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OFAC Sanctions List Updates Target Malaysian Entities

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has recently updated its sanctions list, affecting entities in Malaysia.

Latest Additions and Updates

According to OFAC, the latest additions include designations related to counter-terrorism and non-proliferation efforts. The updated list also includes removals and updates to existing designations.

Specific Updates Include:

• Belarus-related designation update: On August 09, 2024, OFAC announced an update to its Belarus-related designation list.
• Russia-related designations: Also on August 09, 2024, OFAC issued several Russia-related designations and a general license related to Russia.
• Global Magnitsky designation list update: On August 06, 2024, OFAC updated its Global Magnitsky designation list.
• Non-proliferation designations related to Iran: Several updates were made to the sanctions list in July, including non-proliferation designations related to Iran.
• Democratic Republic of the Congo-related and transnational criminal organizations designations: Additional updates were also made to the sanctions list in July.

Important Information

The updated list is available on the OFAC website and includes a total of 1643 results. The latest additions and removals are part of ongoing efforts by the US government to combat terrorism, proliferation, and other national security threats.

Entities in Malaysia Should Take Note:

• Failure to comply with US sanctions regulations can result in severe penalties, including fines and asset freezes.
• Individuals or organizations affected by the changes should review the latest information and seek guidance from a qualified expert if necessary.

Accessing the Updated List

The updated list is available on the OFAC website.