August 18, 2017

August 17, 2017

Subscribe to Latest Legal News and Analysis

August 16, 2017

Subscribe to Latest Legal News and Analysis

August 15, 2017

Subscribe to Latest Legal News and Analysis

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 2017 Squire Patton Boggs (US) LLP


About this Author

We employ a comprehensive approach when it comes to our International Trade practice. We focus on global import and export compliance, international trade policy and market access and trade remedies/defense. Our lawyers practice international trade law in almost every country where we have an office, and our full-time practitioners operate out of our Washington DC, London and Brussels offices.

We offer a “one-stop” service encompassing international trade compliance and policy acumen to make necessary judgments while operating effectively in a...