OFAC reissues Somalia Sanctions Regulations in comprehensive format

On April 27, 2021, the US Department of the Treasury’s Office of Foreign Assets Control announced that it amended and reissued Somalia Sanctions Regulations, 31 CFR part 551, in its entirety.  The new regulations replace a more abbreviated version of Somalia sanctions that were issued on May 5, 2010 to implement Executive Order 13536 of April 12, 2010, “Blocking Property of Certain Persons Contributing to the Conflict in Somalia,” intended to provide immediate guidance to the public regarding the “unusual and extraordinary threat” posed by Somalia’s deteriorating security and continuing violence at the time, that included acts of piracy and armed robberies off of the coast of Somalia, and violations of a United Nations arms embargo.

OFAC updated the Somalia Sanctions Regulations to provide a more comprehensive set of rules that include additional guidance related to the interpretation of definitions, general licenses, statements of licensing policy, and regulatory provisions to further assist the public.  OFAC reissued the regulations in their entirety due to the number of regulatory sections that were added and updated. 

US Department of Treasury Recent Action | Federal Register - Somalia Sanctions Regulation Final Rule

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