OFAC
The Department of Treasury’s Office of Foreign Asset Controls (“OFAC”) administers financial and economic sanctions against specific countries in response to some form of wrongdoing. OFAC sanctions are targeted broadly against 1) foreign governments and political entities, 2) individuals and groups ranging from terrorists and drug cartels to banks and other financial institutes that support those types of activities, 3) entities such as charities linked to terrorism, and 4) certain activities such as those that would lead to nuclear proliferation or otherwise violation U.S. policy interests.
Well-known sanctions programs include complete embargoes or more limited restrictions on trade with Cuba, Iran, Syria, and North Korea. Other programs include more targeted sanctions on the property of specified people from countries including Russia, Venezuela, Belarus, the Congo, and elsewhere. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked, and U.S. persons are prohibited from dealing with them. Both the sanctions programs and the SDN List are constantly changing and companies that do business internationally, particularly in political ‘hot spots’ are well advised to constantly monitor OFAC developments.
OFAC’s sanctions apply to all U.S. citizens and permanent residents wherever they are located. It also applies to any person who is physically in the United States regardless of his citizenship. U.S. companies and all branches of U.S. organizations throughout the world remain subject to OFAC. Likewise, U.S. branches or offices (physically located in the U.S.) of foreign corporations are subject to OFAC.
Attorneys at Barnes, Richardson are well versed in sanction law and can provide guidance on how to tailor transactions, including financial transactions, so they remain complaint with the OFAC law. Barnes, Richardson attorneys assist companies in all areas of OFAC compliance, including building and auditing robust OFAC compliance programs, preparing and submitting voluntary disclosures to OFAC, and engaging in other representations before that agency.
- Jan. 17, 2023
- OFAC Violations Will Cost More
- Aug. 30, 2022
- OFACs Authorizing the Closing of Accounts at Financial Institutions Blocked Pursuant to Executive Order 14024
- June 21, 2021
- Russian Businessman Loses Challenge to Lift US Sanctions
- Jun. 15, 2021
- Biden Issues Executive Order Aimed at Combating Western Balkan Destabilization
- June 1, 2021
- World Mulls Sanctions Following Interception of Commercial Flight
- May 24, 2021
- U.S. Partially Waives Sanctions on Russian Pipeline
- May 18, 2021
- Xiaomi Removed from DOD Blacklist
- May 11, 2021
- SAP Agrees to Pay $8 million to Settle Iran Sanctions Violations
- Mar. 16, 2021
- Russia Sanctions Expanded Following Navalny Poisoning
- Mar. 1, 2021
- New Sanctions Issued Following Military Takeover in Burma
- Feb. 22, 2021
- Sanctions to Remain in Place Until Iran Complies with Nuclear Deal
- Nov. 17, 2020
- OFAC Advisory on High-Value Art Market Transactions and U.S. Sanctions
- March 22, 2018
- USTR Office Publishes Section 301 Report on Chinese IP, Data Transfer Policies and Practices
- September 13, 2017
- House Bill Introduced Prohibiting Importation of Certain Venezuelan Petroleum Goods
- July 15, 2015
- The Iran Nuclear Deal: Sanctions Relief Ahead
- March 26, 2015
- Paypal and Schlumberger Oilfield Holdings Ltd. Fined for Sanctions Violations
- Aug. 14, 2014
- New Guidance from OFAC on Entities Owned by Blocked Persons
- July 30, 2014
- BIS Updates Policy on Transfers of Energy-Related Items to Russia
- April 28, 2014
- President Obama Announces Additional Russian Sanctions
- April 04, 2014
- President Obama Approves Ukraine Aid Bill
- March 20, 2014
- Obama Levies More Sanctions on Russia
- October 01, 2013
- Government Shutdown Impacts International Trade Agencies
- June 04, 2013
- White House Strengthens Iranian Sanctions
- May 23, 2013
- Congress Considering Heightened Iran Sanctions Legislation
- April 16, 2013
- U.S. Releases Names of First Individuals Added to Magnitsky List
- October 10, 2012
- Executive Order Imposes Additional Sanctions on Iran
- August 14, 2012
- President Signs AGOA Third-Country Fabric Extension and Burma Sanctions Reauthorization Bill
- July 31, 2012
- U.S. Bolsters Iran Sanctions
- July 13, 2012
- U.S. Tightens Iran Sanctions
- July 11, 2012
- U.S. Eases Burma Sanctions
- June 29, 2012
- U.S. Exempts China and Singapore from Iran Oil Import Sanctions
- June 21, 2012
- House and Senate Introduce Legislation to Extend AGOA's 3rd Country Fabric Provision and Reauthorize Burma Sanctions
- June 18, 2012
- U.S. Exempts 7 Additional Countries from Iran Oil Import Sanctions
- March 20, 2012
- Definition of Government-Owned Entity Amended in Iranian Transaction Regulations
Copyright © Barnes, Richardson & Colburn, LLP. All Rights Reserved
Privacy | Terms
Website by FirmWise
