US removes Zimbabwe sanctions regulations
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has confirmed the removal of sanctions imposed in 2003 by publishing the final rule to remove the Zimbabwe Sanctions Regulations.
OFAC issued the final rule to remove the Zimbabwe Sanctions Regulations from the Code of Federal Regulations on Tuesday, April 16, 2024.
In February 2024, US President Joe Biden issued an executive order repealing the first order issued in March 2003 which blocked property of several political leaders in Zimbabwe for “undermining democratic processes or institutions in Zimbabwe.”
The first order, issued by the then-US President George W Bush, was renewed over the years until its revocation this year.
Director, Office of Foreign Assets Control, Bradley T. Smith, confirmed yesterday that OFAC was taking this action because the national emergency on which part 541 was based was terminated by the president on March 4, 2024. He said:
The rule is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on April 17, 2024.
Last month OFAC designated 11 Zimbabwean individuals including President Emmerson Mnangagwa, who became the first sitting head of State to be designated by the US under its Global Magnitsky Programme.
They were designated for their alleged involvement in corruption and serious human rights abuse.
The list also includes Mnangagwa’s wife, Auxillia, Vice-President Constantino Chiwenga, Defence minister Oppah Muchinguri, Midlands Provincial Affairs minister Owen Ncube, Central Intelligence Organisation deputy director Walter Tapfumaneyi, businessman Obey Chimuka and tycoon Kudakwashe Tagwirei as well as his wife Sandra.
Sakunda Holdings, Fossil Agro, and Fossil Contracting, linked to Tagwirei and Chimuka, were also placed on the new sanctions list.
