OFAC Issues Technical Changes to Several Sanctions Regimes
The Treasury’s Office of Foreign Assets Control is inserting technical changes and adding references in several of its sanctions regimes, OFAC said in a notice in the July 23 Federal Register. The changes amend the Global Terrorism Sanctions Regulations (GTSR)…
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and the Transnational Criminal Organizations Sanctions Regulations (TCOSR) to make references to the Hizballah International Financing Prevention Amendments Act of 2018, OFAC said. The agency is also amending the GTSR to “implement and reference” the Sanctioning the Use of Civilians as Defenseless Shields Act of 2018 and amending the TCOSR to implement a March executive order relating to “significant transnational criminal organizations.” The notice also makes several “technical and conforming changes” to certain provisions of the Hizballah Financial Sanctions Regulations, which corrects two “internal references” and details sanctions exemptions that allow for U.S. compliance with United Nations regulations, OFAC said. The changes take effect July 23.