WorldECR | OFAC: Blocking Order Procedures Clarified
Home > information > OFAC: Blocking Order Procedures Are Clarified The final rule issued by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), effective September 17, clarifies procedures for issuing orders freezing or designating specific property or interests in property as blocked, and addresses orders imposing less than a blanket freeze. The new rules update 35 OFAC sanctions regulations, according to a notice published in the Federal Register. “This rule covers 31 CFR Chapter 5, Part 35, and is used to implement OFAC’s authority to freeze property and interests in property of individuals under the International Emergency Economic Powers Act, 50 USC 1701, etc. etc. (IEEPA),” OFAC said in the notice. It explains: "The most common way that OFAC exercises its authority is to designate an individual and place him or her on OFAC's List of Specially Designated Nationals and Blocked Persons (SDN List). Once designated, all property and interests in property of the designee subject to U.S.…
F1: FIA finds Alpine and Honda violated 2023 race procedures
The FIA has confirmed that Honda and Alpine, engine suppliers to Red Bull and Renault, have procedurally breached Formula One's cost cap regulations. The FIA has found that Honda and Alpine procedurally breached Formula 1's power unit cost cap, even though neither team exceeded the spending limit. All 10 Formula 1 teams complied with last year's financial regulations, but the FIA pointed to procedural errors at Honda and Alpine. The specific nature of those violations has not been revealed, but the FIA confirmed that neither team exceeded the spending limit. This has raised questions about the specific errors. Depending on the severity of the violations, Honda and Alpine could face penalties, including fines or sporting sanctions. The findings could affect the future of Formula 1 power unit racing. The FIA said in a statement: "The CCA confirms that, while both Alpine Racing SAS and HRC were found to have violated procedures, neither exceeded the cost cap. Alpine Racing SAS and…
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Türkiye Istanbul Solar Photovoltaic Exhibition 2025 Exhibition Guide (Time & Venue + Ticket Booking)
