Financial Crime World

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Enforcement Actions Against Financial Institutions in Burundi Come to an End as US Lifts Sanctions

Washington, November 18, 2021 - The United States has taken a significant step towards normalizing its relations with Burundi by terminating the national emergency and revoking sanctions against the country. President Biden signed an executive order on Wednesday, marking an end to economic sanctions administered by the Department of the Treasury’s Office of Foreign Assets Control (OFAC) since 2015.

Positive Political Developments in Burundi

The move comes in light of positive political developments in Burundi, including reforms pursued by President Ndayishimiye since he took office. The US has recognized these efforts and is urging the Government of Burundi to continue improving the human rights situation in the country and holding accountable those responsible for violations and abuses.

US Commitment to Using Economic Sanctions

According to Deputy Secretary of the Treasury Wally Adeyemo, the termination of sanctions demonstrates the US’s commitment to using economic sanctions in coordination with diplomacy and other tools of statecraft towards a clear and specific objective. The US may ease or remove sanctions when circumstances warrant such an adjustment, including in cases where relevant parties change their behavior.

Consequences of Revocation

As a result of the revocation of Executive Order 13712:

  • All persons blocked solely pursuant to the Burundi Sanctions Regulations have been removed from OFAC’s Specially Designated Nationals and Blocked Persons List.
  • All property and interests in property blocked solely pursuant to these regulations are unblocked.
  • OFAC will remove the Burundi Sanctions Regulations from the Code of Federal Regulations at a future date.

Important Note

It is important to note that pending or future OFAC enforcement investigations or actions related to apparent violations of the Burundi Sanctions Regulations that occurred while Executive Order 13712 was in effect may still be carried out.