Rule2024-21925
Publication of Global Magnitsky Sanctions Regulations Web General License 8.
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 26, 2024
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing one general license (GL) issued pursuant to the Global Magnitsky Sanctions Regulations: GL 8, which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 89 Issue 187 (Thursday, September 26, 2024)</title>
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[Federal Register Volume 89, Number 187 (Thursday, September 26, 2024)]
[Rules and Regulations]
[Page 78815]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21925]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 583
Publication of Global Magnitsky Sanctions Regulations Web General
License 8.
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of web general license.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing one general license (GL) issued pursuant
to the Global Magnitsky Sanctions Regulations: GL 8, which was
previously made available on OFAC's website.
DATES: GL 8 was issued on September 12, 2024. See SUPPLEMENTARY
INFORMATION for additional relevant dates.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Compliance, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="https://ofac.treasury.gov">https://ofac.treasury.gov</a>.
Background
On September 12, 2024, OFAC issued GL 8 to authorize certain
transactions otherwise prohibited by the Global Magnitsky Sanctions
Regulations (GMSR), 31 CFR part 583. GL 8 was made available on OFAC's
website (<a href="https://ofac.treasury.gov">https://ofac.treasury.gov</a>) when it was issued. The text of GL
8 is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Global Magnitsky Sanctions Regulations
31 CFR part 583
GENERAL LICENSE NO. 8
Authorizing Transactions Involving Certain Entities Owned by Ly Yong
Phat or L.Y.P. Group Co., LTD
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by the Global Magnitsky Sanctions
Regulations, 31 CFR part 583 (GMSR), involving any entity that is
blocked solely due to a property interest of Ly Yong Phat (Ly) or
L.Y.P. Group Co., LTD (L.Y.P. Group) or any entity in which Ly or
L.Y.P. Group owns, directly or indirectly, a 50 percent or greater
interest, are authorized, provided that such entity is not identified
on the Office of Foreign Assets Control's List of Specially Designated
Nationals and Blocked Persons.
(b) This general license does not authorize any transactions
otherwise prohibited by the GMSR, including transactions involving any
person blocked pursuant to the GMSR other than the blocked persons
described in paragraph (a) of this general license, unless separately
authorized.
Lisa M. Palluconi, Acting Director, Office of Foreign Assets Control
Dated: September 12, 2024.
Lisa M. Palluconi,
Acting Director, Office of Foreign Assets Control.
[FR Doc. 2024-21925 Filed 9-25-24; 8:45 am]
BILLING CODE 4810-AL-P
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</html>Indexed from Federal Register on September 26, 2024.
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