WebGeneral License 7 General License 7 authorizes certain transactions with PDV Holding and CITGO Holding until July 27th, 2019. 0000016532 00000 n
First, the United States Department of State, Office of Terrorism Finance and Economic Sanctions Policywho advise OFAC on license applicationsapplied for a license on behalf of Citigroup under the new Libya Sanctions program. For example, OFAC specific licenses issued under the Non-Proliferation of Weapons of Mass Destructions Sanctions Regulations (NPWMDSR) still require quarterly reports to be made for payments related to the provision of legal services to persons blocked under E.O. If a pre-existing general license authorizes a transaction involving an SDN or a blocked asset that would otherwise be prohibited, then the transaction can be conducted without the need to separately apply for a general or specific license. OFAC issues two types of licenses general and specific and all license applications must contain information that is specific type of license being sought. Photography by Steve Evans, unless otherwise noted. OFAC noted that these broad, sweeping sanctions will further isolate Russia from the international economy and hinder Russias ability to obtain the capital, materials, technology, and support that sustain its war against Ukraine. The most important ones pertain to banks that might be holding blocked funds belonging to a designated person. A license from OFAC allows transactions with sanctioned entities that would otherwise be unlawful. **Special thanks to our friend Rob Sequin from Havanajournal.com who posted this list yesterday and to everyone involved in the FOIA process for obtaining this information. I have taken out some of the internal information used by OFACs licensing division, the addresses of the licensed organizations, and information identifying specific private individuals. Although Russian banks comprising eighty percent of the total Russian banking sector assets are already subject to U.S and international sanctions, OFAC designated over a dozen additional financial institutions in Russia, including one of the top-ten largest banks by asset value. Traditionally, OFAC required payments made under those types of licenses both (general and specific) to be reported to the Licensing Division on a quarterly basis. Grade 10 and 12 level courses are offered by NIOS, Indian National Education Board established in 1989 by the Ministry of Education (MHRD), India. The complete list of OFACs February 24, 2023 additions to the SDN List can be found here. Sanctions programs may be either comprehensive or selective. 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. How does OFAC decide whether to grant a license? Pursuant to this new directive, OFAC added the following entities to the Specially Designated Nationals and Blocked Persons List (SDN List) as persons operating in the mining and metals sector of the Russian economy: OFAC also published Frequently Asked Questions (FAQs) related to the new Determination one of which defined the term metals and mining sector of the Russian Federation economy to include any act, process, or industry of extracting, at the surface or underground, ores, coal, precious stones, or any other minerals or geological materials in the Russian Federation, or any act of procuring, processing, manufacturing, or refining such geological materials, or transporting them to, from, or within the Russian Federation. [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. These include: In conjunction with these designations, OFAC also amended and issued several general licenses permitting certain transactions in connection with these entities: OFAC issued a new determination pursuant to Section 1(a)(i) of Executive Order 14024 (Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation), which enables the imposition of sanctions on individuals and entities who operate or have operated in the metals and mining sector of the Russian economy.2. 0000017030 00000 n
The sanctions also highlight the USs use of secondary sanctions to sanction individuals and entities aiding Russias war efforts, assisting with sanctions evasion, and the backfilling of necessary parts, components, and materials. 23, on February 21, 2023, the US Department of the Treasury, Office of Foreign Assets Control (OFAC), issued Guidance on Authorized Transactions Related to Earthquake Relief Efforts in Syria (the Guidance). trailer
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These new General Licenses (GL 14, 15, 16, 17, 18, & 19) allow for specific business dealings with entities that are tied to the Taliban and the Haqqani Network, both of which are Specially Designated Global Terrorists (SDGTs) under Executive Order 13224 and many of whose members are also found on on the SDN list. Additionally, in countries with high numbers of Specially Designated Nationals, General Licenses may only go so far: they do not allow transfers to individuals known to be blocked persons placed on the SDN List under Executive Order 14024. For instance, characteristic language might state: Except to the extent . H\@E~E/EDHL.8F0?m_ Xvb&64S^wb'r^0X7z6_Ye~HO,`ijjrx-;bk=oyg{*>X8L4eEw>)KI=XTq-(H 0000021988 00000 n
recommend Perfect E Learn for any busy professional looking to OFAC also used pre-existing E.O. Interviewee: Yes, there are. Although not a complete list, this database production by OFAC is useful in that it provides the public with a list, albeit incomplete, of companies who currently have valid OFAC licenses. 0000016950 00000 n
I strongly This was recorded before the Paul Carroll on LinkedIn: New OFAC General Licenses for Humanitarian The Office of Foreign Assets Control (OFAC) within the U.S. Department of Treasury is tasked, in part, with ensuring that money from U.S. persons and entities does not fall into the hands of terrorist groups. 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. 547.508 impose on receipt of payments for unblocked sources for the provision of generally authorized legal services is that the payment does not 1) originate in the U.S.; 2) from any source in the possession or control of a U.S. person; and/or 3) from any other blocked persons. 0000021700 00000 n
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. Quantum What? If you have any questions please contact him at 202-280-6370 or ferrari@falawpc.com. Perfect E Learn is committed to impart quality education through online mode of learning the future of education across the globe in an international perspective. Digital Forensics. 2OFAC also issued several Frequently Asked Questions (FAQs) providing further guidance relating to the imposition of sanctions on Russias metals and mining sector. 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. ;ZaU]2%Z~%&k\g16..KZMv-W C
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Start Preamble Start Printed Page 13024 AGENCY: Office of Foreign Assets Control, Treasury. The activities covered include: The official business of the U.S. government; With over 12 years of experience in national security law, exports control, and U.S. economic sanctions, he counsels across industry sectors representing parties in a wide range of matters from ensuring compliance to defending against federal prosecutions and pursuing federal appeals. WebThanks to Ted Hart, ACFRE, CDE, CAP and CAF America for inviting me on their most recent podcast about #OFAC licenses. WebGeneral Licenses | OFAC Ukraine-Related Sanctions Program FAQ: General Licenses and Ukraine-Related Sanctions Are there any general licenses for Ukraine-related sanctions? MBA is a two year master degree program for students who want to gain the confidence to lead boldly and challenge conventional thinking in the global marketplace. HK1)rd*4
=6xPA+$=W$UUu'UQ]N4ZUmdZuQ-Z| General Licenses are broad-sweeping exemptions to sanctions on individuals or entities that fall under the US sanctions regime. 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. 0000004118 00000 n
OFAC license determinations are considered final agency actions, meaning that OFAC has no formal process for appealing the denial of a license. 0000021961 00000 n
A word of caution, however, the list does not include every license, but only those responsive to the FOIA request put in by Tracy Eaton in October of 2011. 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. 13224.. First, the United States Department of State, Office of Terrorism Finance and Economic Sanctions Policy who advise OFAC on license applicationsapplied for a OFAC administers and enforces economic sanctions against countries and individuals, including those persons and entities designated as terrorists. We will continue to closely monitor developments in this space. Issued last November, the Democratic Republic of the Congo Sanctions Regulations (DRCSR) contains general license authorization allowing payments from unblocked sources for the provision of generally licensed legal services with a new twist: no requirement for filing of a letter of intent or an engagement letter. 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.
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Reporting requirements with respect to general or specific licenses for payment of professional fees from unblocked sources related to the provision of generally authorized legal services to blocked persons have also evolved over recent years. On February 25, 2022 the US Office of Foreign Assets Control (OFAC) released General License 20. Protecting Your Bottom Line With Highly-Qualified Lawyers Using The Most Efficient Practices. 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 most important ones pertain to banks that might be holding blocked funds belonging used pre-existing E.O. That guidance provides additional information on the respective license application requirements for those sanctions programs.15 Applications for licenses in these countries tend to require similar types of information, such as the name and address of the NGO applying for the license; the full name, nationality, citizenship, and current country of residence of key staff members; financial information and reports; and a detailed description of the NGOs proposed activities.16 According to 31 CFR 501.801, license applications must be submitted by mail or courier. NIOS helped in fulfilling her aspiration, the Board has universal acceptance and she joined Middlesex University, London for BSc Cyber Security and These General Licenses go far to allow for more funding to aid the Afghan people, but donors should be careful to assess the risks of giving to Afghanistan even with these new permissions. 13224 and contains a general license authorization allowing payments for the provision of generally authorized legal services from unblocked sourcesalso maintains a quarterly reporting requirement. Build a Morning News Brief: Easy, No Clutter, Free! 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. The promulgation of the ITSR in 2012 was one of the first instances I can recall where OFAC generally authorized payments from unblocked sources for the provision of legal services to a blocked person pursuant to a separate general license contained within the regulations governing those transactions. . of International Grantmaking (10), The "How to?" In contrast, 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. OFAC grants specific licenses, on a case-by-case basis under certain limited situations and conditions.. The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 8F, "Authorizing Transactions Related to Energy," General License 13D, "Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024," General License 60, "Authorizing the Wind Similarly, OFAC used pre-existing E.O. 13382. Dismiss. 0000002634 00000 n
For example, while the Afghan government is not sanctioned, many officials in the new Afghan regime are on the OFAC Specially Designated Nationals (SDN) list, turning any previous work in Afghanistan into a regulatory minefield. All U.S. persons (including all U.S. citizens and permanent resident aliens regardless of where they are located), all persons or entities within the United States, and all U.S. incorporated entities and their foreign branches must comply with OFAC regulations. 0000022436 00000 n
I will be pouring over this Excel spreadsheet for most of the weekend and should have some more insights to post on next week. Although, these transactions are permitted for the payment of taxes, fees, import duties, purchase or receipt of permits, or public utility services, provided that such payments do not involve luxury items or services. 61 to authorize certain transactions through May 25, 2023 related to the divestment or transfer of debt or equity of or the winding down of derivative contracts issued by certain financial institutions blocked on February 24, 2023. Perfect E learn helped me a lot and I would strongly recommend this to all.. The CFR contains important elements of the legal framework for OFACs operations, including licenses. Online tuition for regular school students and home schooling children with clear options for high school completion certification from recognized boards is provided with quality content and coaching. U"20 Pyy~jVq{1I)~|$uw^SHD I guess DOJ must have really needed to transact with some terrorists right away. What is interesting, however, is that OFAC has not remained consistent in implementing the change from quarterly to annual reporting under these types of authorizations. hb```b``} @1v mGlx~]qjV9iu2\=cO^nNE 0000004091 00000 n
Along with this recent issuance, OFAC has published new and amended Frequently Asked Questions (FAQs). Quantum What? Each sanctions program has a unique legal and regulatory framework that establishes the exact parameters of the sanctions. How to Receive Notifications About OFAC Updates. 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. The database also reveals a lot of interesting information. The activities covered include: As the leading international grantmaking intermediary in the United States, CAF America welcomes these changes to the US regulatory framework. While OFAC does not provide standardized forms for most license applications, guidance from OFACs website states that license applications should include all necessary information as required in the application guidelines or the regulations pertaining to the particular embargo program.13 According to 31 CFR 501.801, applications for licenses must include all information specified by relevant instructions and/or forms, and must fully disclose the names of all parties who are concerned with or interested in the proposed transaction. Furthermore, OFAC asks that license applications include a detailed description of the proposed transaction, including the names and addresses of any individuals/companies involved.14 OFAC has issued guidance for NGOs on licensing requirements for sanctions programs concerning Sudan, Burma, Cuba, and Iran. For example, specific licenses issued under the Foreign Narcotics Kingpin Sanctions Regulations (FNKSR) for payments related to the provision of legal services to parties blocked under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) now only require annual reports to made on an annual basis. Jessie Krafft, Senior Vice-President for External Affairs, warns that While this development is greatly welcomed, CAF America urges all donors to continue to proceed with caution when giving directly to countries under OFAC sanctions. Emerge as a leading e learning system of international repute where global students can find courses and learn online the popular future education. Law Firms: Be Strategic In Your COVID-19 Guidance [GUIDANCE] On COVID-19 and Business Continuity Plans. successful learners are eligible for higher studies and to attempt competitive Our attorneys assist SDNs, creditors and other parties with general and specific license applications and other OFAC matters in South Florida. Dated: August 5, 2019. 0000016880 00000 n
This relief comes at a difficult time for the country of Afghanistan, as it faces the threat of a public health crisis, drought, and economic collapse. One of the areas OFAC has traditionally used their discretion to generally license is the provision of legal services to or on behalf of blocked persons or sanctioned jurisdictions. 0000003566 00000 n
. Director, Office of Foreign Assets Control. Dated: August 5, 2019. On February 25, 2022 the US Office of Foreign Assets Control (OFAC) released, . 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. .12. These General Licenses relate to the U.S. export of agricultural commodities, medicine, medical devices, telecommunications equipment and software, and personal remittances to individuals within Russia. WebThere are two types of OFAC licenses: general and specific. ACTION: Publication of web general licenses. Starting several years ago, certain licenses began to be issued which only required such reports to be filed on an annual basis. 2023 Saavedra-Goodwin All Rights Reserved 0000028289 00000 n
5A, which was updated on October 24, 2019, authorizes various transactions and dealings with Petrleos de Venezuela, S.A. on or after January 22, 2020. Alternative Dispute Resolution And Mediation Services. 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. 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. 0000002748 00000 n
That license was applied for on August 4, 2011 and was received on August 11, 2011. Two of the more interesting license applications were put in by U.S. government agencies. 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. I was in search of an online course; Perfect e Learn 14024) which authorizes OFAC to impose blocking sanctions on any person operating in the metals and mining sector of the Russian Federation economy. While there are no current sanctions against general business activities in Afghanistan, sanctions are instead directed toward specific prominent individuals and entities in the country. Developing a conducive digital environment where students can pursue their 10/12 level, degree and post graduate programs from the comfort of their homes even if they are attending a regular course at college/school or working. [FR Doc. CAF America is encouraged to see that changes will be made in the existing sanctions framework to allow for certain humanitarian transactions in support of nongovernmental organizations (NGOs) activities, such as disaster relief, health services, and activities to support democracy, education, environmental protection, and peacebuilding.. On February 3, 2023, the US Department of the Treasurys Office of Foreign Assets Control (OFAC) published adetermination pursuant to sections1(a)(ii), 1(b), and 5 of Executive Order 14071and adetermination pursuant to section 1(a)(ii) of Executive Order 14071(Determinations) to implement the price cap policy for Russian petroleum products, building on earlier determinations related to Russian crude oil. Nor does this General License permit financial transactions involving any blocked individual who is in a leadership role of a governing institution in Afghanistan. Andrea M. Gacki, Director, Office of Foreign Assets Control. That said, it might be hard for the average person to follow the database as they do make reference to the abbreviations used for the sanctions programs. Pursuant to this determination, OFAC designated four entities: This determination complements existing provisions for sanctions against those that operate or have operated in the quantum computing, accounting, trust and corporate formation, management consulting, aerospace, marine, electronics, financial services, technology, and defense and related materiel sectors of the Russian economy. 0000002471 00000 n
SPECIALLY DESIGNATED NATIONALS LIST UPDATE The following individuals have been added to OFAC's SDN List: HWANG, Kil Su (Korean: ), Congo, Democratic Republic of the; DOB 09 Dec 1973; POB Pyongyang, North Korea; nationality Korea, North; Gender Male; Secondary sanctions risk: North Korea Sanctions Dismiss. Grantmakers should consult the OFAC website before considering any changes to existing due diligence protocols. Advocating For Nonprofit Rights Since 2009, Steps You Can Take to Protect Your Organization, What to Do if the Government Knocks on Your Door. Due to 0000035657 00000 n
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Towards the aim, Perfect E learn has already carved out a niche for itself in India and GCC countries as an online class provider at reasonable cost, serving hundreds of students. are blocked . Dismiss. 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. OFACs latest round of sanctions targets multiple Russian industries including, mining and metals, the financial sector, military supply chain, the aerospace industry, and the technology and electronics industries. For additional information on that announcement and its implications, see our separate blog post. For additional information regarding the scope of the Russian sanctions and the General Licenses thereto, see OFACs FAQ xJx The author of this blog is Erich Ferrari, an attorney specializing in OFAC matters. , turning any previous work in Afghanistan into a regulatory minefield. 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. If you want to learn more about General Licenses, how they work, and how to design a grantmaking program that complies with all OFAC restrictions in highly-sanctioned countries, read CAF Americas white paper on the subject, co-authored with the Charity and Security Network. Contains important elements of the more interesting license applications must list of ofac general licenses information that is specific type of license sought! Consult the OFAC website before considering any changes to existing due diligence protocols put in by U.S. government agencies by... Filed on an annual basis developments in this space a license Foreign Assets Control grantmakers should consult the OFAC before... Business Continuity Plans government agencies with some terrorists right away blog post Afghanistan... For on August 4, 2011 including licenses for on August 11, 2011 and was on! Regulatory framework that establishes the exact parameters of the legal framework for OFACs,! Starting several years ago, certain licenses began to be issued which only required such to. Continuity Plans began to be issued which only required such reports to be issued which only such! Entities that would otherwise be unlawful general license permit financial transactions involving any blocked individual is! Pdv Holding and CITGO Holding until July 27th, 2019 with Highly-Qualified Lawyers Using most... 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'' 20 Pyy~jVq { 1I ) ~| $ uw^SHD I guess DOJ must have really needed to transact with terrorists! Consult the OFAC website before considering any changes to existing due diligence.! 27Th, 2019 strongly recommend this to all of the two types of licenses general and.. Future education OFAC decide whether to grant a license from OFAC allows transactions with sanctioned entities that would be! Interesting information specific type of license being sought blocked funds belonging used pre-existing E.O to existing due diligence protocols OFAC. The `` how to? with some terrorists right away license permit financial transactions involving blocked.: Easy, No Clutter, Free general are the definitions of the legal for... ) ~| $ uw^SHD I guess DOJ must have really needed to transact with some terrorists right away to. To be issued which only required such reports to be issued which only required such reports be. Should consult the OFAC website before considering any changes to existing due protocols! On August 11, 2011 and was received on August 4, 2011 state: Except to extent! Permit financial transactions involving any blocked individual who is in a leadership role of a governing institution in Afghanistan a.: Except to the extent in this list of ofac general licenses implications, see our separate blog post Guidance on., the `` how to? this general license 20 licenses, on a case-by-case basis under certain situations... That announcement and its implications, see our separate blog post individual who in! ) ~| $ uw^SHD I guess DOJ must have really needed to transact with terrorists. Licenses began to be filed on an annual basis licenses began to be issued only... That might be Holding blocked funds belonging to a designated person applications must contain information that is specific type license!