Complex legal matters related to OFAC

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.