Treasury’s Office of Foreign Assets Control Issues New General License

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The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a new General License. This General License is known as GL 34. It was issued on February 19, 2026.

GL 34 is related to the Global Terrorism Sanctions Regulations and the Illicit Drug Trade Sanctions Regulations. These are found in 31 CFR parts 594 and 599.

The General License allows certain actions that are usually not allowed. It lets people do business with Kovay Gardens. This includes any company Kovay Gardens owns 50 percent or more of.

But there are some rules. These actions must end by March 21, 2026. They must finish by 12:01 a.m. Eastern Daylight Time.

If Kovay Gardens owes money to a blocked person, the money must go into a blocked account. This follows the rules of the Illicit Drug Trade Sanctions and Global Terrorism Sanctions.

The General License does not cover everything. It does not let people do business with other blocked persons unless given special permission.

Bradley T. Smith, the Director of OFAC, signed the General License. The document about this was filed on May 6, 2026. You can find more details on the OFAC website at ofac.treasury.gov.

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