Regulatory Alerts2024-09-17 | 2024-20857Updating Provisions Related to Blocking and Other Actions Related to Specific Property or Interests in Property
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a final rule clarifying its processes for issuing orders that block specific property or interests in property or impose prohibitions less than full blocking. The rule amends regulatory notes in 35 parts of 31 CFR chapter V to detail three types of tailored actions, including identifying blocked property of designated persons, blocking assets pending investigation, and imposing non-blocking restrictions. It also updates notice requirements and procedures for affected persons to seek release of blocked property or administrative reconsideration of OFAC actions.
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