What are the three types of OFAC sanctions?
The US Office of Foreign Assets Control (OFAC) is an agency in the US Treasury Department. It's one of the most powerful agencies that can impose sanctions on individuals or companies that are seen as threats to national security, violate human rights, are involved in drug trafficking, etc. However, OFAC also has the power to provide waivers, licenses, and other authorizations.
This agency publishes Lists of individuals or companies who have been sanctioned by OFAC. There are currently three different lists that can be used to sanction any individual or company that is involved in terrorism, money laundering, drug trafficking, etc.: – Specially Designated Nationals List (SDN list) – Foreign Sanctions Evaders (FSE List) – Sectoral Sanctions Identifications (SSI list).
Here are some examples of common questions related to OFAC licensing:
1. What is an OFAC license? A General License is a document issued by OFAC authorizing certain activities or transactions that would otherwise be prohibited with regard to the sanctions imposed against another person, entity, country, or region.
2. How do you get in addition, OFAC sanctions list the SSI List, which grants licenses that may be issued on a case-by-case basis for the transfer of funds to entities that are listed under this list. This list does not prohibit US persons from doing business with these parties, but it does require any US person who is dealing with an entity found on this particular OFAC sanctions list to obtain permission beforehand.
3. What is a self-license? Self-licensing is when a person or entity that would otherwise be prohibited from doing business with another person, company, or country decides to do so without applying for a license first. However, before making any decisions, it's important to know if the action taken could actually lead to sanctions against the person or entity that made the decision. However, there are many general licenses that authorize certain activities without needing any kind of special permission beforehand.
There are also other questions related to the OFAC sanctions list where might need help. Such as:
What is a Special Case License?
What is an OFAC specific license? An OFAC specific license means that the decision to do business with a particular party was taken after careful consideration and after all possible alternatives were exhausted. Before making any decisions, it's important to consult with experienced professionals who can provide you with more information on how this would work.
What is an OFAC license?
An OFAC license is a document that has been issued by the US Office of Foreign Assets Control. It contains permission to conduct business in specific circumstances that would otherwise be prohibited under existing sanctions programs. For example, it might give permission to trade with Cuba despite existing prohibitions on this, or it may allow certain specific banks to be opened in Syria.
How do you apply for an OFAC license?
No matter the reason or person, it's important to consult with experienced professionals who can provide assistance when trying to obtain an OFAC license. These professionals will be able to guide through the process and help in submitting all necessary paperwork.
What is a Special Case License?
This OFAC license means that an exception to sanctions has been made. It allows for specific activities or transactions that would otherwise be prohibited by sanctions programs. For example, if your business was struggling financially because it could not buy goods from another country due to the sanctions program in place against this other nation, you might apply for a special case license that allows you to buy these goods.