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Financial Services Law Insights and Observations

OFAC publishes Global Magnitsky Sanctions Regulations

Financial Crimes OFAC Sanctions Department of Treasury

Financial Crimes

On June 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the issuance of regulations to implement the Global Magnitsky Human Rights Accountability Act, as well as Executive Order 13818, which calls for the blocking of property of certain persons involved in serious human rights abuses or corruption. Among other things, the Global Magnitsky Sanctions Regulations outline certain prohibitions related to: (i) transactions involving blocked property, in addition to expenses pertaining to the maintenance or liquidation of blocked property; (ii) the holding of funds in blocked interest-bearing accounts; and (iii) exempt transactions. OFAC further noted it plans to “supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance, general licenses, and statements of licensing policy.” The regulations took effect June 29.

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