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Sanctions This Week: May 9th-15th, 2016

OSFISanctions Pic

There were no updates released from OSFI this week.

Go to the OSFI lists page.

OFAC

The U.S. Department of Treasury’s Branch, The Office of Foreign Asset Control (OFAC), released two updates to five sanction lists last week.  The lists that were updated, include the following:

  • Kingpin Act Designations;
  • Counter Narcotics Designations;
  • Libya-related Designations;
  • Panama-related and Kingpin Act General Licenses; and
  • An FAQ related to the Panama-related and Kingpin Act General Licenses.

OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.  The sanctions target countries, regimes, terrorists, international narcotics traffickers, the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the U.S.

The Kingpin Act and Counter Terrorism Designations updates included, the addition of a single individual (Kingpin Act), who is related to a previous listing, as well as two changes to current listings (Counter Terrorism), based on new information that came to light.

The Libya-related Designation list update included, the addition of a single individual.  The person appended to the list, is the current President and Speaker of the Libyan House of Representatives.

The Panama-related and Kingpin Act General License and FAQ update, covered certain transactions, related to the maintenance of operations within the country.  Specifically, how to deal with listed Panamanian individuals and entities listed in the General Licenses, and called out specific references to the
Soho Mall Panama and Balboa Bank & Trust.  The update follows last week’s release of the FAQ, based on feedback received.

See the Counter Narcotics and Kingpin Act Designation updates on OFAC’s website.

See the Libya-related Designation list updates on OFAC’s website.

See the Panama-related and Kingpin Act General License and FAQ updates on OFAC’s website.

See OFAC’s recent actions page.

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