The Department of the Treasury’s Office of Foreign Assets Control recently amended the Global Terrorism Sanctions Regulations to implement the provisions of counter-terrorism related Executive Order 13886, “Modernizing Sanctions to Combat Terrorism, issued September 9, 2012. OFAC adopted a final rule on June 29, 2022 that effectively amends sections 1(a) and 5 of EO 13224 and makes other technical and conforming changes for this amendment.
According to the final rule, OFAC is amending the Regulations to i) enable the authority citation to incorporate EO 13886 as a new authority and the Hizballah International Financing Prevention Act of 2015, as amended; ii) to include the new designation criteria contained in section 1(a) of amended EO 13224 into § 594.201; iii) to revise the definition of the term effective date in § 594.302 to account for the revisions made to § 594.201; iv) to adjust or remove certain cross-references to accommodate these amendments; and v) to update § 594.802 to add certain presidential delegations. OFAC also indicates in the final rule that it plans to implement section 1(b) of amended EO 13224 at a later date.