Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
After initially facing scrutiny for helping to facilitate Russia-related transactions, Cypriot banks have made significant progress in improving their compliance programs in recent months and are now adhering to all U.S. sanctions rules, the country’s top banking industry officials said this week. They also said they face hurdles implementing some of the sanctions, including potential legal challenges from customers.
The Office of Foreign Assets Control last week issued a reminder to industry to file annual reports on blocked property by Sept. 30. Holders of blocked property must provide the agency "with a comprehensive list of all blocked property held as of June 30 of the current year by September 30," OFAC said.
The Office of Foreign Assets Control last week added two Russian nationals and three Russian entities to its Specially Designated Nationals List and issued a new general license.
A new final rule released last week by the Office of Foreign Assets Control will clarify the agency’s process for issuing certain blocked property orders or orders that impose “less than full blocking” restrictions. The rule, effective Sept. 17, describes the three types of actions OFAC may take with respect to property or interests in property, the “forms of notice” that OFAC may use, and how parties affected by blocked property orders can contact the agency with “inquiries.” The agency said those affected by sanctions “should have an opportunity to understand the nature of OFAC’s action and its impact on their property or interests in property.” The rule also makes other minor revisions and clarifications to its sanctions regulations.
The Office of Foreign Assets Control sanctioned Cambodian businessman Ly Yong Phat, his company L.Y.P. Group Co., LTD, and the O‑Smach Resort for their ties to serious human rights abuses, including forced labor. The agency also designated Cambodia-based Garden City Hotel, Koh Kong Resort and Phnom Penh Hotel for being owned or controlled by Ly.
The Office of Foreign Assets Control this week issued new guidance about the exclusions available under Russia-related information technology and software services restrictions that took effect Sept. 12.
The Office of Foreign Assets Control is seeking public comments on information collections involving its Reporting, Procedures and Penalties Regulations; the Cuban Assets Control Regulations; the Iran Financial Sanctions Regulations; and the Hizballah Financial Sanctions Regulations, it said in a notice released Sept. 11. Comments are due Nov. 12.
The U.S. this week sanctioned three people, five companies and two vessels involved in smuggling oil and liquified petroleum gas (LPG) for Hezbollah, and it updated a sanctions advisory for the maritime energy shipping industry to highlight risks from shipments to Syria.
The Office of Foreign Assets Control unveiled an interim final rule this week that will extend the agency’s sanctions-related record-keeping requirements from five years to 10 years. The rule, effective in mid-March, will align the agency’s record-keeping rules with a similar expansion of the statute of limitations for civil and criminal violations of U.S. sanctions as part of a bill passed by Congress and signed into law earlier this year (see 2407220022 and 2404290071).