On May 2, 2014, the Department of Treasury's Office of Foreign Assets Control ("OFAC") published in the Federal Register a final rule amending the Syrian Sanctions Regulations, 31 C.F.R. Part 542, and reissuing them in their entirety (the "Amended Regulations"). The Amended Regulations implement six Executive Orders (the "Executive Orders") issued since the Syrian Sanctions Regulations were first established on April 5, 2005. In addition, the Amended Regulations incorporate several new general licenses that had previously only been posted on OFAC's website. The Amended Regulations also reflect updates to certain provisions and other technical and conforming changes.
Specifically, section 542.201 was expanded to include the
blocking prohibitions required under the Executive Orders, new
sections 542.206 through 542.210 were added to include additional
prohibitions required under Executive Order 13582, and eleven
sections were added to Subpart C to define key terms used in the
Amended Regulations. Finally, new interpretations sections and
general licenses sections were added to Subpart D and Subpart E,
respectively.
The following is a link to the Amended Regulations: http://www.gpo.gov/fdsys/pkg/FR-2014-05-02/pdf/2014-09998.pdf.
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.
