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ARTICLE · 12 DECEMBER 2019

OFAC Authorizes "Wind Down" Activities Under Global Magnitsky General License

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OFAC authorized certain activities generally prohibited by the Global Magnitsky Sanctions Regulations in order to "wind down" certain transactions.

United StatesGovernment, Public Sector
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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OFAC authorized certain activities generally prohibited by the Global Magnitsky Sanctions Regulations in order to "wind down" certain transactions.

As previously covered, the Global Magnitsky Human Rights Accountability Act targets "serious human rights abuse and corruption." Under Global Magnitsky General License Number 1, U.S. persons are allowed to conduct certain otherwise prohibited transactions necessary to wind down activities with Ventspils Freeport Authority and three related companies until January 8, 2020. These Latvian companies and their owner, Aivars Lembergs - who has also served as the Mayor of Ventspils, Latvia, since 1988 - were among over two dozen individuals and entities added to OFAC's Specially Designated Nationals and Blocked Persons List. Other persons targeted by OFAC's action include government officials in Cambodia and Venezuela.

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