What are OFAC requirements?

OFAC requirements: OFAC imposes economic and trade sanctions based on U.S. foreign policy and national security goals. Requirements include restrictions on trade, financial transactions, and asset freezes involving sanctioned countries, entities, and individuals.

What are OFAC-sanctioned countries?

OFAC sanctioned countries: These vary over time, but as of my knowledge cutoff in 2021, sanctioned countries include Iran, North Korea, Syria, Cuba, Venezuela, and the Crimea region of Ukraine.

What is the purpose of OFAC?

Purpose of OFAC: OFAC aims to implement and enforce U.S. economic sanctions programs to protect national security, promote foreign policy goals, and combat threats such as terrorism, drug trafficking, and weapons proliferation.

OFAC in AML: OFAC plays a role in anti-money laundering (AML) efforts by enforcing sanctions against individuals and entities involved in money laundering, terrorist financing, and other financial crimes.

What are the OFAC sanctions checks?

OFAC sanctions check: An OFAC sanctions check is a process to screen individuals, organizations, or transactions against OFAC's Specially Designated Nationals (SDN) List and other sanctions lists to ensure compliance with U.S. sanctions laws.

When should OFAC be checked?

When should OFAC be checked? OFAC should be checked before engaging in any international trade, financial transactions, or business activities with foreign partners, as well as during the onboarding of new customers, suppliers, or employees to ensure they are not subject to U.S. sanctions.

What is the difference between OFAC and FinCEN?

Difference between OFAC and FinCEN: OFAC is responsible for administering and enforcing economic sanctions, while FinCEN (Financial Crimes Enforcement Network) focuses on combating money laundering, terrorist financing, and other financial crimes. Both agencies are part of the U.S. Department of the Treasury and work together to promote U.S. national security and foreign policy objectives.

Expert OFAC Representation - Navigating U.S. Economic Sanctions

OFAC representation is a critical aspect of ensuring compliance with U.S. economic sanctions programs. As the Office of Foreign Assets Control (OFAC) administers and enforces these sanctions, businesses, and individuals must adhere to the rules and regulations set forth by this agency. Engaging qualified OFAC lawyers to provide representation and guidance can help organizations and individuals navigate the complex landscape of U.S. sanctions law and avoid potential violations.

One of the key areas where OFAC representation is essential is in obtaining licenses or authorizations for transactions that would otherwise be prohibited under U.S. sanctions. An experienced OFAC lawyer can assess the specific circumstances and advise on the applicability of sanctions, as well as guide clients through the process of obtaining the necessary licenses from OFAC. This process requires a thorough understanding of the applicable regulations and policies, along with the ability to present a persuasive case for the issuance of a license.

Collegium of International Lawyers is renowned for providing refined and global clients with cutting-edge legal representation in OFAC matters. For instance, our OFAC attorneys assist clients routinely with the following types of matters:

SDN List (Specially Designated Nationals and Blocked Persons List) removal
Obtaining licenses or providing legal advice regarding the export of medical supplies to embargoed nations.
Providing guidance on compliance with OFAC-administered sanctions programs to financial institutions
Co-representation of attorneys representing their own clients in OFAC-related matters.
Litigating matters pertaining to OFAC before the U.S. District Court and the U.S. Court of Appeals.
Investigating alleged violations of OFAC-administered sanctions programs and preparing self-reports to OFAC.
Responding to OFAC administrative subpoenas and representing parties before OFAC’s Enforcement Division
Assessment of sanctions risk for financial institutions and multinational corporations
Seeking the unblocking or elimination of restrictions on funds that have been blocked or restricted as a result of OFAC sanctions
Advising on and procuring OFAC licenses for divestment activities related to Iran

In the event of potential violations of OFAC regulations, an OFAC lawyer can provide valuable representation in internal investigations, voluntary self-disclosures, and enforcement actions. By conducting internal investigations, OFAC lawyers can identify potential issues and recommend appropriate remedial actions to mitigate the risk of penalties. If a violation has occurred, an OFAC lawyer can assist clients in preparing and submitting voluntary self-disclosures to OFAC, which may result in reduced penalties or other favorable outcomes. In cases where enforcement actions have been initiated by OFAC or other regulatory authorities, a skilled OFAC lawyer can represent the client in negotiating settlements or defending against administrative proceedings.

Another crucial aspect of OFAC representation is providing guidance on risk assessment and compliance strategies. OFAC lawyers can help organizations develop and implement customized compliance programs that reflect their specific risk profiles and industry characteristics. By conducting due diligence and risk assessments, an OFAC lawyer can identify potential vulnerabilities in a company’s operations and recommend actions to minimize exposure to sanctions violations.

In addition to these areas, OFAC representation encompasses a wide range of services that help organizations and individuals comply with U.S. sanctions laws, such as policy advocacy, training, and education, as well as assistance in navigating cross-border transactions and overlapping sanctions regimes.

In conclusion, retaining an OFAC lawyer for representation can prove invaluable for organizations and individuals navigating the complexities of U.S. economic sanctions programs. By providing expert guidance and advocacy, an OFAC lawyer can help clients minimize risk, ensure compliance, and protect their interests in the face of ever-evolving sanctions laws and regulations.

OFAC Representation

OFAC Representation FAQ