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ARTICLE · 19 JANUARY 2012

OFAC Issues Transnational Criminal Organization Sanctions Regulations

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On January 12, 2012, the Treasury Department’s Office of Foreign Assets Control ("OFAC") published a final rule promulgating the Transnational Criminal Organizations Sanctions Regulations ("TCOSR").

United StatesInternational Law
Edward Krauland
Edward Krauland
Jack Hayes
Jack Hayes
Stephen Heifetz
Stephen Heifetz
Michael Lieberman
Michael Lieberman
David Lorello
David Lorello
Meredith Rathbone
Meredith Rathbone
Richard Verma
Richard Verma

On January 12, 2012, the Treasury Department's Office of Foreign Assets Control ("OFAC") published a final rule promulgating the Transnational Criminal Organizations Sanctions Regulations ("TCOSR").  The new Part 590 to Title 31 of the Code of Federal Regulations establishing the regulations implements Executive Order ("EO") 13581, "Blocking Property of Transnational Criminal Organizations" of July 25, 2011, discussed in detail in our previous advisory.

The TCOSR is a "blocking regime" that freezes the property or interests in property of designated transnational criminal organizations ("TCO"s).  The regulations block and prohibit the transfer, payment, withdrawal or dealing in of all property and interests in property that enter the United States or come within the possession or control of U.S. persons.  As an initial matter, the following TCOs have been designated: 

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