Protecting Certain Property of Da Afghanistan Bank for the People

Feb 15, 2022

Summary

Freezes all property of Afghanistan's central bank in the U.S. to help with the country's humanitarian crisis and support the Afghan people.

What problem does this solve?

Afghanistan is facing a major humanitarian crisis and its economy could collapse, which is a threat to the United States. This order freezes the Afghan central bank's money in the U.S. to protect it and use it to help the Afghan people.

What does this order do?

Declares a national emergency

States that the humanitarian crisis and potential economic collapse in Afghanistan are an unusual and extraordinary threat to the national security of the United States.

Blocks all property of Da Afghanistan Bank in the U.S.

Freezes all property and money of Afghanistan's central bank (DAB) held by any U.S. financial institution, preventing it from being moved or used.

Consolidates frozen assets

Requires U.S. financial institutions to promptly move all the blocked Afghan bank property into a single account at the Federal Reserve Bank of New York.

Overrides previous executive orders

Ensures this order takes priority over any past orders that might affect the same property, making this the controlling directive.

Authorizes the Secretary of the Treasury

Gives the Secretary of the Treasury the power to create rules and take actions needed to carry out the order's purpose.

Allows blocking property without warning

States that no prior notice is required before freezing the assets, because warning could allow the funds to be moved quickly, making the order ineffective.

Who does this affect?

People of Afghanistan
Da Afghanistan Bank
U.S. financial institutions

What is the real world impact?

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Provides humanitarian aid to Afghanistan

Uses the frozen funds from Afghanistan's central bank to address the urgent needs of the Afghan people, such as food, water, shelter, and health care.

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Manages legal claims from victims of terrorism

Blocks the bank's assets to prevent them from being immediately seized by various parties, including victims of terrorism who have legal claims against the funds. This gives the U.S. government control over how the money is distributed.

When does this start?

This order went into effect on February 11, 2022, the day it was signed.