Please note that this article was published in yesterday’s issue of the LoneStar Leaguer; however, it appears that a technical problem prevented some of our readers from viewing the article in its entirety. Because this is such an important issue, we are including the article again in today’s issue.
In mid-April, the Office of Foreign Assets Control (OFAC) further issued regulations restricting dealings by U.S. persons with the Palestinian Authority, which has been under the control of the Hamas political party since March 30. Hamas had previously been identified by OFAC as a terrorist entity and listed as a "Specially-Designated National" ("SDN") under the OFAC-administered anti-terrorism sanctions. However, OFAC has created a new list called the "Palestinian Legislative Council List" ("PLC List") for these individuals which is separate from the SDN List.
Therefore, credit unions will be required to check the PLC List in addition to the SDN List. Some OFAC software providers have included this list in their software packages, however, credit unions using interdiction software should double-check with their vendors to be sure that the PLC List is being monitored.
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