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OFAC Issues General License Authorising Certain Transactions with Soho Panama, S.A.

On 9 March 2017, the US Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License 4F, authorising limited transactions with the Panamanian Mall, Soho Panama, S.A, and related entity Westline Enterprises, Inc. Soho Mall Panama was designated for sanctions under the Foreign Narcotics Kingpin Designation Act (21 U.S.C. 1901-1908) in May 2016, in connection with the Waked money laundering organisation. Accordingly, US persons (including non-US branch offices of US companies) are generally prohibited from dealing with Soho Mall Panama, its property or interests in property.

General License 4F permits US persons to engage in limited activities relating to the mall through 12:01 a.m. eastern daylight time, 28 April 2017. They include certain activities for winding down of operations or contracts, building maintenance and certain financial services, provided that involve no other designated parties. They further include transactions involving payments by entities located in the mall or providing management or maintenance services to the mall, provided that such payments are to a blocked account, and transactions to facilitate the sale, disposition, or transfer of Soho Mall Panama or Westline Enterprises, Inc., provided that they involve no other designated parties.

© Copyright 2022 Squire Patton Boggs (US) LLPNational Law Review, Volume VII, Number 107
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