Sanctions Laws & Regulatory Frameworks Flashcards
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Which statutory authority grants OFAC the power to administer and enforce US economic sanctions programs?
Answer: The International Emergency Economic Powers Act (IEEPA)
IEEPA is the primary statutory authority enabling the President to declare a national emergency and delegate authority to OFAC to impose economic sanctions.
Under the Cuba Assets Control Regulations (CACR), which category of transactions is generally licensed for US persons?
Answer: Travel-related transactions for educational people-to-people exchanges
OFAC's CACR includes general licenses for certain travel categories, including educational people-to-people exchanges conducted under the auspices of a US organization.
What is the legal standard for 'knowledge' that triggers liability under most US sanctions programs?
Answer: 'Knew or should have known' (constructive knowledge standard)
US sanctions regulations generally apply a 'knew or should have known' standard, meaning constructive knowledge can trigger liability even without actual awareness.
Which UN body is responsible for establishing UN sanctions regimes that member states are obligated to implement?
Answer: The UN Security Council
UN sanctions are established by the UN Security Council under Chapter VII of the UN Charter, and are legally binding on all UN member states.
What distinguishes a 'sectoral sanction' from a 'comprehensive sanction' in OFAC's framework?
Answer: Sectoral sanctions prohibit specific transaction types with targeted entities, while comprehensive sanctions broadly prohibit nearly all dealings with a jurisdiction
Sectoral sanctions (e.g., Ukraine/Russia-related directives) restrict specific transaction types such as debt or equity financing with listed entities, unlike comprehensive bans on entire jurisdictions.
Under the Trading with the Enemy Act (TWEA), which jurisdiction remains subject to OFAC's Cuba sanctions regime?
Answer: Cuba
Cuba remains the only jurisdiction still sanctioned under TWEA; other programs were transitioned to IEEPA authority over time.
Which EU legal instrument is the primary vehicle for implementing EU autonomous sanctions (i.e., not derived from UN Security Council resolutions)?
Answer: EU Regulation
EU Regulations under the Common Foreign and Security Policy are directly applicable in all member states and are the primary binding instrument for EU sanctions implementation.