OFAC Updates Licenses for Payments of Legal Services From Non-US Funds
The Office of Foreign Assets Control is updating its general licenses that authorize certain payments for legal services from funds originating outside the U.S., it announced in a final rule effective Dec. 19. The rule is applicable March 12.
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One change will replace an existing reporting rule that had required users of one general license to submit annual reports about those legal services-related payments. Users will instead be required to retain records of those payments for 10 years.
The agency is also updating language in and around its general licenses to “conform with current standards for OFAC general licenses,” “simplifying the language that authorizes payments,” and more.