OFAC Issues Final Rule on Sanctions Against Syria
The Treasury Department's Office of Foreign Assets Control (OFAC) states it has issued a final rule, effective March 31, 2005, to carry out the purposes of Executive Order (EO) 13338, which entered into effect on May 12, 2004.
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(Among other things, EO 13338 prohibits the exportation or reexportation to Syria of any item on the U.S. Munitions List. In addition, the exportation or reexportation to Syria of i) any item on the Commerce Control List, or ii) any product of the U.S. subject to the Export Administration Regulations except for food and medicine, is prohibited except to the extent provided in regulations, orders, directives, or licenses that may be issued pursuant to the provisions of EO 13338, and notwithstanding any license, permit, or authorization granted prior to May 12, 2004.
In addition, OFAC explains that EO 13338 blocks, with certain exceptions, all property and interests in property of those persons designated by the Treasury Secretary, in consultation with the Secretary of State, pursuant to criteria contained in EO 13338. OFAC states that the names of such blocked persons will be published on OFAC's Web site, announced in the Federal Register, and incorporated on an ongoing basis into Appendix A to 31 CFR Chapter V, which lists persons that are the targets of various sanctions programs administered by OFAC. )
Outline of OFAC's Final Rule on Sanctions Against Syria
OFAC's final rule adds a new 15 CFR Part 542 in order to promulgate its Syrian Sanctions Regulations, which consist of the following subparts related to the blocking of property and interests in property (partial list):
Relation of Syrian Sanctions Regulations to Other Laws and Regulations;
Prohibitions;
General Definitions;
Interpretations;
Licenses, Authorizations and Statements of Licensing Policy;
Reports;
Penalties;
Procedures
(See ITT's Online Archives or 12/19/03 news, 03121920, for BP summary of P.L. 108-175,the Syria Accountability and Lebanese Sovereignty Restoration Act of 2003, which preceded E.O. 13338. See ITT's Online Archives or 05/13/04 and 05/18/04 news, 04051305 and 04051815, for BP summaries of EO 13338 and the Bureau of Industry and Security's (BIS') general order implementing certain export sanctions against Syria, respectively.)
Chief of Policy Planning & Program Management | (202) 622-4855 |
Chief of Licensing | (202) 622-2480 |
Chief of Compliance | (202) 622-2490 |
Chief Counsel | (202) 622-2410 |
OFAC Final Rule (FR Pub 04/05/05) available athttp://a257.g.akamaitech.net/7/257/2422/01jan20051800/edocket.access.gpo.gov/2005/pdf/05-6692.pdf