OFAC Issues Nicaragua Sanctions Regulations

The Treasury’s Office of Foreign Assets Control published the Nicaraguan Sanctions Regulations, detailing what transactions are blocked and exempted and listing penalties for violations of the sanctions, OFAC said in a notice. The agency said it plans to release a “more comprehensive” guidance, general licenses and policy statements about the regulations. The sanctions take effect Sept. 4.

The sanctions block certain Nicaraguan entities, property and people, which will be added to OFAC's Specially Designated Nationals List. Exempt transactions include personal communications that do “not involve the transfer of anything of value,” travel and certain information or “informational materials,” but not including information that was “not fully created ... at the date of the transactions” or related to software subject to the Export Administration Regulations. OFAC may impose penalty notices, findings of violations and fines or refer cases to the Justice Department of violations of the exemptions or the sanctions, the notice said.