OFAC ADDS 1 INDIVIDUAL AND 1 ENTITY TO CAATSA SANCTIONS LISTS, ANNOUNCED NEW EXECUTIVE ORDER AND 1 NEW FAQ

On 20th September, OFAC announced that a Chinese individual, Shangfu LI, and a Chinese company EQUIPMENT DEVELOPMENT DEPARTMENT (formerly known as the GENERAL ARMAMENT DEPARTMENT) had been added to its Countering America’s Adversaries Through Sanctions Act sanctions list for engaging in a significant transaction with a person that is part of, or operates for or on behalf of, the defence or intelligence sectors of the Government of the Russian Federation.

The CAATSA sanctions procedure is explained at https://www.state.gov/t/isn/caatsa/275118.htm

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180920_33.aspx

It also announced a new Executive Order signed by President Trump authorising the implementation of certain sanctions set forth in CAATSA, plus a new FAQ explaining the purpose of the Executive Order which provides for comprehensive implementing and penalties provisions that enable OFAC, among other things, to promulgate regulations and issue administrative subpoenas, licenses, and the full range of civil enforcement actions with respect to sanctions violations.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180920.aspx

https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_other.aspx#627

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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