South Sudan Sanctions Regulations

The Office of Foreign Assets Control, OFAC, has published in the Federal Register a new regulation which entirely replaces Statutory Instrument 31 CFR Part 558, a sanctions regulation to set out the legal framework for sanctioning South Sudan and South Sudanese entities and persons that pose a threat on the U.S. economy, U.S. people, and the country as a whole.
The reissued Statutory Instrument includes additional interpretive guidance, definitions, general licenses, and other regulatory provisions in accordance with Executive Order 13664 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 the country.
Some of the key „amendments“ made to Part 558 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“;
– the removal of a provision that previously required a license for medical service-related payments involving sanctioned individuals;
– the renumbering of various provisions and the inclusion of new sanction evasion provisions.
As these are only the key changes to 31 CFR Part 558, please review the original document for detailed, comprehensive information.