Search Results for keywords:"prohibited transactions"

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Search Results: keywords:"prohibited transactions"

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  • 2020-29153 — Notice of OFAC Sanctions Actions
    Type:Notice
    Citation:86 FR 6416
    Reading Time:about a minute or two

    The Department of the Treasury's Office of Foreign Assets Control (OFAC) has added individuals to its Specially Designated Nationals and Blocked Persons List. This action blocks all property and property interests within U.S. jurisdiction of these individuals, prohibiting U.S. persons from transacting with them. Two individuals from Venezuela, Lorena Carolina Cornelies Ruiz and Ramon Antonio Torres Espinoza, have been specifically identified based on legal criteria. The list and additional information are available on OFAC's website.

    Simple Explanation

    The Treasury Department has put some people's names on a list that says U.S. people can't do business with them because they broke some rules. These people, Lorena and Ramon from Venezuela, had all their things in the U.S. stopped because of these rules.

  • 2024-28085 — Notice of OFAC Sanctions Actions
    Type:Notice
    Citation:89 FR 95356
    Reading Time:about 5 minutes

    The U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) has added several individuals and entities to its Specially Designated Nationals and Blocked Persons List. These additions are based on evidence that they have engaged in, or are responsible for, serious human rights abuses. As a result, any property or financial assets they own within the U.S. jurisdiction are frozen, and U.S. citizens and companies are generally prohibited from dealing with them. OFAC's list can be accessed on their website for more details.

    Simple Explanation

    The U.S. Treasury Department has made a list of people and companies they don’t want others in America to do business with because they did really bad things related to human rights. This means these people can't use any money or things they have in the U.S. anymore.

  • 2024-30372 — Notice of OFAC Sanctions Actions
    Type:Notice
    Citation:89 FR 104315
    Reading Time:about a minute or two

    The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced that certain individuals have been added to its Specially Designated Nationals and Blocked Persons List. This action means that all property and interests in property within U.S. jurisdiction belonging to these individuals are blocked. U.S. persons are generally prohibited from conducting transactions with these individuals. More details, including the list and additional information about OFAC's sanctions programs, can be found on their website.

    Simple Explanation

    The U.S. Treasury put some people on a special list that means Americans aren't allowed to do business with them, and anything those people own in the U.S. is frozen, kind of like when a toy gets taken away and can't be played with anymore.

  • 2021-00305 — Addressing the Threat Posed by Applications and Other Software Developed or Controlled by Chinese Companies
    Type:Presidential Document
    Citation:86 FR 1249
    Reading Time:about 7 minutes

    The Executive Order 13971, issued by President Donald J. Trump, addresses the national security threat posed by certain software applications developed or controlled by Chinese companies. It prohibits any transactions involving specific apps like Alipay and WeChat Pay, effective 45 days from the order, unless permitted by law. The order empowers the Secretary of Commerce to evaluate other potentially risky apps and aims to prevent the transfer of U.S. user data to foreign adversaries. It also outlines measures for implementation and states that if any part of the order is invalid, the rest remains unaffected.

    Simple Explanation

    The president made a rule to stop certain apps from China, like Alipay and WeChat Pay, from working in the U.S. because they might share people's information with countries that aren't friendly. The rule lets the Secretary of Commerce decide if other apps also need to be stopped to keep people safe.