8-9-22 Guidance From OFAC to Del. Dep't of State in re: the May 8, 2022 Determination Pursuant to EO 14071; Related Correspondence Between Del. Dep't of State and "Blocked" Entities

Date issued: Aug. 09 2022

You've hit a wall. Sign in if you have an account, or learn more about TURBOFAC and subscription options.
TURBOFAC is a module of the compliance platform OverRuled. To learn more about OverRuled, visit www.overruled.com.

TURBOFAC Commentary (3228 words)

Notes:

1) BACKGROUND

On May 8, 2022, OFAC issued its prohibition on the direct or indirect provision of "trust and corporate formation" services to "any person located in the Russian Federation". As evidenced by the outgoing set of questions sent to OFAC by the Division of Corporations of the Delaware Department of State (DDC) on July 29, 2022 (see pp. 9-10, PDF), the DDC, considering itself a "formation agent" for the purposes of EO 14071, took steps to comply with the EO by (i) "blocking" Delaware entities whose "Annual Franchise Tax Report" indicated a Russian principal place of business (PPB) or a Russian director and/or officer, and (ii) for "alternative" entities that did not need to file the "Annual Franchise Tax Report", blocking entities that listed a "Russian Address for the last known contact person". Note that for the purposes...