New OFAC Guidance on 50% Rule Expands Reach of US Sanctions

August 18, 2014

The U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) revised its guidance with respect to entities owned 50 percent or more in the aggregate by more than one blocked persons. The new guidance, issued on August 13, 2014 and effective immediately, will have significant impact across a variety of sanctions programs and will require companies to exercise additional caution when dealing with entities owned by designated persons.

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