OFAC Issues Four Syria General Licenses

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on Friday issued four general licenses arising from its new sanctions on Syria.  These are, specifically:

1. General License No. 7  (Winding Down Contracts Involving the Government of Syria; Divestiture of a U.S. Person’s Investments or Winding Down of Contracts Involving Syria).  This permits the engagement by U.S. persons of wind-down activities to divest from investments in Syria related to Syria, including the export of services.  All such transactions are authorized up through November 25, 2011 and those making use of this General License should submit necessary documentation to OFAC.

2. General License No. 8 (Official Activities of International Organizations).  This general license allows U.S. persons working with the United Nations, its affiliates and contractors to engage in official business in Syria related to their work. Note that there are certain reporting requirements for U.S. persons.

3. General License No. 9 (Transactions Related To U.S. persons residing in Syria). This general license allows individuals to engage in normal living expenses (e.g., paying for rent, food, government taxes, etc.) in Syria.

4. General License No. 10 (Operation of Accounts).  This allows individuals ordinarily resident in Syria to maintain bank accounts at U.S. financial institutions, provided that transfers are not meant to fund businesses and do not involve blocked individuals or accounts.

The text of these general licenses highlight a requirement that is arguably a central theme in most OFAC-regulated areas and transactions – record-keeping.  Even when not required, best practices dictate keeping complete and accurate records relating to such transactions as they can later come under scrutiny.

Advertisements

An international trade and regulatory lawyer.

Posted in Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Akrivis Law Group, PLLC
(202)686-4859
Washington, DC
E-Mail

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 90 other followers

DISCLAIMER
This website aims to provide notes and commentary on international legal, business, and political developments in economic and other sanctions. It is intended solely for information and entertainment purposes and should in no way be construed as legal advice. If you have any questions or are unclear on any of the subject matters addressed or discussed on this site, please consult a licensed legal professional. Views presented in the comments and outside links do not necessarily reflect those of the website author. All external links on this website to articles and documents are external and provided for informational purposes only. They have no relation to the author of this website unless specified otherwise.

This website is independent of Akrivis Law Group, PLLC and any statements of opinion posted on this website are therefore not to be considered positions of Akrivis Law Group, PLLC.

Quotations and linkages do not imply any type of endorsement.

Copyright 2017 Farhad R. Alavi.
All rights reserved.
US Sanctions Law Blog USSanctions.com

%d bloggers like this: