OFAC changes to reporting requirements

OFAC has amended the Reporting, Procedures and Penalties Regulations, 31 CFR part 501 (RPPR) which set out reporting and recordkeeping requirements for those holding blocked assets. Notice. Changes include: Requirement for financial and non-financial institutions to report to OFAC after rejecting transactions that could be prohibited by sanctions; In addition to wire transfers, transactions now include good and services, securities, …

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About Maya Lester QC

Maya Lester QC

Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...

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