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.
- Jul. 23, 2024
- Importers Required to Certify that Malaysian and Vietnamese Goods Don't Come From China
- Jul. 23, 2024
- OFAC's Extended Statue of Limitations
- Jul. 22, 2024
- Three Years in Prison for Export Violations for Hong Kong Man
- Jul. 11, 2024
- PVC, Aluminum, and Seafood New Target Sectors for Forced Labor
- Jul. 10, 2024
- Mexico and the US Have a Meeting of the Minds on Steel and Aluminum Transshipment
- Jul. 9, 2024
- Alleged Victim of Forced Labor in Chinese Prison Sues American Company for Damages
- Jul. 8, 2024
- BIS Publishes Report on Export Violations
- Jul. 1, 2024
- Supreme Court Overturns Chevron, Does it Impact Trade Cases?
- Jun. 27, 2024
- Crackdown on U.S. Outbound Investment to China
- Jun. 24, 2024
- AD & CVD Rates for Solar Cells of China Imposed on Imports From Vietnam
- Jun. 24, 2024
- $285K Export Control Penalty by BIS
- Jun. 21, 2024
- Illicit Houthi Shipment Sanctions
- Jun. 18, 2024
- The Nuclear Option: BIS's Power to Deny Export Privileges
- Jun. 17, 2024
- To Be or Not to Be, Is that the Question for USMCA?
- Jun. 10, 2024
- Importers Must Plan for Possible East Coast and Gulf Coast Strikes
- Jun. 5, 2024
- U.S. Company Settles Anti-Boycott Violation
- Jun, 4, 2024
- Indo-Pacific Framework Comments Due by June 21
- May 30, 2024
- USTR Requests Labor Review of Mexico's Largest Auto Assembly Plant
- May 28, 2024
- U.S. Companies Should Remain Vigilant for Anti-Boycott Provision
- May 28, 2024
- Most Section 301 Exclusions Expiring Mid-June
- May 22, 2024
- HTS Codes Published for Section 301 Tariff Increase
- May 20, 2024
- Commerce Makes Major Changes to (Some) Section 232 Exclusions
- May 20, 2024
- Senate Committee Takes Aim at Likely BMW and Jaguar Forced Labor Imports
- May 17, 2024
- DHS' Largest Ever One-Time UFLPA Entity List Expansion
- May 14, 2024
- Section 301 Tariffs to Remain, Increase in Some Industries
- May 8, 2024
- The Largest-Ever Civil Penalty for "Made in USA" Violation
- May 3, 2024
- Final Rule on EV Battery Tax Credit
- May 3, 2024
- New Bill Proposes Battery Supply Chain Tracing
- Apr. 30, 2024
- Understanding Exporter Liability for Re-Exports
- Apr. 25, 2024
- Mexico Imposes Very High Duties on Some Imports
- Apr. 22, 2024
- Climate and Trade Task Force Created
- Apr. 16, 2024
- Russian Aluminum, Copper, and Nickel Prohibition
- Apr. 12, 2024
- Using French and British English to Classify Imports
- Apr. 4, 2024
- End-User and End-Use Restrictions 101
- Mar. 22, 2024
- End -User Restrictions for OFAC SDN Listed Entities
- Mar. 22, 2023
- DHS Gets a Budget Boost for Combating Forced Labor
- Mar. 18, 2024
- EAPA Final Rule Allows (Representatives of) Parties to Access Business Confidential Information
- Feb. 23, 2024
- Escalated Sanctions Related to Russia Hit Globally
- Feb. 15, 2024
- First Bond Guidance in 33 Years Issued
- Feb. 13, 2024
- Indo-Pacific Economic Framework for Prosperity Implemented
- Feb. 12, 2024
- The 2018 Trade War Has Been an Employment Failure
- Feb. 9, 2024
- New Export Control Know-Your-Customer (KYC) Requirements for IaaS Providers
- Feb. 1, 2024
- Fine Makes Clear That the FTC is Serious About Made in USA
- Jan. 30, 2024
- Sheffield Issues Guide for the Solar or EV Battery Sectors
- Jan. 26, 2024
- Increased Controls of Exports Destined to Russia or Belarus
- Jan. 24, 2024
- Importer Avoids 7% Surprise on Agency Arrangement
- Jan. 22, 2024
- CIT Overturns AD/CVD Evasion Finding
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