31 CFR § 547.206 Exempt transactions.

Date issued: Nov. 15 2018

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TURBOFAC Commentary (583 words)

Notes:

1) This provision, updated in November, 2018, explicitly states that the applicable Berman Amendment exemptions to IEEPA do in fact apply to the sanctions regulations, but that they only apply insofar as a blocked person is not blocked on both OFAC's SDN list and the Consolidated UNSC Sanctions List. The reasoning for this is that these regulations were issued pursuant to an Executive Order that cites, as part of its authority, the UNPA, which does not contain Berman Amendment-like exemptions for, travel and informational materials. The reasoning behind this is presumably that, to the extent that a party is listed only on the SDN list but not the UN list, the UNPA is not actually a source...