OFAC Publishes Amended Iraq Stabilization and Insurgency Sanctions Regulations
Effective 28 December 2017, US Treasury’s Office of Foreign Assets Control (OFAC) amended the Iraq Stabilization and Insurgency Sanctions Regulations, 31 CFR part 576, to implement Executive Order (EO) 13668 (“Ending Immunities Granted to the Development Fund for Iraq and Certain Other Iraqi Property and Interests in Property Pursuant to Executive Order 13303, as amended”). These amendments terminated various regulatory provisions that implemented the protections granted under Executive Order 13303. These protections prohibited, with limited exceptions, any attachment, judgment, decree, lien, execution, garnishment or other judicial process with respect to (1) the Development Fund for Iraq; (2) all Iraq petroleum and petroleum products; and (3) any accounts, assets, investments or other property owned by, belonging to or held by the Central Bank of Iraq. The sections that were removed from the regulations are listed in detail in the OFAC announcement.