472. What transactions and activities does General License 4G (“Authorizing Certain Transactions Involving the Panamanian Mall and Associated Complex, Soho Panama, S.A. (a.k.a. Soho Mall Panama)”) authorize?
This general license authorizes U.S. persons to engage in all transactions and other activities related to the designated Panamanian mall and associated complex, Soho Panama, S.A. (a.k.a. Soho Mall Panama) (hereinafter Soho Mall Panama), and the related entity Westline Enterprises, Inc., that are (1) for the wind down of operations, contracts, and other agreements with non-designated individuals or entities located in the mall and associated complex, provided that the transactions do not involve any shipment of goods to the designated mall and associated complex after the date of designation (May 5, 2016); (2) related to building management or maintenance at the designated mall and associated complex, provided the transactions and activities do not involve any Specially Designated Nationals other than Soho Mall Panama, Westline Enterprises, Inc. or designated entities operating in the mall; (3) related to the provision of financial services by, for, or on behalf of non-designated financial institutions located in the designated mall and associated complex, provided the transactions do not otherwise involve financial services for any designated entity; or (4) necessary to facilitate the sale, disposition, or transfer of Soho Mall Panama or Westline Enterprises, Inc. These transactions and other activities are authorized through 12:01 a.m. eastern daylight time on June 15, 2017.
These authorized transactions and activities include: (1) the shipment of goods before the date of designation; (2) re-location, liquidation, or disposition of existing inventory; (3) processing of transactions and provision of financial services by, for, or on behalf of non-designated financial institutions that were located at the designated mall and associated complex prior to the date of designation, including financial services for non-designated entities located at the mall; (4) the provision of goods and services related to building management or maintenance, including retaining property management service providers and delivery and installation of repair parts; (5) other transactions incident to the wind down of operations, contracts, or other agreements, insofar as they do not include payments, including rent payments, to the mall and associated complex; and (6) the provision of legal, auditing, consulting, investment banking, and advisory services necessary to facilitate the sale, disposition, or transfer of Soho Mall Panama or Westline Enterprises, Inc.
In accordance with 31 C.F.R. 598.206(a), (1) payments made by non-designated individuals or entities located in the designated mall and associated complex, to or for the benefit of Soho Mall Panama or Westline Enterprises, Inc., and (2) payments, refunds, or other provision of funds to Soho Mall Panama or Westline Enterprises, Inc. by U.S. persons performing management or maintenance activities pursuant to GL4G, must also be made into a blocked interest-bearing account.
Any transaction or activity to finalize, close, or exchange assets or any other thing of value related to the sale, disposition, or transfer of Soho Mall Panama or Westline Enterprises, Inc. that involves a U.S. person or is otherwise subject to U.S. jurisdiction is not authorized. A separate license from the Office of Foreign Assets Control is required for such a transaction or activity.
A change or alleged change in ownership or control of an entity designated as an SDN shall not be the basis for removal of that entity from the SDN List unless, upon investigation by OFAC and submission of evidence by the entity, it is demonstrated to the satisfaction of the Director of OFAC that the transfer to a bona fide purchaser at arm's length, or other means of changing ownership or control, is legitimate and that the entity no longer meets the criteria for designation under 31 CFR § 598.314. Evidence submitted must conclusively demonstrate that all ties with SDNs have been completely severed. See 31 CFR § 598.408.
A person wishing to conduct a transaction or activity not covered by an OFAC General License should submit an online specific license application to OFAC. [04-27-17]
1) FAQ Removed with the expiry of the associated GL.
2) FAQ notable for illustrative examples of activities included within the scope of the license but not explicitly listed on the license itself:
These authorized transactions and activities include: (1) the shipment of goods before the date of designation; (2) re-location, liquidation, or disposition of existing inventory; (3) processing of transactions and provision of financial services by, for, or on behalf of non-designated financial institutions that were located at the designated mall and associated complex prior to the date of designation, including financial services for non-designated entities located at the mall; (4) the provision of goods and services related to building management or maintenance, including retaining property management service providers and delivery and installation of repair parts; (5) other transactions incident to the wind down of operations, contracts, or other agreements, insofar as they do not include payments, including rent payments, to the mall and associated complex; and (6) the provision of legal, auditing, consulting, investment banking, and advisory services necessary to facilitate the sale, disposition, or transfer of Soho Mall Panama or Westline Enterprises, Inc.
Otherwise, the FAQ generally recites the contents of the license.