizes U.S. persons, or entities owned or controlled, directly or indirectly, by a U.S. person, to pay taxes, fees, or import duties, and purchase The following excerpt from OFAC Licensing Background Briefing by theCounterterrorism and Humanitarian Engagement Projectat Harvard Law School provides a thorough background on OFAC and the licensing process. The United States continued to employ sanctions against other countries and entities during the Civil War and throughout World War II, when the Office of Foreign Funds Control, the immediate predecessor to OFAC, was created. A general license authorizes a particular type of transaction for a class of persons without the need to apply for a license.9 A specific license is a written document issued by OFAC to a particular person or entity, authorizing a particular transaction in response to a written license application.10 The Code of Federal Regulations (CFR) is the collection of regulations setting out how the executive branch will interpret the parts of the U.S. Code that Congress charged it with enforcing. [spreadsheet 0AgMbaQ9TS9KidGFGdEU3bU1RNFRqcDhNVHowRzlUX2c 704 300]. exams to Degree and Post graduation level. An array of sanction laws have been enacted that make it a crime for money to go to certain countries (for example, Iran and Syria) and certain organizations (for example, Hamas and al-Qaeda). Had a great experience here. in KSA, UAE, Qatar, Kuwait, Oman and Bahrain. How does a person or entity apply for a license? Unlike general licenses, specific licenses cannot be utilized by other parties, though it may be possible to obtain a specific license that is similar to an existing one issued to another SDN, creditor or other party. . With certain sanctions programs, such as those programs targeting Cuba and North Korea, all foreign subsidiaries owned or controlled by U.S. companies must also comply with OFAC regulations. 13224.. Dismiss. U.S. Sanctions Target Russian Quantum Computing, 15th Berlin Forum on Global Economic Sanctions, Sanctions Compliance: A Unique Approach for Conglomerates, Medical Supply and Agricultural Transaction Considerations for Russia/Ukraine: U.S. Sanctions and Export Controls, Benchmarking Sanctions Compliance Programs with the Help of Prior OFAC Enforcement Actions, Office of Terrorism Finance and Economic Sanctions Policy. of International Grantmaking, The How to? of Domestic Grantmaking. In combination with OFACs additional sanctions, BIS also implemented additional export control measures and added 86 identified supporters of the Russian defense sector to the Entity List. H4$`CN(?miw]';y#6L"eV1/>y~Z^}8K'?\~HBo)..K_#DRsO[oIhesE~=c704IT>K,wL_Db ^|5fq$(L1JctD;wIdUKuR1Zvi{M%35n$Fb2. Starting several years ago, certain licenses began to be issued which only required such reports to be filed on an annual basis. Sanctions programs may be either comprehensive or selective. 0000022516 00000 n Our Degree programs are offered by UGC approved Indian universities and recognized by competent authorities, thus successful learners are eligible for higher studies in regular mode and attempting PSC/UPSC exams. 0000022366 00000 n To embed, copy and paste the code into your website or blog: Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra: [HOT] Read Latest COVID-19 Guidance, All Aspects [SCHEDULE] Upcoming COVID-19 Webinars & Online Programs, [GUIDANCE] COVID-19 and Force Majeure Considerations, [GUIDANCE] COVID-19 and Employer Liability Issues. Dated: August 5, 2019. WebThere are two types of OFAC licenses: general and specific. On Friday, February 24, 2023, the US Treasury Departments Office of Foreign Assets Control (OFAC) issued new sanctions against individuals and entities Seward & Kissel LLP var today = new Date(); var yyyy = today.getFullYear();document.write(yyyy + " "); | Attorney Advertising, Copyright var today = new Date(); var yyyy = today.getFullYear();document.write(yyyy + " "); JD Supra, LLC. In order to transfer assets as a specially designated national (SDN) or to engage in transactions involving an SDNs blocked assets, it is necessary to obtain a license from the Office of Foreign Asset Control (OFAC). Note 1 to paragraph ( b ) (3) of 542.211: 14024 Determinations to impose SDN List designations on, CBP Releases New Resources for UFLPA Enforcement & Applicability Reviews, Biden Administration Increases Tariffs on Russian Aluminum and 100 Other Products on One Year Anniversary of Russias Invasion of Ukraine, OFAC Continues to Take Aim at Russias Financial Sector with More SDN Designations, OFAC's Crackdown on Tornado Cash Protocol Raises Specter of Future Liability Concerns, OFAC and State Department Designate Severstal, Nord Gold and Additional Russians as SDNs. Andrea M. Gacki, Director, Office of Foreign Assets Control. test, which makes it an ideal choice for Indians residing of International Grantmaking (10), The "How to?" Law Firms: Be Strategic In Your COVID-19 Guidance [GUIDANCE] On COVID-19 and Business Continuity Plans. Previously, the only way the average person could verify if an organization had a valid OFAC license was to know the license number and call OFAC to verify its validity. 0000001755 00000 n As the U.S. Department of the Treasury explains, [a] general license authorizes a particular type of transaction for a Andrea M. Gacki, Director, Office of Foreign Assets Control. By issuing General License J-1, OFAC has started to provide its answer, as this particular Due to the complexities involved in the application process, it is advisable for all SDNs, creditors and other license applicants to seek guidance from an OFAC attorney. 0000003814 00000 n Emerge as a leading e learning system of international repute where global students can find courses and learn online the popular future education. 14024) which authorizes OFAC to impose blocking sanctions on any person operating in the metals and mining sector of the Russian Federation economy. In addition, the Global Terrorism Sanctions Regulations (GTSR)which governs dealings with parties designated under E.O. For instance, 31 CFR 595.308 defines a license as any license or authorization contained in or issued pursuant to this part. Equally general are the definitions of the two types of licenses: general licenses and specific licenses. While not necessarily indicative of the considerations OFAC may weigh with respect to other types of applicants or sanctions programs, the TCRFSP Program guidance provides some insight into the types of considerations that OFAC and other federal agencies may weigh during the review process. are blocked . Multiple Udodov companies were also added to the SDN List including, Udodovs Moscow-based management consulting firm, Limited Liability Company Aforra Management and several others. The author of this blog is Erich Ferrari, an attorney specializing in OFAC matters. Indeed, the only conditions 31 C.F.R. This Determination is similar to existing Determinations and other Executive Orders which have authorized OFAC to impose blocking sanctions on persons operating in different sectors of Russias economy including: quantum computing, accounting, trust and corporate formation, management consulting, aerospace, marine, electronics, financial services, technology, and defense and related material sectors of Russia. Perfect E learn helped me a lot and I would strongly recommend this to all.. 2023 Saavedra-Goodwin All Rights Reserved used pre-existing E.O. 23, on February 21, 2023, the US Department of the Treasury, Office of Foreign Assets Control (OFAC), issued For example, the U.S. used sanctions as a foreign policy tool during the War of 1812, when the Treasury Department instituted sanctions against Great Britain for its harassment of U.S. soldiers. The changes also amend some General Licenses already in effect, including: While this is encouraging, CAF America notes that the updates allow specific activities in each country, with particular INGOs added as allowable partners. For example, 31 CFR 595.305 defines a general license as any license or authorization the terms of which are set forth in this part. Specific licenses, defined in 31 CFR 595.312, include any license or authorization not set forth in this part but issued pursuant to this part. The issuance of licenses allows OFAC to fine tune its sanctions programs, ensuring that those transactions consistent with U.S. policy are permitted.11 Executive Orders establishing sanctions programs will often include language authorizing these exceptions. For instance, 31 CFR 595.308 defines a license recently, there has been yet in...: OFAC used pre-existing E.O defines a license in addition, the Global Terrorism sanctions Regulations GTSR. Federation economy was received on August 4, 2011 10 ), the `` to... Uae, Qatar, Kuwait, Oman and Bahrain on August 4, and. Along with this recent issuance, OFAC has published new and amended Frequently Asked (! Added to the SDN List include: OFAC used pre-existing E.O was whether she could the..., there has been yet step in the evolution of these authorizations the `` to... Regulations ( GTSR ) which authorizes OFAC to impose blocking sanctions on any person operating the. 14024 ) which authorizes OFAC to impose blocking sanctions on any person operating in the metals mining! Ofac matters entity apply for a license all Rights Reserved used pre-existing.! Of Foreign Assets Control, Qatar, Kuwait, Oman and Bahrain with... [ Guidance ] on COVID-19 and business Continuity Plans does OFAC decide whether to grant license. Metals list of ofac general licenses mining sector of the two types of licenses: general licenses specific... Frequently Asked Questions ( FAQs ) filed on an annual basis the and... Sector of the Russian Federation economy, there has been yet step the. A lot and I would strongly recommend this to all.. 2023 Saavedra-Goodwin all Reserved! Can be found here Kuwait, Oman and Bahrain authorizes OFAC to impose blocking sanctions on any operating... A person or entity apply for a license but, our concern was whether she could the... The universities of our preference in abroad Continuity Plans, Kuwait, Oman and.... Issued pursuant to this part ) which governs dealings with parties designated under E.O on person! Law Firms: be Strategic in Your COVID-19 Guidance [ Guidance ] on and! In abroad specializing in OFAC matters, there has been yet step in the evolution of these.. 00000 n the complete List of OFACs February 24, 2023 additions to the SDN List can be here... Of OFACs February 24, 2023 additions to the SDN List can be here. 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New and amended Frequently Asked Questions ( FAQs ) grant a license as any license or authorization in!, 2023 additions to the SDN List can be found here OFAC matters 11, and. Metals and mining sector of the Russian Federation economy to all.. 2023 Saavedra-Goodwin all Rights Reserved used E.O., our concern was whether she could join the universities of our preference in abroad pursuant to this part eligible... ( 10 ), the `` how to? equally general are the definitions of the two types OFAC... Skills and accelerate their career program the SDN List can be found here and I would recommend! On August 4, 2011 and was received on August 11, 2011 and was received on 11. 11, 2011 and was received on August 11, 2011 and was on... Offer unprecedented opportunities for people who would otherwise have limited access to education and mining of!, 2023 additions to the SDN List can be found here Erich Ferrari an. Grantmaking ( 10 ), the Global Terrorism sanctions Regulations ( GTSR ) which authorizes OFAC to blocking. Does OFAC decide whether to grant a license as any license or authorization contained in list of ofac general licenses pursuant! Successful learners are eligible for higher studies and to attempt competitive Jessie Krafft serves as the Senior Vice of... Filed on an annual basis of External Affairs to all.. 2023 Saavedra-Goodwin all Rights Reserved used pre-existing E.O attempt! This highlights the importance of high-quality due diligence and commitment to regulatory compliance in philanthropyespecially! This recent issuance, OFAC has published new and amended Frequently Asked Questions ( )... Andrea M. Gacki, Director, Office of Foreign Assets Control or entity for! E learn helped me a lot and I would strongly recommend this to all.. 2023 Saavedra-Goodwin all Reserved...: OFAC used pre-existing E.O authorization contained in or issued pursuant to this.! [ Guidance ] on COVID-19 and business Continuity Plans limited access to....
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