Why Think before You Transfer Money to Iran

Office of Foreign Assets Control or OFAC is that US agency which is responsible for Iranian sanctions. This agency is also accountable for restricting a company’s business with an Iranian company based upon the bylaws set thereby. With this, anybody wishing to transfer money to Iran can do so only when abides by the governing laws.

Consequently, operations of many organizations having business ties with Iran are under threat because of the restriction to exchange anything, whether goods or funds. Implication can be so severe that criminal charges may be imposable over culprit along with penalization. When an individual, is non US resident and / or originates from somewhere outside, operates a business in US, he or she has to follow the US economic sanction program laws.

In addition, the OFAC rules strictly deny anyone wishing to sell their property so as to raise fund and bring in the money. Beyond being considered under the receipt or transfer money to Iran act, the same rule is extended to transport or purchase of any kind or by any means. However, the agency has felt it imperative to clarify every single rule so make the US residents about the entities involved. In the process, OFAC release the Specially Designated Nationals list which comprises the names of all the entities tagged with terrorism provoking nations, and much more.

Erich Ferrari of Ferrari and Associates, P.C. has come with a practice guide in this respect to discuss US economic sanction program in elaboration.

How to get sure success in OFAC SDN List removal case?

It is a great question that comes to everybody's mind that how to proceed for OFAC SDN list removal? Well, it might appear as a matter larger than life, it is not like that in reality. In fact, it is not a criminal matter or civil at all. On the other hand, it is an administrative matter and has to be dealt with ease. There is no fear of US federal court handling such cases. It is not required to be defensive to handle this matter, because there is actually no need to do so. OFAC SDN list removal process is always forwarded to the United States Department of Treasury Officer of Foreign Assets Control and therefore the dealing becomes quite easy and straightforward.

The inclusion in the OFAC SDN list is done on the basis of the natural right of "reason to believe". If OFAC feels that there are certain points against you with substantial reason to put you in the SDN list. They do not need to collect evidence to substantiate their belief. Therefore appeal for reconsideration becomes an easy thing. You need to collect the required information and prepare case papers as soon as possible. Swiftness and quick reaction is the key to success.

Better to consult an attorney with prior experience of handling such cases. He will be able to put the case in the most affirmative way and the process of removal becomes very easy. The process is time taking and it may require 6 to 9 months to get the result in favor. Patience is the key here!