Publication of Mali Sanctions Regulations

The Office of Foreign Assets Control, OFAC, has informed of a new regulation which entirely replaces Statutory Instrument 31 CFR Part 555, a sanctions regulation to set out the legal framework for sanctioning entities and persons that are engaged in any of the activities set out in Executive Order 13882 in relation to Mali.
The reissued Statutory Instrument includes additional interpretive guidance, definitions, general licenses, and other regulatory provisions in accordance with aforementioned Executive Order which primarily empowered the Secretary of State to designate individuals, firms, and bodies for their engagement in human rights violation, the recruitment of children for military purposes, their engagement in violence, or other actions that threaten the peace and stability in Mali. The purpose of the modifications is to implement the remaining provisions of Executive Order 13882 which have not been implemented yet in the sanctions regulations.
Some of the key „amendments“ made to Part 555 are as follows:
– integration of several new terms and definitions;
– integration of a new general license that permits U.S. financial institutions to „invest and reinvest certain blocked assets“ (new § 555.506);
– integration of new provisions to prohibit donations in any form to sanctioned entities or persons (new § 555.408);
– integration of a new provision to apply the restrictions relating to the freezing of funds and the making available of funds to offshore transactions as well (new § 555.406);
– the renumbering of various provisions and the inclusion of new sanction evasion provisions.
As these are only the key changes to 31 CFR Part 555, please review the original document for detailed, comprehensive information.