Protecting Certain Property of Da Afghanistan Bank for the Benefit of the People of Afghanistan
This executive order, issued February 11, 2022, uses the President’s authorities under the International Emergency Economic Powers Act (IEEPA) and the National Emergencies Act (NEA) to preserve and safeguard certain assets of Da Afghanistan Bank (DAB), Afghanistan’s central bank, that are held in U.S. financial institutions. Specifically, it blocks all DAB property and interests in property in the United States (including assets held at the Federal Reserve Bank of New York) as of the date of the order and requires those blocked assets to be transferred into a consolidated account at the Federal Reserve Bank of New York. The goal is to protect these assets from others’ access or use while addressing Afghanistan’s humanitarian needs and the broader national security emergency, by keeping potential funds available for Afghan people through licensing or statutes that may authorize use in the future. The order also sets out prohibitions on evading the blocks, defines key terms, and instructs the Treasury (with State and the Attorney General) to implement appropriate regulations and report periodically to Congress. It clarifies that the measures do not create any new rights against the United States and that the order supersedes earlier executive actions to the extent they affect the same DAB assets.
Key Points
- 1Blocking and transfer of DAB assets: All DAB property held in U.S. financial institutions (including FRBNY) as of the effective date is blocked and cannot be transferred or used, except as permitted by licenses, regulations, or statutory authorities. The blocked assets must be moved into a consolidated account at the Federal Reserve Bank of New York.
- 2Prohibitions and evasion: The order makes it illegal to engage in transactions that evade or violate the blocking prohibitions, and it prohibits conspiracies to violate the order.
- 3Definitions and scope: The order defines major terms—Da Afghanistan Bank (DAB) as the Central Bank of Afghanistan; “entity”; and “person” to clarify who and what is covered.
- 4Implementation and supremacy: Treasury, in consultation with State and the Attorney General, is authorized to implement the order, issue rules/regulations, and use IEEPA authorities. The order supersedes any prior executive actions to the extent they affect the blocked DAB assets.
- 5Oversight and rights disclaimer: The order requires ongoing reporting to Congress about the national emergency and states that nothing in the order creates enforceable rights against the United States; it also notes the order is to be implemented consistent with applicable law and available appropriations.