OFAC publishes updated GLOMAG sanctions regulations
The US Treasury’s Office of Foreign Assets Control (‘OFAC’) has reissued its Global Magnitsky Sanctions Regulations (‘GLOMAG’) with updated or added sections that it said ‘includes additional interpretive guidance and definitions, general licenses, and other regulatory provisions that will provide further guidance to the public.’
OFAC said it is amending the GLOMAG regulations and ‘reissuing them in their entirety to further implement the Global Magnitsky Human Rights Accountability Act and a December 20, 2017 Executive Order related to human rights and corruption.’
It explained that re-publishing the entire regulations made sense, ‘Due to the number of regulatory sections being updated or added.’
The updated regulations, published in abbreviated form on 29 June 2018, became active 12 March 2024, the day the notice was published.
