Regulatory Alerts2024-03-12 | 2024-05207Added · Updated
Global Magnitsky Sanctions Regulations
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is reissuing the Global Magnitsky Sanctions Regulations (31 CFR part 583) in their entirety to further implement the Global Magnitsky Human Rights Accountability Act and Executive Order 13818. This final rule replaces the abbreviated regulations published in 2018 with a comprehensive set that includes additional interpretive guidance, definitions, general licenses, and other regulatory provisions. The regulations, effective March 12, 2024, establish prohibitions on transactions involving blocked property of persons responsible for serious human rights abuse or corruption, and detail requirements for holding blocked funds in interest-bearing accounts.
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