OFAC FAQ (Current) # 1044 - Syria Sanctions

Date issued: May. 12 2022

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TURBOFAC Commentary (111 words)

Notes:

1) See Syria General License 22, and comments thereto. This FAQ reiterates "Note to paragraphs (a) and (b)," and also provides the due diligence-related "safe harbor" for financial institutions ("may reasonably rely upon the information available to them in the ordinary course of business"). Section 3(ii) of General Note on the Terms "Knowingly," "Should Have Known" And "Reason to Know" In the Primary Sanctions, Secondary Sanctions and Derivative Designation Contexts (System Ed. Note) for general comments on the “may rely” / “may reasonably rely” statement contained herein. Refer generally to General Note on "Counterfactual Secondary Sanctions and Derivative Designation Safe Harbors" in Certain OFAC Guidance and FAQs (System Ed. Note).