The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has formally issued the Burma Sanctions Regulations to implement Executive Order 14014 of February 10, 2021, “Blocking Property With Respect to the Situation in Burma.” See SmarTrade Update of February 11, 2021. These regulations took effect on June 1, 2021, and are now
Money Transfer Services Company Settles with OFAC for Apparent Violations of Sanctions Programs
By Scott E. Diamond** on
On April 29, 2021, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement with MoneyGram Payment Systems, Inc. (MoneyGram), a global payments and money transfer company. Under the settlement, MoneyGram agreed to pay a $34,000 civil penalty for 359 apparent violations of multiple OFAC sanctions programs. MoneyGram provided services to…
OFAC Reissues Amended Somalia Sanctions Regulations
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a final rule amending the Somalia Sanctions Regulations, 31 C.F.R. Part 551 (“Regulations”) and reissuing them to further implement the April 12, 2010 and July 20, 2012 Somalia-related executive orders. This final rule replaces the regulations that were published in abbreviated form…
OFAC Issues General License for Winding Down Transactions Involving Certain Belarus Companies
On April 19, 2021, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License No. 2H under the Belarus Sanctions Regulations, representing a shift in the licensing policy for transactions with certain entities. Since October 2015, now revoked OFAC General License No. 2G had authorized transactions with these nine companies. The…
OFAC Imposes New Sanctions on Russia’s Technology, Defense and Financial Sectors
By Scott E. Diamond** on
On April 15, 2021, President Biden issued an Executive Order (“E.O.”) on “Blocking Property with Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation.” The E.O. establishes a new national emergency under which sanctions may be imposed against individuals and entities furthering specified harmful foreign activities of Russia against the United…
President Biden Terminates U.S. Sanctions Related to the International Criminal Court
By Scott E. Diamond** on
On April 2, 2021, President Joseph Biden issued an Executive Order terminating a previously declared national emergency and related sanctions against certain persons involved with the International Criminal Court (ICC). In June 2020, President Trump issued Executive Order 13928 declaring a national emergency due to the ICC’s “illegitimate assertions of jurisdiction over personnel of the…
State Department Issues Second Hong Kong Autonomy Report
By Scott E. Diamond** on
On March 16, 2021, the State Department identified 24 additional persons it determined are contributing to “the failure of the People’s Republic of China (PRC) to meet its obligations under the Sino – British Joint Declaration … or Hong Kong’s Basic Law” and, as a result, the Department of the Treasury has sanctioned these persons.…
Company Designated as a Communist Chinese Military Company Obtains Court Injunction on Investment Ban
By Scott E. Diamond** on
On March 12, 2021, the U.S. District Court for the District of Columbia issued a preliminary injunction which prohibits the Department of Defense (DOD) from enforcing its January 2021 designation of Xiaomi Corporation (Xiaomi) of China as a Communist Chinese Military Company (CCMC) pursuant to Executive Order (EO) 13959 and Section 1237 of the National…
OFAC and BitPay Enter into Settlement Agreement for Apparent Violations Related to Digital Currency Transactions
By Scott E. Diamond** on
On February 18, 2021, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) entered into a $507, 375 settlement with BitPay, Inc. (“BitPay”) for 2,102 apparent violations of multiple sanctions programs. BitPay, a cryptocurrency company offering payment processing solutions for merchants to accept digital currency as payment for goods and services, agreed to…
President Biden Issues Executive Order Sanctioning Burmese Military Leaders and Entities Involved in Coup
By Scott E. Diamond** on
President Biden Issues Executive Order Regarding Military Coup in Burma and Sanctioning Military Leaders
On February 10, 2021, President Joe Biden issued an Executive Order concerning the military coup in Burma on February 1, 2021, in which the military overthrew the democratically elected civilian government and arrested numerous government leaders, politicians, human rights defenders, journalists,…