Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.
Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).
Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category).
Please contact [email protected] or [email protected] with any questions on search results and efficiency.
Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.
1) This FAQ is extremely important for the purposes of interpreting the EO 14066 and EO 14071 "new investment" bans, and represents a significant break from the past with respect to interpretations of the term "new investment".
FAQ # 1049 says that OFAC “views ‘investment’ as the commitment of capital or other assets for the purpose of generating returns or appreciation…”
This represents a significant departure from all other OFAC-administered definitions of “new investment,” including the definition found in the version of FAQ # 1019 in force prior to June 6, 2022. OFAC clarifies that there are, as a threshold issue, several prongs that have to be satisfied before an action can constitute "new investment".
*Transaction after the sanctions effective date
* "[C]ommitment of capital or other assets"...