OFAC Regulatory Provisions - 31 CFR § 501.604 Reports on rejected transactions.

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.

TURBOFAC Commentary (1653 words)

Update – on 5-8-24, OFAC published an “Interim final rule” announcing amendments to this provision and others, to be effective 90 days after its 5-10-24 publication in the FR. The left side of the screen includes the revised provision and the pre-existing provision. See the back of the PDF file for the Interim final rule and a redline comparing the revised and pre-existing versions.

The amended version of this provision found in the Interim final rule makes a number of consequential changes vis-à-vis the pre-existing version.

(i) “Any Means Any”

In language unchanged from the revised and pre-existing versions of this provision, the reporting requirement is described as applying to “[a]ny U.S. person (or person subject to U.S. jurisdiction), including a financial institution…” In the FR Notice Introducing Changes to RPPR, OFAC removes whatever doubt...

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31 CFR § 501.604 Reports on rejected transactions (With Version Proposed in 5-8-24 Interim Final Rule)

TURBOFAC Commentary (1653 words)