Search Results for keywords:"Office of Foreign Assets Control"

Found 7 results

Search Results: keywords:"Office of Foreign Assets Control"

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  • 2024-28470 — Publication of Western Balkans Stabilization Regulations Web General License 5A
    Type:Rule
    Citation:89 FR 96901
    Reading Time:about 2 minutes

    The Department of the Treasury's Office of Foreign Assets Control (OFAC) has published a general license known as GL 5A. This license, which was issued on November 6, 2024, allows certain activities related to pumps made or distributed by two companies, Kaldera and Elpring, for the treatment or distribution of drinking water. It replaces the previous General License No. 5 and aims to authorize transactions that were previously prohibited under the Western Balkans Stabilization Regulations. However, it does not permit transactions with blocked persons not specifically mentioned in the license.

    Simple Explanation

    The government made a new rule that lets two companies make and sell special pumps for clean water that helps people in the Western Balkans, but some people are worried it might be unfair and hard to understand.

  • 2025-03310 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Office of Foreign Assets Control
    Type:Notice
    Citation:90 FR 10995
    Reading Time:about 2 minutes

    The Department of the Treasury, specifically the Office of Foreign Assets Control (OFAC), is requesting the Office of Management and Budget (OMB) to review and approve the extension of an existing form related to the Rough Diamonds Control Regulations. According to these regulations, individuals or businesses receiving shipments of rough diamonds must report the receipt to the relevant foreign exporting authority within 15 days of entry into the U.S. This process affects those involved in the international diamond trade, with an estimated total of 73 respondents and about 67 total annual burden hours for reporting. The department is inviting public comments on this collection by March 31, 2025, and details can be submitted through the specified website.

    Simple Explanation

    The Treasury Department needs people who buy lots of diamonds from other countries to fill out a special form and send it back to the country they got the diamonds from. They’re checking with the big boss in charge to make sure this form is okay to keep using, and they want people to tell them if the form is too hard to fill out by the end of March.

  • 2024-29676 — Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses 53A, 55C, 113, and 114
    Type:Rule
    Citation:89 FR 102742
    Reading Time:about 16 minutes

    The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has released four general licenses linked to sanctions against Russian harmful foreign activities. These licenses, numbered 53A, 55C, 113, and 114, allow certain transactions that were initially restricted, involving Russian entities like Gazprombank and projects such as Sakhalin-2. Each license specifies what activities are permitted and outlines exceptions, such as prohibiting some financial dealings with blocked entities. These licenses were first published on OFAC's website and have specific expiration dates outlined in the document.

    Simple Explanation

    The U.S. Treasury's Office of Foreign Assets Control (OFAC) gave out four special permissions, called general licenses, that let some businesses work with certain Russian companies, like Gazprombank, even though there are usually rules against it. These licenses let some things happen but also say some actions are still not allowed.

  • 2024-30825 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Reporting, Procedures and Penalties Regulations
    Type:Notice
    Citation:89 FR 105687
    Reading Time:about 3 minutes

    The Department of the Treasury is seeking public comments on its proposed information collection activities related to the Office of Foreign Assets Control (OFAC). These activities involve renewing and revising the authority to collect information under various economic sanctions programs administered by OFAC. The Treasury department is consolidating several existing requests and introducing a new form related to economic sanctions on Russia. Comments are requested by January 27, 2025, and further details can be found on the specified government website.

    Simple Explanation

    The Department of Treasury wants to hear what people think about new plans to collect information to make sure rules about not trading with certain countries, like Russia, are followed. They are asking for feedback by January 27, 2025, and are also making some changes to the forms used to gather this information.

  • 2025-00786 — Inflation Adjustment of Civil Monetary Penalties
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    Type:Rule
    Citation:90 FR 3687
    Reading Time:about 22 minutes

    The Office of Foreign Assets Control (OFAC) under the Department of the Treasury has issued a final rule to adjust civil monetary penalties for inflation, as required by law. This adjustment aims to maintain the deterrent effect of these penalties by reflecting changes in the cost of living. The updated penalties apply across various statutes like the Trading With the Enemy Act, the International Emergency Economic Powers Act, and others. The rule will be effective beginning January 15, 2025, and does not require prior public notice or comment.

    Simple Explanation

    The government has decided to update some penalty fees so they stay effective and continue to discourage rule-breaking, just like how your allowance might increase to keep up with prices going up for candy. These new penalty amounts will start from January 15, 2025.

  • 2021-01521 — Notice of OFAC Sanctions Action
    Type:Notice
    Citation:86 FR 6969
    Reading Time:about a minute or two

    The Department of the Treasury's Office of Foreign Assets Control (OFAC) has updated its Specially Designated Nationals and Blocked Persons List. This update includes individuals and entities that have met specific legal criteria under Executive Order 13818, related to human rights abuses or corruption. As a result, any property and interests in property they have within U.S. jurisdiction are frozen, and U.S. persons are generally not allowed to engage in financial transactions with them. The details of the designated individuals and entities, including reasons for their designation, are available on the OFAC website.

    Simple Explanation

    The U.S. government made a list of people and groups from other countries who did bad things like hurting others or stealing money, and they're telling everyone in the U.S. not to do business with them. Any of their stuff that is in the U.S. gets taken away to stop them from continuing those bad actions.

  • 2024-29991 — Publication of Venezuela Sanctions Regulations Web General Licenses 5Q and 8O
    Type:Rule
    Citation:89 FR 103651
    Reading Time:about 6 minutes

    The Office of Foreign Assets Control (OFAC) under the Department of the Treasury has published two general licenses related to the Venezuela Sanctions Regulations. These licenses, GL 5Q and GL 8O, permit certain financial transactions involving Petróleos de Venezuela, S.A. (PdVSA) and transactions necessary for the maintenance and wind-down of essential operations in Venezuela. They replace previous general licenses and set specific conditions and exceptions, such as prohibiting the drilling or selling of Venezuelan petroleum. These updates became effective on November 7, 2024.

    Simple Explanation

    The U.S. Office of Foreign Assets Control (part of the Treasury Department) has made new rules that let certain businesses do some money things with a big oil company in Venezuela, but they can't do things like digging for more oil. These rules started working on November 7, 2024.