December 20, 2022

OFAC publishes Illicit Drug Trade Sanctions Regulations

On December 19, 2022, Department of the Treasury’s Office of Foreign Assets Control published the Illicit Drug Trade Sanctions Regulations to address the trafficking of illicit drugs into the US —  including fentanyl and other synthetic opioids responsible for the deaths of tens of thousands of Americans as well as countless non-fatal overdoses each year.  According to OFAC, the regulations will target international drug traffickers and their facilitators, including those involved in the illicit production, global sale and distribution of illegal drugs.  

The Illicit Drug Trade Sanctions Regulations, 31 CFR part 599, were issued to implement Executive Order 14059 of December 15, 2021, “Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade,” and will take effect on December 20, 2022 upon publication in the Federal Register.  OFAC issued the regulations in abbreviated form but intends to supplement them with a more comprehensive set, which may include interpretive guidance and definitions, general licenses, and other regulatory provisions.

Department of Treasury Recent Action | Illicit Drug Trade Sanctions Regulations – Final Rule