GLOMAG-GL-8
ActiveAuthorizing Transactions Involving Certain Entities Owned by Ly Yong Phat or L.Y.P. Group Co., LTD
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
This license authorizes all transactions prohibited by the Global Magnitsky Sanctions Regulations (31 CFR part 583) that involve any entity blocked solely because of a property interest held by Ly Yong Phat or L.Y.P. Group Co., LTD, or any entity in which either owns 50 percent or greater interest (directly or indirectly). The authorization applies only to entities that are not themselves identified on OFAC's List of Specially Designated Nationals and Blocked Persons. Transactions involving any other person blocked under the GMSR remain prohibited unless separately authorized.
Authorized activities
- All transactions prohibited by the GMSR involving entities blocked solely due to a property interest of Ly Yong Phat or L.Y.P. Group Co., LTD
- All transactions prohibited by the GMSR involving entities in which Ly Yong Phat or L.Y.P. Group Co., LTD owns, directly or indirectly, a 50 percent or greater interest
Conditions
The authorized entity must not be identified on OFAC's List of Specially Designated Nationals and Blocked Persons. The license does not authorize transactions involving any person blocked under the GMSR other than those described in paragraph (a), unless separately authorized.