The Office of Foreign Assets Control (OFAC) is responsible for enforcing economic and trade sanctions programs against individuals, entities, and countries deemed to be a threat to national security or foreign policy. The OFAC maintains a list of individuals and entities subject to these sanctions, known as the Specially Designated Nationals (SDN) list.
Companies and individuals doing business in and with targeted countries or individuals need to be aware of the OFAC regulations and comply with them. Failure to comply can result in significant penalties, including fines, imprisonment, and forfeiture of assets.
The OFAC website provides resources and information to help companies and individuals understand the regulations and stay compliant. This includes information on the different sanctions programs in place, as well as country-specific advisories and guidance.
In addition to the SDN list, OFAC also maintains other lists, including the Foreign Sanctions Evaders (FSE) list and the Non-SDN Iran Sanctions Act (NS-ISA) list. These lists are used to target individuals and entities that seek to evade sanctions, as well as those involved in Iran-related transactions.
OFAC’s sanctions programs target a wide range of activities, including terrorism, narcotics trafficking, human rights abuses, and weapons proliferation. Sanctions can include financial restrictions, asset freezes, travel bans, and trade restrictions.
OFAC also provides licenses in certain circumstances, allowing companies or individuals to conduct business that would otherwise be prohibited under the sanctions programs. These licenses are granted on a case-by-case basis and require an application process.
Overall, the OFAC website serves as a crucial resource for anyone doing business in or with targeted countries or individuals. Compliance with OFAC regulations is essential for avoiding penalties and maintaining national security and foreign policy objectives.