Sept. 9, 2004 "Telephone Opinion" by OFAC Office of Chief Legal Counsel (Reported by Citibank in Litigation)

Date issued: Sep. 20 2004

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TURBOFAC Commentary (588 words)

Notes:

1) BACKGROUND

In a case related to a certificate of deposit issued by Citibank in the name of a deceased “Cuban National,” Citibank was asked by the court whether it could, given the restrictions of the CACR, produce the certificate of deposit in response to a discovery request.

Counsel for Citibank reports two “telephone opinions” of a person that, at the time, was a senior counsel in the OFAC Office of Chief Counsel. The opinions are notable for the reasons discussed below, in large part because we are aware of no other statement by OFAC directly speaking to the issues addressed one way or the other, but the evidence presented here of the OFAC opinions is obviously not as strong as a written opinion from OFAC itself would be. That said, the “telephone opinions” were provided about two...