What 31 CFR Part 582 (Nicaragua Sanctions Regulations) - OFAC Blocking, Licensing and Reporting requires
31 CFR Part 582, the Nicaragua Sanctions Regulations, implements the U.S. sanctions with respect to Nicaragua administered by the Office of Foreign Assets Control under Executive Order 13851 (83 FR 61505). All property and interests in property of persons designated under the program that are in the United States or in the possession or control of a U.S. person are blocked and may not be transferred, paid, exported, withdrawn or otherwise dealt in, and U.S. persons are prohibited from engaging in transactions or dealings in blocked property or by, to or for the benefit of a blocked person except as authorized. Consistent with OFAC's 50 Percent Rule, an entity owned 50 percent or more, directly or indirectly, in the aggregate by one or more blocked persons is itself blocked. Transactions that would otherwise be prohibited require an OFAC general or specific license, and payments otherwise due to a blocked person must be placed in a blocked account in a U.S. financial institution. U.S. persons must report blocked property and rejected transactions to OFAC within 10 business days and file the annual report of blocked property, must maintain full records for at least five years, and are subject to civil and criminal penalties under the International Emergency Economic Powers Act for violations.
Pillar: Financial Crime, AML & Sanctions · Authority: US Department of the Treasury Office of Foreign Assets Control (OFAC) · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-V/part-582
SHA-256 integrity: f2d3cd487654226671ddfd9cd878d4997c0d33cdf46c73f4a8a2a371776d92d5
Primary Citations — 9 traced to source
- Executive Order 13851 (83 FR 61505) - blocking property and prohibiting transactions with respect to Nicaragua
- the Nicaragua Human Rights and Anticorruption Act of 2018 (Pub. L. 115-335) - statutory authority
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