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U.S. regulations revised; trade, licenses with “blocked persons”

U.S. regulations revised; trade, licenses

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today issued for publication in the Federal Register two releases that will add or supplement existing regulations concerning trade and licenses with certain jurisdictions or “blocked persons.”

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  • A final rule [PDF 373 KB] implements the Global Magnitsky Human Rights Accountability Act and Executive Order 13818 of December 2017, and states that OFAC intends to supplement these regulations with a more comprehensive set of regulations that may include additional interpretive and definitional guidance, general licenses, and statements of licensing policy.

  • A final rule [PDF 319 KB] removes the Sudanese sanctions regulations as a result of the revocation of executive orders on which the regulations were based. The OFAC final rule states that other regulations will be amended to incorporate a general license authorizing certain transactions related to exports of agricultural commodities, medicines, and medical devices which until now appeared only on OFAC’s website.

Both final rules will be published in the Federal Register on Friday, 29 June 2018.

 

For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich

Partner, Global Practice Leader

T: 312-665-1022

E: dzuvich@kpmg.com

 

Andy Siciliano

Partner, National Practice Leader

T: 631-425-6057

E: asiciliano@kpmg.com

 

Irina Vaysfeld

Principal

T: 212-872-2973

E: ivaysfeld@kpmg.com

 

Robert Waldrop

Principal

T: 212-954-8117 

E: rwaldrop@kpmg.com

 

Christopher Young

Principal

T: 312-665-3229

E: christopheryoung@kpmg.com

 

George Zaharatos

Principal

T: 404-222-3292

E: gzaharatos@kpmg.com

John L. McLoughlin

Principal, East Coast Leader

T: 267-256-2614

E: jlmcloughlin@kpmg.com

 

Luis (Lou) Abad

Principal, WNT

T: 212-954-3094

E: labad@kpmg.com

 

Amie Ahanchian

Managing Director

T: 202-533-3247

E: aahanchian@kpmg.com

 

Gisele Belotto

Managing Director

T: 305-913-2779

E: gbelotto@kpmg.com

 

Andy Doornaert

Managing Director

T: 313-230-3080

E: adoornaert@kpmg.com

 

Jessica Libby

Managing Director

T: 612-305-5533

E: jlibby@kpmg.com
 

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