OFAC amended the Global Terrorism Sanctions Regulations ("GTSR"), the Transnational Criminal Organizations Sanctions Regulations ("TCOSR") and the Hizballah Financial Sanctions Regulations ("HFSR"), which went into effect on July 23, 2019.
According to Treasury Department Resource Center information, OFAC is amending (i) the GTSR and TCOSR to implement the Hizballah International Financing Prevention Amendments Act ("HIFPAA"), (ii) the GTSR to implement the Sanctioning the Use of Civilians as Defenseless Shields Act of 2018 ("Shields Act"), and (iii) the TCOSR to incorporate Executive Order 13863 ("Taking Additional Steps to Address the National Emergency with respect to Significant Transnational Criminal Organizations"). In addition, the HFSR was amended to reflect certain technical changes and updated provisions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
