US Treasury Reissues Sanctions Regulations to Strengthen Compliance in Central African Republic and Western Balkans

[Date] - Washington D.C.

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has reissued two key regulations in their entirety to strengthen compliance with sanctions in the Central African Republic and Western Balkans regions. This move aims to provide greater clarity for the public on these complex sanctions regimes, ensuring that individuals and entities comply with US laws and regulations aimed at promoting stability, security, and economic development in these regions.

Background

The Central African Republic Sanctions Regulations, 31 CFR part 553, were first published in abbreviated form in 2014. The Western Balkans Stabilization Regulations, 31 CFR 588, have a longer history, dating back to 2002 and most recently amended in 2011.

Key Provisions

The reissued regulations include:

• Additional interpretive guidance
• Definitions of key terms
• General licenses for specific activities
• Other regulatory provisions designed to provide greater clarity on these complex sanctions regimes

These provisions are intended to help individuals and entities understand their obligations under US laws and regulations, ensuring that they comply with sanctions and promote stability, security, and economic development in the Central African Republic and Western Balkans regions.

Benefits

The reissued regulations will:

• Provide greater clarity for the public on complex sanctions regimes
• Ensure compliance with US laws and regulations aimed at promoting stability, security, and economic development in the Central African Republic and Western Balkans regions
• Strengthen international cooperation to combat transnational threats and promote global stability