The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is adding regulations to implement a November 12, 2020 Executive order related to securities investments that finance Communist Chinese military companies, as amended by a June 3, 2021 Executive order related to the Chinese military-industrial complex and Chinese surveillance technology. These regulations are currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on Wednesday, February 16, 2022. OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive guidance and definitions, general licenses, and other regulatory provisions.
OFAC is also publishing an amendment to the Weapons of Mass Destruction Proliferators Sanctions Regulations, 31 CFR part 544, to revise an existing general license authorizing the provision of certain legal services and add a general license authorizing payments for legal services from funds originating outside the United States. This regulatory amendment is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on Wednesday, February 16, 2022.