Understand about OFAC
Some very frequent
questions pop up in mind of person involving in OFAC related matters! Matters
related to OFAC are very complex and serious. However, not a random person can
handle such legal matters, a professional lawyer or attorney can only do that.
One should have some sort of information about it, so, let’s understand some
basic but important information about OFAC.
The very first
question is ‘What is OFAC
and what does it do?’ Well, it stands for the Office of Foreign Assets Control. It administers and enforces
economic sanctions programs primarily against countries and groups of
individuals, such as terrorists and narcotics traffickers. The sanctions can be
either comprehensive or selective, using the blocking of assets and trade
restrictions to accomplish foreign policy and national security goals. It has
been around prior to the war of 1812. The agency maintains and publishes a list
known as OFAC SDN, which is Special
Designated List. This list consists of names of persons, groups, bodies/
organizations involved in activities of terrorism.
What does ‘prohibited transactions’ mean?
The trade or financial
transactions and other dealings in which U.S. persons may not engage unless
authorized by OFAC or expressly exempted by statute, are known as Prohibited
transactions. Each program is based on different foreign policy and national
security goals, bans on transactions may vary between programs. All U.S. citizens and permanent resident aliens must
comply with OFAC regulations, regardless of where they are located. All persons and entities within the United
States, incorporated entities and their foreign branches also need to comply
with these regulations. If anyone is wrongly listen in SDN list, it becomes
important to immediately start the procedure to apply for removing the name
from the list. This can be a serious matter and person or organization involved
in can suffer to the worst.
Expert’s help to handle OFAC legal matters
People
involved in such legal matters need to approach expert lawyers or attorneys
practicing in this field for years and years. It is important to hire highly
experienced and expert lawyer to handle that case to ensure you get out of this
legal matter as soon as possible. There are several legal firms offering
legal-services to all clients in and around country or state. People can search
over internet to approach the best of the firms to ensure they will get out of
these so serious and complex legal matters.
