July 11, 2023

US issues sanctions regulations to address hostage-taking and wrongful detention of US nationals

The Department of the Treasury’s Office of Foreign Assets Control recently added regulations to implement Executive Order 14078 of July 19, 2022, “Bolstering Efforts To Bring Hostages and Wrongfully Detained United States Nationals Home.”  OFAC issued the Hostages and Wrongful Detention Sanctions Regulations, 31 CFR part 526, to implement EO 14078 and authorize US authorities to impose financial sanctions upon terrorist organizations, criminal groups, and other malicious actors who take US hostages for financial or political gain or any foreign state that engages in the wrongful detention of US nationals for political leverage or to obtain concessions from the US government.  The regulations are effective July 11, 2023 upon publication in the Federal Register.

Department of Treasury Recent Action | Federal Register – July 11, 2023