E Point Perfect
Law \ Legal

Annual Blocked Property Reports Due to OFAC by September 30


All U.S. persons and persons otherwise subject to U.S. jurisdiction, not only U.S. financial institutions, holding property blocked pursuant to various OFAC sanctions programs must file their annual reports on such blocked property by September 30, 2022.  This report is pursuant to  31 C.F.R. §§ 501.603.  This report must include all blocked property held as of June 30, 2022, and must be filed by September 30, 2022.  Filers must use OFAC spreadsheet form TD-F 90-22.50.  OFAC has also prepare a guide for filing the 2022 annual reports.

What Is Blocked Property?

All property and interests in property of any person designated by the Office of Foreign Assets Control (OFAC) to the Specially Designated Nationals and Blocked Entities List (SDN) or any person owned 50% or greater by an SDN entity that is in the United States, comes within the United States or comes within the possession and control of U.S. persons is blocked. Property of persons subject to certain other sanctions may also be blocked under the terms of the sanctions. U.S. persons are prohibited from directly or indirectly dealing in or with blocked property. Blocked property and interests in property is defined broadly to include not only tangible and intangible property but also accounts payable, invoices, contracts and other intangible items in which a blocked person holds an interest.

What Does Not Have to be Reported?

OFAC notes that the following property should not be reported:

  • Property that has been unblocked by general or specific OFAC license is not blocked property.
  • Property that has been unblocked because the blocked person originally associated with the property was no longer blocked before July 1, 2022.
  • Property that has been unblocked as a result of an OFAC sanctions program being terminated (e.g., 31 C.F.R. part 537 (Burma), 31 C.F.R. part 543 (Côte d’Ivoire)) and is not currently blocked under any active sanctions program administered by OFAC.
  • Restricted “Iranian accounts,” as defined in OFAC’s regulations, should not be reported to OFAC on the annual report unless they are otherwise blocked.

Annual reports may be filed using the OFAC Reporting System (ORS), a publicly accessible electronic reporting platform for submitting reports on blocked property. To register for access, a filer should email OFACReport@treasury.gov and include the name of the reporting institution and the names and emails of the primary point of contact and any other person authorized to file reports​. Currently, the use of ORS remains voluntary.  If the ORS is unavailable, or if filers prefer, completed forms may be sent to via email to OFACReport@treasury.gov.

 



Source link

Related posts

NYPD Psychological Disqualification – LexBlog

Google Vicinity Update Enhances Importance of Local SEO

Appellate Job Opening at the U.S. Attorney’s Office in Raleigh

IRS Audits: Your Ultimate Guide

Protein Shakes Recall by Lyons Magnus

Notes & Trends