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.
This provision was amended substantially in June, 2019, to radically expand the scope of the reporting obligations. Individual subsections are discussed below. Refer to Guidance on Filing the Annual Report of Blocked Property (2019).
*501.603(a)(1):
1.1) Provision amended in 2019 to clarify that persons "releasing property from blocked status" are subject to reporting requirements. This applies only “when specifically required by OFAC, such as when [reports] are made a condition of a general or specific license.”
Concurrently, the language "who have or have had in their possession or control any property blocked pursuant to this chapter" was added. It is possible that the "or have had" is merely a reference to persons that were holding blocked property that was released it from blocked status in accordance with the law, but it is also possible that OFAC is saying that persons that...