Financial Crime World

Former Liberian Regime of Charles Taylor Sanctions Program

Introduction

This guide is a comprehensive overview of the Former Liberian Regime of Charles Taylor sanctions program administered by the US Office of Foreign Assets Control (OFAC). The following sections provide detailed information on key aspects of this program.

I. Blocking of Assets

  • Prohibited Transactions: Any transactions involving individuals associated with the former Liberian regime, including Charles Taylor, are prohibited without a license from OFAC.
  • Blocked Assets: The property and interests in property of these individuals are blocked, which includes:
    • Real estate
    • Stocks
    • Bonds
    • Bank accounts
    • Other financial instruments

II. Definitions

  • Associated Individuals: An individual is considered associated with the former Liberian regime if they have been identified as a person whose property and interests in property are blocked.
  • Property and Interests in Property: This term includes any asset, as mentioned above.

III. Special Dispensations

  • General Licenses: OFAC may issue general licenses to authorize certain types of transactions that would otherwise be prohibited.
  • Publication: General licenses can be published in the Regulations or on OFAC’s website.
  • Example: A license was issued for importing round logs and timber products from Liberia, provided that the importation does not involve any person whose property and interests in property are blocked.

IV. Authorized Transactions

  • General Licenses: OFAC may issue general licenses to authorize certain types of activities or transactions that would otherwise be prohibited.
  • Specific Licenses: On a case-by-case basis, OFAC considers applications for specific licenses to authorize transactions that are neither exempt nor covered by a general license.

V. Penalties

  • Civil Monetary Penalties: Up to the greater of $250,000 or twice the amount of the underlying transaction may be imposed administratively.
  • Criminal Fines and Imprisonment: Upon conviction, up to 20 years’ imprisonment or both may be imposed for willful violations.

VI. Other Sanctions Programs

  • The Treasury Department’s Office of Foreign Assets Control administers sanctions programs involving various countries and entities, including the Balkans, Belarus, Burma (Myanmar), and others.