Financial Crime World

Financial Sanctions Slammed on Countries in Sudan Amid Ongoing Crisis

The United States has imposed severe financial sanctions on countries in Sudan, exacerbating the already dire economic situation in the region. The sanctions target entities suspected of supporting or engaging in activities that undermine stability and security in South Sudan.

Details of Sanctions Program

  • The sanctions program limits financial transactions with individuals and organizations deemed to be contributing to the ongoing conflict in South Sudan.
  • The program encompasses various aspects, including:
    • Blocking property and interests in property
    • Prohibiting new investment
    • Restricting the exportation or re-exportation of certain goods

Frequently Asked Questions

The Office of Foreign Assets Control (OFAC) has compiled a comprehensive list of frequently asked questions regarding the sanctions program, addressing topics such as licensing, compliance, and exemptions. OFAC has also issued interpretive guidance on specific issues related to the sanctions.

Licensing and Compliance

Entities seeking to engage in activities that may be restricted by the sanctions can apply for an OFAC license online. The licensing process involves submitting an application, which is reviewed by OFAC officials. Guidance on OFAC’s licensing policy has been issued, outlining specific requirements and procedures for entities seeking authorization.

  • Executive Order 13664: Blocking Property of Certain Persons with Respect to South Sudan (April 3, 2014)
  • International Emergency Economic Powers Act (IEEPA), 50 U.S.C. §1701-1706
  • National Emergencies Act (NEA), 50 U.S.C. §1601-1651

Code of Federal Regulations

The Code of Federal Regulations (CFR) outlines the regulations governing the South Sudan sanctions program, including provisions for licensing and compliance.

Federal Register Notices

Recent amendments to the South Sudan Sanctions Regulations have been published in the Federal Register, further clarifying the program’s requirements and procedures.