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. 

Feb. 13, 2025
Trump Announces Marching Order for "Reciprocal Tariffs"
Feb. 11, 2025
Important Changes to Steel and Aluminum Imports into the United States
Feb. 11, 2025
Details Regarding New Aluminum Tariffs
Feb. 7, 2025
Making Sense of the Trump Trade Agenda
Feb. 6, 2025
USTR Creates Supply Chain Uncertainty Related to Chinese-Origin Ships
Feb. 4, 2025
U.S. Trade Action Nets One Big Change
Feb. 4, 2025
China Announces Retaliatory Tariffs on U.S. Goods
Feb. 3, 2025
Trump Halts Mexico Tariffs
Feb. 3, 2025
Trump Apparently Halts Canada Tariffs
Feb. 2, 2025
Trump Implements Tariffs on Canada, Mexico and China
Feb. 2, 2025
Canada Announces Retaliatory Tariffs on U.S. Goods
Jan. 27, 2025
First (Potential) Example of IEEPA For Tariffs
Jan. 27, 2025
USTR Report Criticizes WTO Compliance by China
Jan. 21, 2025
Proposed Rule Prohibits Section 301 Goods from De Minimis Exemption
Jan. 21, 2025
Day 1 Trade Actions Have No Tariffs but Lots of (Potential) Impact
Jan. 15, 2025
East Coast/Gulf Workers and Ports Agree to 6-Year Contract
Jan. 14, 2025
Chinese Semiconductors Under 301 Investigation
Jan. 13, 2025
China Moves to Protect Its EV and Battery Supply Chains
Jan. 13, 2025
BIS Expanding Controls on Advanced AI and Computing Technology
Jan. 13, 2025
Customs Proposes Change to De Minimis Shipments
Jan. 10, 2025
CBP Seeks to Add Post-Departure Filing Requirements for Rail Shipments to Canada and Mexico
Jan. 3, 2025
BIS Assessing Controls of ICTS From China and Russia used for UAS/UAVs
Dec. 20, 2024
AD/CVD Petitions Filed on Erythritol
Dec. 19, 2024
AD/CVD Petitions Filed on Lithium-ion Battery Components
Dec. 18, 2024
U.S. Implements First Step in Trade Agreement with Taiwan
Dec, 16, 2024
Appeals Court Questions First Sale Decision
Dec. 12, 2024
Importer Pleads Guilty to Smuggling Chinese-Origin Tires into the U.S.
Dec. 5, 2024
China Retaliates Against U.S. Export Controls by Blocking Crucial Minerals
Nov. 26, 2024
President-Elect Threatens Tariffs on Canada, Mexico, China
Nov. 22, 2024
EU Forced Labor Regulation Advancing
Nov. 22, 2024
Significant Additions to UFLPA List
Nov. 20, 2024
History Offers Some Clues Regarding Export Controls Under the Next Administration
Nov. 18, 2024
Joint Action Targets "Third Party Enablers" Supporting Russia's Military Industrial Base
Nov. 15, 2024
Update on Recently Published BIS Cases – "Don't Let This Happen to You"
Nov. 14, 2024
U.S. and Indonesia to Expand Trade Relations with Critical Minerals Talks
Nov. 11, 2024
Pentagon Plans to Nearshore Supply Chains
Oct. 31, 2024
USITC Negative Final Determination On Aluminum Extrusion Imports
Oct. 30, 2024
EU Springs Forward with Countervailing Duties on Chinese EV Batteries
Oct. 28, 2024
Tangential Participant Liability Under the EAR
Oct. 24, 2024
Common & Commercial Interpretation Leads to 25% Section 301 Duty
Oct. 22, 2024
BIS Issues New Rule and Proposed Rule to Amend U.S. Space-Related Controls
Oct. 16, 2024
U.S. Legislators Call on USMCA Partners to Mirror UFLPA
Oct. 15, 2024
Nonprofit Report Links Pharmaceuticals to Forced Labor
Oct. 11, 2024
EU Follows Suit with Duties Against Chinese EVs
Oct. 4, 2024
BIS Imposes Penalty for Back-Dated Document
Oct. 4, 2024
Tri-Seal Enforcement Event Insights
Sep. 27, 2024
East Coast and Gulf Coast Port Strikes Impact Supply Chains