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Financial Sanctions List in Nicaragua Sparks Controversy

The Office of Foreign Assets Control (OFAC) has compiled hundreds of frequently asked questions regarding its sanctions programs and related policies, sparking controversy over the financial sanctions list in Nicaragua.

Guidance on Providing Certain Services Relating to US Sanctions Laws

In January 2017, OFAC issued guidance on the provision of certain services relating to the requirements of US sanctions laws. The guidance aimed to clarify the legal framework for the Nicaragua-related sanctions program.

General Licenses Issued by OFAC

OFAC has issued general licenses authorizing activities that would otherwise be prohibited under the Nicaragua-related sanctions program. These general licenses allow all US persons to engage in specific activities without needing to apply for a specific license.

The Nicaragua-related sanctions program is based on multiple legal authorities, including executive orders issued by the President and public laws passed by Congress. These authorities are further codified by OFAC in its regulations, which are published in the Code of Federal Regulations (CFR).

Modifications to Regulations

Changes to these regulations are posted in the Federal Register.

Executive Orders and Statutes

Several executive orders have been issued to address the national emergency with respect to the situation in Nicaragua. These include:

Executive Order 14088: Blocking Property of Certain Persons Contributing to the Situation in Nicaragua (October 24, 2022)
Executive Order 13851: Taking Additional Steps to Address the National Emergency With Respect to the Situation in Nicaragua (November 27, 2018)

Public laws such as:

Nicaragua Human Rights and Anticorruption Act of 2018
Reinforcing Nicaragua’s Adherence to Conditions for Electoral Reform Act of 2021

have also been passed.

Code of Federal Regulations

The Code of Federal Regulations (31 CFR Part 582) outlines the Nicaragua Sanctions Regulations, which govern the implementation of the sanctions program.

Federal Register Notices

Recent Federal Register notices include publications related to:

Humanitarian sanctions regulations
General licenses for nongovernmental organizations, agricultural, and medicine
Amendments to the United States Government and International Organizations Official Business Sanctions Regulations

The financial sanctions list in Nicaragua has sparked controversy among local businesses and residents, who argue that the measures are overly broad and may harm innocent civilians. The situation remains uncertain as OFAC continues to update its guidance on the sanctions program.