OFAC SANCTIONS

Our services include: Sanctions Compliance • OFAC Licensing • Unblocking License Applications • Interpretive Guidance Requests • Voluntary Self-Disclosures • Enforcement Proceedings • OFAC List Removal Requests

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers U.S. economic sanctions laws and regulations, prohibiting many types of activities involving targeted countries, regions, governments, industrial sectors, individuals, and entities. Heavily sanctioned countries and government regimes include Iran, Cuba, Syria, Venezuela, Russia, North Korea, Belarus, and several others. OFAC also administers numerous sanctions lists, identifying individuals and entities around the world that can be subject to broad prohibitions, including the Specially Designated Nationals and Blocked Persons (SDN) List, and the Sectoral Sanctions Identifications (SSI) List.

These legal authorities are complex and constantly changing based on U.S. foreign policy and national security concerns, impacting international business and trade. Our OFAC lawyer has extensive experience providing clients across all industrial sectors, with counseling and representation, including for OFAC’s Russia, Cuba, and Iran sanctions programs.

Sanctions Compliance

We provide clients with routine transactions advice, including drafting legal advisory opinions, for issues invoking OFAC administered sanctions authorities. We also assist client organizations in the design and administration of their OFAC sanctions compliance programs, including risk assessments and training.

Explore our corporate compliance services

OFAC Licensing

Transactions or dealings with sanctioned targets can invoke the prohibitions of relevant OFAC administered sanctions authorities. We assist clients in determining whether their intended transactions are prohibited and the need for license authorization from OFAC. The agency issues two categories of authorizations: general licenses and specific licenses. A general license authorizes a particular type of transaction for a class of persons without the need to apply to OFAC for a license. If it is determined that no general license is available and the transaction is otherwise prohibited, we represent clients before OFAC in obtaining a specific license, which is a written document issued by the agency to a particular individual or entity, authorizing a particular transaction in response to a written application.

In certain circumstances, transactions with sanctioned countries, regimes, and other targets categories can also invoke U.S. export controls and simultaneous jurisdiction by the U.S. Department of Commerce’s Bureau of Industry and Security (BIS). Our firm specializes in navigating the sometimes overlapping regulatory frameworks and jurisdiction of OFAC and BIS, including representing clients before both agencies for any necessary licensing applications and preparing commodity classifications requests to BIS.

Unblocking License Applications

If your funds have been blocked or “frozen” by a financial institution or other party as a result of a potential link to OFAC administered sanctions authorities, we can assist you or your organization in preparing and submitting an unblocking application to OFAC for their release.

Interpretive Guidance Requests

When it remains unclear whether a client’s intended transaction invokes potentially applicable OFAC administered sanctions authorities, including coverage of relevant general license authorization(s), we provide representation before the agency to request necessary interpretive guidance.

Voluntary Self-Disclosures

Individuals or entities that believe their conduct or transactions may have violated any OFAC administered laws or regulations, can disclose their apparent violations to the agency. Voluntary self-disclosures can be considered a mitigating factor under the agency’s Enforcement Guidelines in any resulting enforcement actions. We assist clients in investigating their apparent violations, and in preparing self-disclosures to OFAC in accordance with the agency’s Guidelines and submission standards.

Enforcement Proceedings

If OFAC initiates an investigation of potential violations of U.S. economic sanctions authorities, it will submit an administrative subpoena to relevant parties seeking relevant information and documentation. Whether an investigation of alleged violations of any such authorities is initiated by OFAC, or in response to a voluntary self-disclosure, depending on the facts and circumstances of a particular case, it may lead to a civil enforcement action against the relevant parties the agency believes to be at fault. The results of an OFAC enforcement actions can range from a simple “No Action” letter, to a civil monetary penalty and/or criminal referral to the United States Department of Justice (DOJ) in appropriate circumstances.

We represent clients in OFAC and DOJ enforcement actions, advocating for the best possible outcome.

OFAC List Removal Requests

Individuals and entities can be designated and identified on any one of OFAC’s sanctions lists, including the SDN List or SSI List, with no prior notice, resulting in severe financial and reputational repercussions. However, designated persons can petition the agency for removal from the respective sanctions lists. Through this administrative process, the designated person must evidence that an insufficient basis exists for the designation and/or propose relevant remedial measures. Our OFAC list removal lawyer represents clients before the agency in petitioning administrative reconsideration of their respective designations.