OFAC issues final rules to amend two two sanctions regulations

On February 15, 2022, the Department of the Treasury’s Office of Foreign Assets Control added regulations to implement EO 13959 related to securities investments that finance Communist Chinese military companies, as amended by EO 14032 related to Chinese military-industrial complex and Chinese surveillance technology.  The regulations are being published in an abbreviated form at this time with intentions to supplement them with a more comprehensive set of regulations in the future.  The new regulations are effective on February 16, 2022 upon publication in the Federal Register.

OFAC also published a final rule to amend the Weapons of Mass Destruction Proliferators Sanctions Regulations in order to revise an existing general license regarding the provision of certain legal services and add a general license authorizing a permissible payment mechanism for legal services from funds originating outside of the US.  The final rule is also effective on February 16, 2022 upon publication in the Federal Register.

Department of Treasury Press Release | Final Rule - Chinese Military-Industrial Complex Sanctions | Final Rule - Weapons of Mass Destruction Proliferators Sanctions Regulations

 
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