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85 Tul. L. Rev. 1241 (2010-2011)

handle is hein.journals/tulr85 and id is 1251 raw text is: Hijacked: The Unlikely Interface Between Somali Piracy and the U.S. Regulatory Regime Bruce G. Paulsen* Ellen Laffertyt I. INTRODUCTION. ................................ .....1241 II. EXECUTIVE ORDER 13,536.............. ............ 1242 A. Blocked Persons .................... ...... 1246 B. The Order Prohibitions and OFAC Guidance Regarding Those Prohibitions........... ............ 1248 III. QUESTIONS RAISED BY THE ORDER.......................1249 A. Who Does the OrderApply To?.......... .....1250 B. Does the Order Outlaw the Payment ofRansom to All Pirates or Just to the Pirates Listed on the Annex?........... ............... ..... 1250 IV THE PROCESS OF RANSOM PAYMENT UNDER THE ORDER........1252 A. Application to OFACfor Guidance with Respect to a Ransom Payment.............. ....... 1253 B. The Mechanics of theApplication........... ....... 1254 C TheApplication and TimingIssues. .............1255 V THE ORDER'S PENALTIES. ........................ .....1255 VI. THE FUTURE OF THE ORDER. ...................... .....1 256 I. INTRODUCTION As of March 4, 2011, 33 vessels and 711 crew members were being held hostage by pirates.' The international community has engaged in various efforts to address the continuing problem of pirate hijackings with seemingly little success. The United States has also taken its own swipe at piracy through Executive Order 13,536, entitled C 2011 Bruce G. Paulsen and Ellen Lafferty. * Mr. Paulsen is a litigation partner at the New York firm of Seward & Kissel LLP. Seward & Kissel LLP focuses on corporate and litigation work for clients seeking legal expertise in the financial services, corporate finance, and capital markets areas. t Ms. Lafferty is a litigation associate at Seward & Kissel LLP 1. Piacy News & Figures, ICC COMMERCIAL CRIME SERVS. (Mar. 16, 2011), http://www.icc-ccs.org/piracy-reporting-centre/piracynewsafigures. 1241

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