OFAC releases two financial institutions from Zimbabwe sanctions regulations

On May 21, 2020,  the Department of the Treasury’s Office of Foreign Assets Control announced that it is amending the Zimbabwe Sanctions Regulations,  31 C.F.R part 541, to remove a general license that limits transactions involving the Agricultural Development Bank of Zimbabwe and the Infrastructure Development Bank of Zimbabwe after both companies were removed from OFAC’s Specially Designated Nationals and Blocked Persons List on February 3, 2016.  The amendment essentially removes a general license that was located in § 541.510, to ensure that authorization is no longer required to engage in transactions with these entities.  The regulatory amendment will take effect on May 22, 2020, once it is published in the Federal Register.

OFAC Press Release | Zimbabwe Sanctions Amendment