Financial Crime World

US Treasury Imposes Sanctions on Sudanese Entities

The United States Treasury Department has issued a set of regulations defining key terms related to sanctions imposed on Sudan. These regulations aim to tighten US controls over transactions with Sudanese entities and individuals, promoting peace and stability in the region.

Key Definitions

  • Blocked Account: A bank account or property held in the name of the Government of Sudan or in which it has an interest.
  • Blocked Property: Any asset or interest held by the Government of Sudan or its entities that cannot be dealt with except under specific licenses issued by OFAC (Office of Foreign Assets Control).
  • Entity: A partnership, corporation, trust, joint venture, or other organization.
  • General License: A license that sets out general rules and guidelines for conducting business with Sudanese entities.
  • Government of Sudan: The government itself, as well as its agencies, instrumentalities, and entities.
  • Interest: Direct or indirect interests in assets such as money, real estate, stocks, bonds, and intellectual property.
  • Specific License: A license that is not set forth in the regulations but issued under specific circumstances.

Purpose of Regulations

The Treasury Department has imposed sanctions on Sudan in response to human rights abuses, conflict, and other concerns. The regulations aim to restrict the flow of funds and goods into and out of Sudan, thereby limiting the government’s ability to finance its activities. By defining key terms and clarifying what constitutes an “interest” in property, these regulations provide a framework for individuals and organizations to navigate transactions with Sudanese entities.

What You Need to Know

  • Payments, transfers, exports, withdrawals, and other dealings involving blocked accounts or properties require prior authorization from OFAC.
  • Specific licenses may be issued under certain circumstances, but general licenses set out rules and guidelines for conducting business with Sudanese entities.
  • The regulations clarify what constitutes an “interest” in property, including direct or indirect interests in assets such as money, real estate, stocks, bonds, and intellectual property.

By understanding these key definitions and the purpose of the regulations, individuals and organizations can navigate transactions with Sudanese entities effectively and promote peace and stability in the region.