OFAC Issues Global Magnitsky Sanctions Regulations

On June 29, 2018 the Department of the Treasury's Office of Foreign Assets Control (OFAC) published a final rule (83 FR 30541-30548) that implements the Global Magnitsky Human Rights Accountability Act (the "Act") and Presidential Executive Order 13818 (the "EO").  

The Act authorizes the US President to impose sanctions on any foreign person determined to be responsible for extrajudicial killings, torture, or other gross violations of human rights, or a government official that is responsible for, complicit in, ordering, controlling, or otherwise directing acts of significant corruption.  The EO declared a national emergency to deal with the threat of serious human rights abuse and corruption around the world.  

The published regulations prohibit all transactions previously prohibited under the EO.

The rule is effective as of June 29, 2018.

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