It looks pretty accurate to me. This looks like something out of Uganda or Haiti ... control and confiscation of everyone’s overseas capital except for the rulers themselves and their favored cronies. An absolute abomination, as you wisely said.
I am a partner in an overseas company. For a number of reasons,this ruling does not apply to me. However it is a “catch all” for most Americans who wish to move their money off shore. One should seek advice from a trusted CPA, or tax attorney before moving money overseas.