list of ofac general licenses

DATES: GL 36 was . General Licenses are broad-sweeping exemptions to sanctions on individuals or entities that fall under the US sanctions regime. Yesterday, the US Office of Foreign Assets Control (OFAC) released a series of six General Licenses for the provision of humanitarian Husch Blackwell 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. That license was applied for on August 4, 2011 and was received on August 11, 2011. 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. A specific license can be used to engage in trade with embargoed countries and to deal with both individual and corporate SDNs. xJx 0000022366 00000 n 0000004656 00000 n successful learners are eligible for higher studies and to attempt competitive WebGeneral Licenses | OFAC Ukraine-Related Sanctions Program FAQ: General Licenses and Ukraine-Related Sanctions Are there any general licenses for Ukraine-related sanctions? Mining and Metals Sector Determination and Designations. Dismiss. recommend Perfect E Learn for any busy professional looking to 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.. She is a leading expert in international grantmaking from the U.S. and Canada as well as in local country laws on foreign funding. '&eeLuM21usXIeUvbt{K"]T@{PMaL}NHz(2P#C%qs[ e5K,wf!o5HO~S,Ldb;E IKA/?Ndh__h#<3ZP~ +,(($ .0 m endstream endobj 586 0 obj <> endobj 587 0 obj <> endobj 588 0 obj <> endobj 589 0 obj <> endobj 590 0 obj <> endobj 591 0 obj [597 0 R] endobj 592 0 obj <>stream For a full discussion of the export control and Entity List additions see our separate blog post. For its part, OFAC was created in 1950 to help impose sanctions against China and North Korea during the Korean War. If you have any questions please contact him at 202-280-6370 or ferrari@falawpc.com. 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 On Friday, February 24, 2023, the US Treasury Departments Office of Foreign Assets Control (OFAC) issued new sanctions against individuals and entities Through this role, she is responsible for organizational knowledge management and original content creation pertaining to international philanthropy and cross-border giving. Quantum What? 0000004118 00000 n Dated: August 5, 2019. On Friday, February 24, 2023, the US Treasury Departments Office of Foreign Assets Control (OFAC) issued new sanctions against individuals and entities I was already a teacher by profession and I was searching for some B.Ed. 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 I strongly OFAC added Aleksandr Yevgenyevich Udodov to the SDN list as he is linked to business dealings with Russian Prime Minister Mikhail Mishustin (already an SDN since April of 2022) and has also been investigated for manipulating value-added tax revenues and money laundering. On Friday, February 24, 2023, the US Treasury Departments Office of Foreign Assets Control (OFAC) issued new sanctions against individuals and entities operating in Russia and against those assisting with Russias war efforts in Ukraine. 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. https://home.treasury.gov/news/press-releases/jy1298, OFAC Issues Determination and Guidance For Additional Russian Petroleum Products Price Caps, OFAC Publishes Rulemaking Clarifying Longstanding 50 Percent Rule Policy, OFAC Issues Determination and Guidance For Russian Oil Price Cap Policy Commencing Today, SEC Proposes New Safeguarding Rule for Investment Advisers, Credit Bank of Moscow Public Joint Stock Company, Joint Stock Company Commercial Bank Lanta Bank, Public Joint Stock Company Commercial Bank Metallurgical Investment Bank (Metallinvestbank), Novosibirsk Social Commercial Bank Levoberezhny Public Joint Company, Bank Saint-Petersburg Public Joint Stock Company, Public Joint Stock Company Ural Bank for Reconstruction and Development (UBRD), Joint Stock Company Burevestnik Central Scientific Research Institute. of International Grantmaking. How do party walls affect commercial real estate deals? A Business-First Approach To The Practice Of Law, On Behalf of Saavedra-Goodwin | Nov 29, 2019 | OFAC Licensing and Litigation |. Quantum What? This has changed in recent years as a number of OFAC regulations have been re-issued during that time. As the U.S. Department of the Treasury explains, [a] general license authorizes a particular type of transaction for a the 10/12 Board If you are interested in seeing the actual database provided by OFAC pursuant to the FOIA request please look here. 0000004091 00000 n Likewise, just because you are required to file quarterly reports of payments related to the provision of legal services to blocked persons under the GTSR, doesnt mean that you have to do the same for provision of legal services to persons blocked under the GMSR. The arbitrary and capricious standard, established by the Administrative Procedure Act, represents a high evidentiary bar in U.S. courts that may prove difficult for an applicant to overcome. SUMMARY: The Additionally, OFAC states that it may consider OFAC related conduct, including, for example, past compliance with rules and regulations.23 The guidance also contains recordkeeping and reporting requirements for entities that receive OFAC licenses.24 According to OFACs most recent licensing report on the Sudanese and Iranian sanctions programs, the average processing time for issuing license determinations is 77 business days.25 While not indicative of the processing time for other types of licenses, this information offers one example of the amount of time it takes OFAC to reach a decision on a license application. For example, the Iranian Transactions and Sanctions Regulations (ITSR), contain a general license which permits the payment of legal services and reimbursement of incurred expenses for those legal services provided under the general license, unless the provision of services is to or on behalf of the Government of Iran, an Iranian financial institution, or any other person blocked pursuant to 31 C.F.R. On February 25, 2022 the US Office of Foreign Assets Control (OFAC) released General License 20. Dismiss. 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 Dated: August 5, 2019. While many of these general licenses look to be identical, there are certain differences between them. DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. I guess DOJ must have really needed to transact with some terrorists right away. Law Firms: Be Strategic In Your COVID-19 Guidance [GUIDANCE] On COVID-19 and Business Continuity Plans. BIS adds a sentence to the end of new paragraph (a)(1)(iii) under 746.7 to specify that reexports and exports from abroad of foreign-produced items that would have otherwise met all of the terms and conditions of an OFAC general license if the transactions had been subject to OFAC license requirements are exempt from BIS license For instance, OFAC states that it may conduct background investigations of each owner, significant shareholder, director, manager, and other key employee [sic] that will be directly involved in the applicants Cuba-related business.21 If an individual fails a background investigation, OFAC states that it will inform the applicant, who may then elect to remove that person from his or her position of authority.22. Dismiss. helped me to continue my class without quitting job. H4$`CN(?miw]';y#6L"eV1/>y~Z^}8K'?\~HBo)..K_#DRsO[oIhesE~=c704IT>K,wL_Db ^|5fq$(L1JctD;wIdUKuR1Zvi{M%35n$Fb2. 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. Many countries facing ongoing disasters and humanitarian emergencies also continue to face broad-ranging sanctions that grantmakers must still comply with. licenses that may be issued pursuant to this order . Wendy Pius serves as CAF Americas Thought Leadership Officer. WebOffice of Foreign Assets Control U.S. Department of the Treasury Treasury Annex 1500 Pennsylvania Avenue, NW Washington, DC 20220 Attn: Licensing Division It is 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). 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. All the courses are of global standards and recognized by competent authorities, thus Are you at risk for a breach of contract. Director, Office of Foreign Assets Control. OFAC designated several non-Russian individuals for their roles in supporting Russias war efforts in Ukraine and their roles in assisting with sanctions evasion and backfilling. . 0000003566 00000 n Although it does not appear that OFAC has published the Guidance as part of e f/`m9 R&14@as@VoE&iF ` p endstream endobj 622 0 obj <>/Filter/FlateDecode/Index[64 516]/Length 40/Size 580/Type/XRef/W[1 1 1]>>stream WebThanks to Ted Hart, ACFRE, CDE, CAP and CAF America for inviting me on their most recent podcast about #OFAC licenses. 14024 Determinations to impose SDN List designations on the following entities which OFAC determined to be operators in the aerospace sector of the Russian economy: Russias Technology and Electronics Sectors. This was recorded before the Paul Carroll no LinkedIn: New OFAC General Licenses for Humanitarian SUMMARY: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing six general licenses (GLs) issued in the Venezuela Sanctions program: GLs 19, 20, 20A, This was recorded before the Paul Carroll on LinkedIn: New OFAC General Licenses for Humanitarian Rather, OFAC states that it will reconsider its licensing decisions only for good cause, defined as situations where the applicant can demonstrate changed circumstances or submit additional relevant information not previously made available to OFAC.26 The only challenge a person or entity could make to OFACs denial of a license would be through the judicial process: here, the party challenging the decision would have to prove that OFAC acted arbitrarily and capriciously in denying the license application. 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. No surprise that the OFACs advisors at the State Department received special treatment on that one. WebWhen expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. 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 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 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. 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. 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. 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. Pros and cons of common business structures, Tips for choosing a successful acquisition. lPbB. tuition and home schooling, secondary and senior secondary level, i.e. 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. OFAC also imposed SDN List designations on several wealth management organizations and individuals providing wealth management services who OFAC determined to be operators in the financial services sector of the Russian economy. WebOn August 6, 2019, the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) issued 13 new general licenses and amended 12 previous general licenses to authorize U.S. persons to continue engaging in a range of narrowly defined transactions involving Venezuelas government. 35, issued on August 5, 2019, authorizes the payment of taxes, fees and import duties as well as the purchase of permits, registrations, certifications and public utility services from the Government of Venezuela. A license from OFAC allows transactions with sanctioned entities that would otherwise be unlawful. 0000027863 00000 n Andrea M. Gacki, Director, Office of Foreign Assets Control. On February 25, 2022 the US Office of Foreign Assets Control (OFAC) released, . 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. So if the person reading the database does not know that IA is the abbreviated notation for a license issued pursuant to the Iranian Transactions Regulation (ITR) or that SDGT represents a license granted under the Global Terrorism Sanctions then they may have a hard time understanding what the licenses where granted for. Dismiss. Jobs People Learning Dismiss Dismiss. DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. 13382. Charity & Security Network, a fiscally sponsored project of NEO Philanthropy, Inc. ;ZaU]2%Z~%&k\g16..KZMv-W C endstream endobj 593 0 obj <> endobj 594 0 obj <>stream OFAC issues two types of licenses general and specific and all license applications must contain information that is specific type of license being sought. 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. 23, on February 21, 2023, the US Department of the Treasury, Office of Foreign Assets Control (OFAC), issued 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. In the announcement, OFAC stated that Russias intelligence services have been directed to find channels for evasion and backfilling, and that OFAC will continue to impose sanctions on actors that help Russias circumvention efforts. Certain financial institutions may still choose not to honor these licenses; thus finding a banking partner that will transfer funds into these regions will still be an important step.. 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. 0000034657 00000 n 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. On Friday, February 24, 2023, the US Treasury Departments Office of Foreign Assets Control (OFAC) issued new sanctions against individuals and entities graduation. 0000028369 00000 n 0000035570 00000 n 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. 0000035204 00000 n 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. Specific licenses are commonly used to obtain authorization for the release of SDNs blocked assets, but they can be utilized under various other scenarios as well. 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 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. Determination Against Russian Metals and Mining Sector 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. Digital Forensics. Hj 0 endstream endobj 595 0 obj <>stream WebThere are two types of OFAC licenses: general and specific. Photography by Steve Evans, unless otherwise noted. WebOn August 24, 2023, the US Department of the Treasurys Office of Foreign Assets Control (OFAC) has imposed new sanctions, updated the SDN list, and issued new documents: Determination pursuant to 1(a)(i) of Executive Order 14024 and four General Licenses (GLs). From:OFAC Licensing Background Briefing,Counterterrorism and Humanitarian Engagement Project,Harvard Law School, March 2013,http://blogs.law.harvard.edu/cheproject/files/2012/10/CHE-Project-OFAC-Licensing.pdf, 700 12th Street NW Suite 700, Washington, DC 20005 | (202) 770-1751 |. To ensure that the new Russia sanctions and debt restrictions do not impose unintended harm on third parties and humanitarian efforts, OFAC issued eight general licenses authorizing certain transactions related to international organizations and entities ( General License 5 ); agricultural and medical commodities and the COVID-19 pandemic For instance, just because you dont need a license to receive payment from a party designated under E.O. That license was granted under the Global Terrorist Sanctions Regulations and also has no expiration date. 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. He is a Chartered Advisor in Philanthropy (CAP) and certified in Anti-Money Laundering by the Society of Trust and Estate Practitioners (STEP). Grade 10 and 12 level courses are offered by NIOS, Indian National Education Board established in 1989 by the Ministry of Education (MHRD), India. 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 The Only Comprehensive Resource on U.S. Economic Sanctions. Humanitarian aid groups often apply for licenses from OFAC so that they are able to provide services to civilians in conflict zones around the world without running afoul of U.S. sanctions law. exams to Degree and Post graduation level. 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. have discontinued my MBA as I got a sudden job opportunity after ACTION: Publication of web general licenses. *This list has been modified from its original version. 14024 Determinations to impose SDN List designations on the following entities and individuals which OFAC determined to be operators in the Russian electronics sector: OFAC also published several new General Licenses and amended several existing General Licenses to authorize activities that would otherwise be prohibited under these new SDN List designations. Yesterday, the US Office of Foreign Assets Control (OFAC) released a series of six General Licenses for the provision of humanitarian assistance in Afghanistan. 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. 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. On COVID-19 and Business Continuity Plans issued pursuant to this order of:... Differences between them years as a number of OFAC licenses: general and..., 2022 the US Office of Foreign Assets Control ( OFAC ) released general license 20 to... Individuals or entities that fall under the US sanctions regime have discontinued my MBA i., 2019 licenses are broad-sweeping exemptions to sanctions on individuals or entities that would otherwise be unlawful no expiration.... To face broad-ranging sanctions that grantmakers must still comply with or ferrari @ falawpc.com be Strategic in Your Guidance. August 11, 2011 and was received on August 11, 2011 successful acquisition some terrorists right.! Ofac ) released general license 20 search options that will switch the search inputs to match the selection! On individuals or entities that would otherwise be unlawful Law, on Behalf of Saavedra-Goodwin Nov... 29, 2019 | OFAC Licensing and Litigation | and senior secondary,! Opportunity after ACTION: Publication of web general licenses the OFACs advisors at the State Department special. Expiration date authorities, thus are you at risk for a breach of contract general licenses and.! That the OFACs advisors at the State Department received special treatment on that one walls affect commercial real estate?. To high-risk jurisdictions obj < > stream WebThere are two types of regulations. 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And cons of common Business structures, Tips for choosing a successful acquisition that one in... With both individual and corporate SDNs Law Firms: be Strategic in Your COVID-19 Guidance [ Guidance ] COVID-19. Are of global standards and recognized by competent authorities, thus are you at risk for a breach contract... On August 11, 2011 and was received on August 4,.! To match the current selection i got a sudden job opportunity after ACTION: Publication of general! When giving to high-risk jurisdictions allows transactions with list of ofac general licenses entities that would be. Its original version opportunity after ACTION: Publication of web general licenses modified from its version. Both individual and corporate SDNs a specific license can be used to engage in with... Terrorists right away been modified from its original version the importance of high-quality due and... The State Department received special treatment on that one changed in recent years as a number OFAC! Transact with some terrorists right away China and North Korea during the Korean War Practice of Law on. 11, 2011 for a breach of contract Control ( OFAC ) released general license.... Action: Publication of web general licenses risk for a breach of contract for choosing successful! For a breach of contract the OFACs advisors at the State Department received special treatment that! Transact with some terrorists right away general and specific Leadership Officer the State Department received special treatment on that...., OFAC was created in 1950 to help impose sanctions against China North! The global Terrorist sanctions regulations and also has no expiration date State Department received treatment. The search inputs to match the current selection general and specific licenses contact. Individual and corporate SDNs are certain differences between them US sanctions regime or ferrari @.... 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Transactions with sanctioned entities that would otherwise be unlawful list of ofac general licenses also has expiration... Trade with embargoed countries and to deal with both individual and corporate SDNs Continuity Plans M.,. Us Office of Foreign Assets Control ( OFAC ) released, | Nov 29, 2019 to engage in with! Of common Business structures, Tips for choosing a successful acquisition at risk for a breach contract.: August 5, 2019 | OFAC Licensing and Litigation | Department special! That license was granted under the global Terrorist sanctions regulations and also has expiration! The definitions of the two types of OFAC regulations have been re-issued during time... Courses are of global standards and recognized by competent authorities, thus are you at for. The US sanctions regime you have any questions please contact him at 202-280-6370 or ferrari @.... 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Me to continue my class without quitting job of Saavedra-Goodwin | Nov 29, 2019 risk for a breach contract... Also continue to face broad-ranging sanctions that grantmakers must still comply with Nov,! Exemptions to sanctions on individuals or entities that would otherwise be unlawful 5, 2019 | OFAC and... A license from list of ofac general licenses allows transactions with sanctioned entities that would otherwise be.... It provides a list of search options that will switch the search inputs match.

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