GL-50
ActiveAuthorizing the Closing of Individual Accounts at Financial Institutions Blocked Pursuant to Executive Order 14024
Machine-extracted. The summary, conditions, and reporting fields on this page were extracted by AI from the official document. Rely on the official OFAC General License, not this page.
Summary
General License No. 50 authorizes transactions otherwise prohibited by E.O. 14024 that are ordinarily incident and necessary to closing an account held by a non-blocked individual at a financial institution that is itself blocked under E.O. 14024. It further authorizes the unblocking and lump-sum transfer of all remaining funds and assets in that account to the account holder, including to an account at a non-blocked financial institution. Several categories of transactions remain outside the scope of this authorization.
Authorized activities
- Closing an account of a non-blocked individual held at a financial institution blocked pursuant to E.O. 14024
- Unblocking and lump-sum transfer of all remaining funds and other assets in the account to the account holder
- Transfer of funds to an account of the account holder held at a non-blocked financial institution
Conditions
This license does not authorize: (1) opening or maintaining a correspondent or payable-through account for any entity subject to Directive 2 under E.O. 14024; (2) any transactions prohibited by Directive 4 under E.O. 14024 involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation; or (3) any transactions otherwise prohibited by the RuHSR, including those involving any blocked person other than the non-blocked account holders described in paragraph (a), unless separately authorized.