OFAC publishes new FAQs and issues Venezuela- and Iran-related General Licenses

On 14th October 2020, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published FAQs 848, 849, 850 and 851 relating to a report pursuant to section 5(a) of the Hong Kong Autonomy Act. These FAQs give details on reporting requirements under the Hong Kong Autonomy Act.

Additionally, on 8th October 2020, OFAC issued Iran General License (GL) L, “Authorizing Certain Transactions Involving Iranian Financial Institutions Blocked Pursuant to Executive Order 13902,” and published related FAQs 842, 843, 844, 845, 846 and 847.

Furthermore, 6th October 2020, OFAC issued GL 5E, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After January 19, 2021." GL 5E is effective on 6th October 2020 and replaces GL 5D from 15th July 2020 in its entirety. OFAC has also amended FAQ 595 pertaining to GL 5E.