The Office of Foreign Assets Control this week issued several new and revised FAQs to provide sanctions guidance to the insurance industry.
The Office of Foreign Assets Control issued a final rule this week to revise its sanctions regulations for Myanmar, releasing a “more comprehensive set of regulations” with more guidance and definitions. The rule, effective Nov. 13, also includes general licenses and “other regulatory provisions that will provide further guidance to the public,” OFAC said. The new regulations replace the rules that were published in “abbreviated form” in 2021.
The Office of Foreign Assets Control sanctioned Abdel Rahman Joma’a Barakallah for being the West Darfur commander of the Rapid Support Forces, a Sudanese militant group warring with the Sudanese Armed Forces. OFAC said he played a “key role” in the kidnapping and killing of West Darfur Governor Khamis Abbakar and other human rights violations.
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European nations are seeing a sharp uptick in export control and sanctions enforcement this year, raising risks for companies doing business in the EU, said Mark Handley, a lawyer with Duane Morris.
A U.S. financial software company said it received a warning letter this month from the Office of Foreign Assets Control after disclosing possible sanctions violations.
The Office of Foreign Assets Control reminded users of its website to fill out a survey (see 2410110053) that will give OFAC feedback on how it can streamline the site’s navigation and improve its “sanctions guidance, resource accessibility, and user experience.” The survey closes Dec. 30.
The Office of Foreign Assets Control this week extended two Venezuela-related general licenses, one that renews the current authorization for certain transactions with state-owned energy company Petroleos de Venezuela and another that delays an exemption that would authorize certain transactions with PdVSA.
The Office of Foreign Assets Control this week sanctioned Prointer ITSS general director Vladimir Perisic and Elpring d.o.o. Laktasi for their ties to a “corrupt patronage network” that supports the president of Bosnia and Herzegovina and the country’s sanctions evasion attempts. OFAC said President Milorad Dodik and his son use Perisic and others to control private companies that are awarded government contracts, including Elpring.
Turkish national Taskin Torlak was arrested Nov. 2 for allegedly conspiring to violate U.S. sanctions by scheming to ship oil from Venezuela to benefit the country's state-owned oil and natural gas company Petroleos de Venezuela, DOJ announced.