What is OFAC Sanctions ?
- The Office of Foreign Assets Control (OFAC) is an office of the Treasury Department of United States of America (US).
- OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries, organizations, entities, and individuals.
- Regulations issued under Trading With the Enemy Act (50 U.S.C. App.§§ 1-44) or by the US President under authority delegated under the International Emergency Economic Powers Act.
- The OFAC sanctions programs are implemented through restrictions on imports and exports, prohibitions on financial transactions, freezing of assets, and other means.
Why Indian Banks restrict transaction from OFAC Sanction Countries ?
- Risk of getting fined by US Treasury and FED. Since 2010 Deutsche Bank, Barclays, RBS, BNP Paribas, CommerzBank, Credit Agricole etc have been fined for violating OFAC sanctions in range of USD $100 Million to USD 8.9 Billion.
- Global banking system and transactions involve Correspondent banks, which could be based out of US or associated with the U.S. banks.
- Cross-border payments could directly or indirectly involve U.S. banks, hence third countries companies or banks, often refuse to conduct transactions with companies / countries on the US sanctions list on account of settlement related issues.
- Sanctions from UN and European Union in line with OFAC Sanctions.
OFAC Sanction Program
The several OFAC sanctions programs can be grouped into two general categories:
These programs target trade, investment, and commercial activities with certain geographic regions and governments.
In general, OFAC comprehensive sanction programs prohibit:
- Exports from the United States (direct or indirect)
- Imports into the United States (direct or indirect)
- Other related transactions or dealings
The comprehensive sanctions programs apply to transactions involving most goods, technology and services. However, OFAC may authorize otherwise prohibited transactions, either by a general license contained within the regulations for a particular program, or by a specific license issued by OFAC.
Such programs currently apply to:
- Burma (Myanmar)
- Limited country-specific programs;
- Programs targeting groups or individuals who have contributed to conflicts in or undermined democratic process in certain countries, and
- Programs targeting individuals or entities involved in or supporting terrorism, drug trafficking and other activities
Such programs currently apply to:
- Western Balkans
- Cote d’Ivoire
- Democratic Republic of the Congo
- Liberia (Former Regime of Charles Taylor)
- Persons Undermining the Sovereignty of Lebanon
- North Korea
- Counter-Terrorism Sanctions Program
- Non-Proliferation Sanctions Program
- Counter-Narcotics Trafficking Sanctions Program
- Diamond Trading Sanctions Program
Implications of OFAC Regulations for Financial Institutions
Financial institutions must monitor all financial transactions performed by or through them to detect those that involve any entity or person subject to the OFAC laws and regulations.
For most situations, a financial institution should accept deposits and funds subject to OFAC regulations, but freeze the funds and accounts, so that absolutely no funds can be withdrawn (this is called “blocking”). However, there are a few situations that require the financial institution to reject the transaction or funds instead of accepting and blocking them. Exact regulations vary, in accordance with requirements imposed by the eight federal statutes and the specific sanctions. A detailed description of specific regulations for each program is available on the official OFAC web site: http://www.treas.gov/ofac.
In general, OFAC rules prohibit financial institutions from engaging in transactions with the governments of, or individuals or entities associated with, foreign countries against which federal law imposes economic sanctions. Federal law also imposes sanctions against certain countries associated with terrorists and narcotics traffickers and their front organizations. OFAC rules prohibit transactions with these entities as well. OFAC maintains a list of entities and individuals against whom these restrictions apply. You will need this list, known as the “SDN list” (Specially Designated Nationals) in order to comply.
Transactions Subject to OFAC Santions
Every type of financial transaction should be reviewed for OFAC compliance including, without limitation, the following:
- Deposit accounts (checking, savings, etc.)
- Lines of credit
- Letters of credit
- Safety deposit boxes
- Wire transfers
- ACH transfers
- Currency exchanges
- Depositing or cashing checks
- Purchase of money orders or cashiers checks
- Loan payments
- Guarantors and collateral owners
- Trust accounts
- Credit Cards
Moreover, the names of all parties to a transaction should be checked against the list of names of individuals, entities, geographical locations or countries that have been identified by OFAC. This includes, but is not limited to the following (as applicable):
- Collateral Owners
- Guarantors / Cosigners
- Receiving Parties
- Sending Parties
Summary Chart Countrywise
These regulations are complex, and vary widely with respect to different countries. Below Chart provides a general guide, but note the references in the chart to guides published by OFAC that reflect that office’s official position. Also note that OFAC issued a Final Rule titled “Economic Sanctions Enforcement Guidelines” on 11/9/2009, effective immediately, that affects how OFAC sanctions are applied to financial institutions and other parties.
|Sanctions Program||Summary of Sanctions/Penalties||Licenses, Special Notes Resource Links|
|Balkans – Blocking Property of Persons Who Threaten International Stabilization Efforts in the Western BalkansGet the details||BLOCKING. All property and assets of designated persons are BLOCKED and may not be transferred, paid, exported, withdrawn, or otherwise dealt in.Prohibited activity. The making or receiving by a U.S. person of any contribution or provision of funds, goods, or services to or for the benefit of a designated person is prohibited. In addition, any transaction by a U.S. person that evades or avoids or has the purpose of or attempts to violate these prohibitions and any conspiracy to violate the prohibitions is prohibited.Penalties: Criminal fines for violating the Executive Order or regulations to be issued pursuant to the Executive Order may range up to the greater of $500,000 or twice the pecuniary gain per violation for an organization, or up to the greater of $250,000 or twice the pecuniary gain per violation for an individual. Individuals may also be imprisoned for up to 10 years for a criminal violation. Knowingly making false statements or falsifying or concealing material facts when dealing with OFAC in connection with matters under its jurisdiction is a criminal offense. In addition, civil penalties of up to $11,000 per violation may be imposed administratively.||Executive Order (EO) 13219 (6/27/2001), modified by EO 13304 (5/29/2003).Licenses: Western Balkans General License (No. 1) – Legal Representation in Matters Pending before the International Criminal Tribunal for the former YugoslaviaLast program update: 5/30/2011|
|Belarus – Blocking Property of Certain Persons Undermining Democratic Processes or Institutions in BelarusGet the details||Assets Blocked As of June 19, 2006, all property and interests in property of persons listed in the OFAC SDN lists with a [BELARUS] designation are blocked, “and may not be transferred, exported, withdrawn, or otherwise dealt in.Donations to or for the benefit of those same persons are prohibited.||EO 13405 (6/19/2006)Licenses: All prior licenses have expired.Last program update: 2/10/2011|
|Burma (Myanmar)Get the details||Prohibited Activity: New investment in Burma by U.S. persons and U.S. persons’ facilitation of new investment in Burma by foreign persons.Prohibited: – With certain exceptions, the exportation or reexportation of financial services to Burma is prohibited. The term exportation or reexportation of financial services to Burma is defined broadly to mean: (i) the transfer of funds, directly or indirectly, from the United States or by a U.S. person, wherever located, to Burma; or (ii) the provision, directly or indirectly, to persons in Burma of insurance services, investment or brokerage services, banking services, money remittance services; loans, guarantees, letters of credit or other extensions of credit; or the service of selling or redeeming traveler’s checks, money orders and stored value. This defined term is unique to the Burma sanctions program. Although there are limited exceptions to the ban on the exportation of financial services, under no circumstances can payments be made from blocked accounts on the books of a U.S. bank. Blocked: All property and interests in property of the persons listed [in SDN lists citing the BURMA sanction program].Allowed: – U.S. financial institutions can operate accounts for an individual ordinarily resident in Burma, provided that the individual is not a blocked person and further provided that each transaction processed through the account is of a personal nature and not for use in supporting or operating a business, is not otherwise prohibited, and does not involve a transfer directly or indirectly to Burma or for the benefit of individuals ordinarily resident in Burma unless authorized pursuant to General License No. 15. Pursuant to General License No. 15, certain noncommercial, personal remittances to Burma are authorized. U.S. depository institutions, U.S. registered brokers or dealers in securities, and U.S. registered money transmitters are authorized to process transfers of funds to or from Burma or for or on behalf of an individual ordinarily resident in Burma in cases in which the transfer involves a noncommercial, personal remittance, provided that the transfer is not by, to, or through a person whose property and interests in property are blocked. Such transfers of funds are authorized even though they may involve transfers to or from an account of a financial institution whose property and interests in property are blocked, provided that the account is not on the books of a financial institution that is a U.S. person. Noncommercial, personal remittances do not include charitable donations to or for the benefit of any entity or funds transfers for use in supporting or operating a business. However, U.S. persons may make charitable donations to nongovernmental organizations in support of certain activities in Burma, provided that the donations are made pursuant to Amended General License No. 14-B.Prohibited: The importation into the United States of products of Burma and the exportation or reexportation to Burma of financial services from the United States or by U.S. persons, wherever located. The importation of jadeite and rubies mined or extracted from Burma (and of articles of jewelry containing such jadeite and rubies) is prohibited, and there are conditions for the importation of jadeite and rubies mined or extracted from a country other than Burma (and of articles of jewelry containing such jadeite and rubies).Penalties: Criminal conviction may result in a fine of not more than $1,000,000, or if a natural person, imprisonment for not more than 20 years, or both. A civil penalty of $250,000, or twice the amount of the transaction, whichever is greater, may be assessed for each violation. Imported articles in violation may be forfeited.||Beginning May 6, 2008, largely in response to losses of life and property damage in the wake of Cyclone Nagris, OFAC has issued a series of Licenses (Nos. 14, 14-A and 14-B) authorizing certain financial transactions in support of humanitarian or religious activities in Burma. The latest of the series has no time limit.Also on May 9, 2008, OFAC issuedGeneral License No. 15, to allow U.S. financial institutions to process transfers of funds, unlimited in amount, for noncommercial, personal remittances to or from Burma, or for or on behalf of an individual ordinarily resident in Burma, subject to certain conditions. Prior to the issuance of this general license, noncommercial, personal remittances to Burma were permitted only insofar as total remittances did not exceed $300 per Burmese household in any consecutive three-month period. This new general license includes no such limitation.Guidance: Burmese Origin ImportsLast program update: 9/10/2010|
|Congo, Democratic Republic of the – Sanctions Against Persons Contributing to the Conflict in the Democratic Republic of the CongoGet the details||Blocked. Any property of any [DRCONGO] SDN is blocked.Penalties: – Criminal fines for willful violations of the E.O. or the Regulations range, upon conviction, up to $1,000,000; individuals may also face imprisonment up to 20 years. In addition, civil penalties of up to the greater of $250,000 or twice the amount of the underlying transaction may be imposed administratively for violations of the E.O. or the Regulations.||EO 13413 of 10/27/2006, effective 10/30/2006.Licenses: No general licenses have been issued.Last program update: 2/11/2011|
|Côte d’Ivoire(Ivory Coast)Get the details||Blocked: Transactions are prohibited with persons designated in OFAC’s list of SDNs and Blocked Persons with a descriptor of [COTED], and others. Includes money, checks, drafts, bank accounts, securities and other financial instruments, letters of credit, bills of sales, bills of lading and other evidences of title, wire transfers, merchandise and goods. Blockable property also includes any property in which there is any interest of a Côte d’Ivoire SDNs, including direct, indirect, future or contingent, and tangible or intangible interests.Penalties: Criminal fines up to the greater of $500,000 or twice the pecuniary gain per violation for an organization, or up to the greater of $250,000 or twice the pecuniary gain per violation for an individual. Individuals may also be imprisoned for up to 10 years. Knowingly making false statements or falsifying or concealing material facts when dealing with OFAC in connection with matters under its jurisdiction is a criminal offense. In addition, civil penalties of up to $11,000 per violation may be imposed administratively.||EO 13396 – 2/7/2006No licenses.Last program update: 1/6/2011|
|Counter Narcotics TraffickingGet the detailsThis program includes persons designated under the 1999 Foreign Narcotics Kingpin Designation Act (“Kingpin Act”) as SDNTKs and those designated under EO 12978 (10/21/1995) as SDNTs.||Blocking. Blocks all property subject to U.S. jurisdiction in which there is any interest of a person designated as an SDNT or SDNTK.Prohibition: U.S. persons are prohibited from engaging in any transaction or dealing in property or interests in property of [SDNTK]s and from engaging in any transaction that evades or avoids the prohibitions of the Kingpin Act. These prohibitions affect trade transactions as well as accounts, securities, and other assets.Penalties, Kingpin Act violations: Corporate criminal penalties for violations of the Foreign Narcotics Kingpin Designation Act range up to $10,000,000; individual penalties range up to $5,000,000 and 30 years in prison. Civil penalties of up to $1,075,000 may also be imposed administratively.Penalties, violation of EO 12978: Corporate criminal penalties for violations of the International Emergency Economic Powers Act range up to $500,000; individual penalties range up to $250,000 and 20 years in jail. Civil penalties of up to $50,000 may also be imposed administratively.||Kingpin Act EO 12978No licenses issued.Last program update: 7/25/2011|
|Counter TerrorismGet the detailsIncludes Specially Designated Global Terrorist [SDGT], Foreign Terrorist Organization [FTO] and Specially Designated Terrorist [SDT] designations.||Blocked: All property and interests in property of the designated persons that are in the United States or that hereafter come within the United States, or that hereafter come within the possession or control of United States persons.Prohibited: To assist in, sponsor, or provide financial, material, or technological support for, or financial or other services to or in support of, acts of terrorism or those persons listed; and being otherwise associated with designated persons, including the making of donations to persons designated under the Order.Penalties: Corporate criminal penalties for violations range up to $500,000; individual penalties range up to $250,000 and/or 20 years in jail. Civil penalties of up to $50,000 may also be imposed administratively.||EO 12947, 1/23/1995EO 13099, 8/21/1998EO 13224, 9/24/2001EO 13268, 7/2/2002EO 13372, 2/16/2005Guidelines on Transactions with the Palestinian AuthorityLicenses: Several licenses have been issued, relating to international organizations; certain transactions with the Palestinian Authority; in-kind donations of medicine, medical devices and services, etc. See the individual licenses listed on theSanctions Details page for further information and links.Last program update: 6/23/2011|
|CubaGet the details.NOTE: OFAC’s Program Summary is currently under revision to reflect the January 2011 policy changes.||Blocking. Cuban assets, both government and private, are BLOCKED.Financial dealings with Cuba are BLOCKED.All property of Cuba, all Cuban nationals, and all Specially Designated Nationals (SDNs) of Cuba are BLOCKED.An estate account becomes BLOCKED whenever a Cuban national is an heir or is the deceased.Access to a safe deposit box is BLOCKED whenever a Cuban has an interest in the contents of the box.Life insurance proceeds are blocked if the deceased is a Cuban resident.Notes: On 9/4/2009, OFAC announced a final rule amending the Cuban Assets Control Regulations (CACR), relaxing rules on family visits, family remittances and telecommunications. On 1/28/2011, OFAC published another final rule further relaxing its regulations to continue efforts to reach out to the Cuban people in support of their desire to freely determine their country’s future. These amendments allow for greater licensing of travel to Cuba for educational, cultural, religious, and journalistic activities and expand licensing of remittances to Cuba. These amendments also modify regulations regarding authorization of transactions with Cuban national individuals who have taken up permanent residence outside of Cuba, as well as implement certain technical and conforming changes.||Authorized Travel, Carrier, and Remittance Forwarding Service Providers (8/26/2011)Last program update: 8/26/2011; under revision by OFAC to reflect January 2011 policy changes.|
|IranGet the detailsIncludes SDN designations as IRAN, IRGC, IFSR, IRAN-HR and ISA.||BLOCKED. Per an Executive OrderBlocking the Property and Interests in Property of the Government of Iran and Iranian Financial Institutions (2/5/2012), U.S. persons are required to block all property and interests in property of the Government of Iran (including the Central Bank of Iran), of all Iranian financial institutions, and of all persons determined by the Secretary of the Treasury to be owned by, controlled by, or acting for or on behalf of any of those parties, when that property comes within the United States or within the possession or control of U.S. persons. New General License A and General License B were issued under the E.O. of February 5, and modify the effect of certain pre-existing licenses.An FAQ has been published to provide details on how the 2/5/12 EO affects transactions involving Iranian banks and the Government of Iran.OFAC also added a question about the impact of the 2/5/12 EO to its general FAQ on sanctions programs. An excerpt:”As a result, transactions involving entities bearing the [IRAN] tag on OFAC’s List of Specially Designated Nationals and Blocked Persons (“SDN List”) will now need to be blocked unless exempt or authorized by OFAC. Going forward, the [IRAN] tag will connote that a person or entity meets the definition of the term “GOI” or “Iranian Financial Institution”. OFAC will continue to update the SDN List and may add, delete, or edit existing entries as appropriate. “The E.O. of Feb. 5 blocks the property and interests in property of any individual or entity that comes within its definition of the term “Government of Iran” regardless of whether it is listed on the SDN List, and similarly it blocks the property and interests in property of all Iranian financial institutions as defined in the order regardless of whether the Iranian financial institution is listed on the SDN List.”Transactions not previously authorized by OFAC that involve property or interests in property of the Government of Iran, including the Central Bank of Iran, or of Iranian financial institutions must be blocked.U.S. Affiliates. U.S. persons (including financial institutions) with foreign affiliates may not permit the affiliate to do anything with regard to Iran that the U.S. person is prevented from doing directly.Penalties: Criminal penalties for violations of the Iranian Transactions Regulations may result in a fine up to $1,000,000, and natural persons may be imprisoned for up to 20 years. Civil penalties, which are not to exceed the greater of $250,000 or an amount that is twice the amount of the transaction that is the basis of the violation with respect to which the penalty is imposed may also be imposed administratively.||Effective 11/10/2008, U.S. depository institutions may NO LONGER handle “U-turn transactions” that cover payments involving Iran.Banks may handle non-commercial family remittances involving Iran and non-commercial remittances involving humanitarian relief, provided the transfers are routed to or from non-U.S., non-Iranian offshore banks.The institution must determine prior to processing any payment orders that they do not involve prohibited transactions.Donations of articles intended to relieve human suffering are permitted.A list of banks owned or controlled by the Government of Iran is provided.Iran Sanctions Act: Implementation of Certain Sanctions Imposed on Seven Persons (11/14/2011)Designated IRGC Affiliates and Iran-Linked Financial Institutions – Extracted from SDN list.Executive Order Blocking the Property and Interests in Property of the Government of Iran and Iranian Financial Institutions (2/5/2012)FAQ regarding the 2/5/2012 Executive Order
Guidance on Iran Sanctions in National Defence Authorization Act for FY 2012 (2/14/2012)
EO 13590 – Iran Sanctions (11/21/2011)
EO 13574 – Implementation of certain sanctions in Iran Sanctions Act of 1996, as amended (eff. 5/23/2011)EO 13553 – Blocking property of certain persons with respect to human rights violations by the Government of Iran (Eff. 9/29/2010)EO 13059 – Prohibiting certain transactions with respect to Iran (8/20/1997)EO 12959 – Prohibiting certain transactions with respect to Iran (5/7/1995)EO 12957 – Prohibiting certain transactions with respect to the development of Iranian petroleum resources (3/16/1995)EO 12613 – Prohibiting imports from Iran (10/29/1987)Last program update: 2/14/12
|IraqGet the details.Iraq Stabilization and Insurgency Sanctions Regulations (ISISR) – [IRAQ] designations||All transactions previously prohibited are now authorized, with certain exceptions.Exceptions:All property and interests in property blocked as of May 23, 2003 are still blocked.The export or re-export from a third country to Iraq of goods or technology must be authorized by the Department of Commerce.Transactions dealing with Iraqi cultural property illegally removed since August 6, 1990 are not authorized.Financial transactions with Iraq are allowed, except for those involving individuals and entities on OFAC’s SDN list. The opening of correspondent accounts for Iraqi financial institutions is permitted.Penalties: Civil penalties of up to $250,000 or twice the amount of the underlying transaction may be imposed administratively against any person who violates, attempts to violate, conspires to violate, or causes a violation of the ISISR. Upon conviction, criminal penalties of up to $1,000,000, or imprisonment for up to 20 years, or both, may be imposed on any person who willfully attempts to commit, or willfully conspires to commit, or aids or abets in the commission of a violation of the ISISR.||Absent an authorization from OFAC, any accounts, assets, investments, or any other property of any kind owned by, belonging to, or held by the Central Bank of Iraq or the Development Fund of Iraq, are immune from attachment, judgment, execution, or other judicial process in the United States. Iraqi petroleum and petroleum products and interests are immune from attachment, judgment, execution, or other judicial processes until title passes to the initial purchaser of those products.Latest program update: 5/25/2011|
|LebanonGet the details||BLOCKED:The assets of “persons undermining the sovereignty of Lebanon or its democratic processes” are blocked. Donations to these persons are forbidden.Such assets may not be transferred, paid, exported, withdrawn or otherwise dealt in. Assets of individuals who are determined to be spouses or dependent children of such persons are also blocked.On 7/30/2010, OFAC issued regulations at 31 CFR Part 549 implementing an 8/1/2007 Executive Order.Section 549.505 of that regulation authorizes entries in blocked accounts for certain types of “normal service charges.”The block on assets bars the making of any contribution or provision of funds, goods, or service by, to, or for the benefit of any person whose property is blocked.Penalties: Criminal conviction can result in a fine of up to $1 million, and for natural persons imprisonment for up to 20 years. Civil penalties of up to the greater of $250,000 or an amount twice the amount of the transaction involved.||EO 13441 Blocking Property Of Persons Undermining The Sovereignty Of Lebanon Or Its Democratic Processes And Institutions – August 1, 2007|
|LiberiaGet the detailsFormer Liberian Regime of Charles Taylor Sanctions Regulations [LIBERIA]||BLOCKED:The assets of certain persons involved with the former Liberian regime headed by Charles Taylor are blocked. Donations to these persons are forbidden.The importation of any rough diamonds from Liberia, regardless of origin, is forbidden. This prohibition will be lifted if the Secretary of State posts a notice in theFederal Register that Liberia has become a Kimberley Process Certification Scheme participant.Penalties: Criminal fines for violating the Regulations range, upon conviction, up to $500,000 for an entity and $250,000 for an individual; individuals may also face imprisonment of up to 20 years. In addition, civil penalties of up to $50,000 per violation may be imposed administratively.||On 5/23/2007, OFAC issuedregulations at 31 CFR Part 593 implementing the 7/22/2004 Executive Order targeting the regime of Charles Taylor.Section 593.510 of that regulation includes a general license for the importation of round log or timber products originating in Liberia, except in a transaction with any of the blocked parties related to the Taylor regime.EO 13348, Blocking Property of Certain Persons and Prohibiting the Importation of Certain Goods from Liberia (Effective Date – July 23, 2004)Latest program update: 12/14/2010|
|LibyaGet the details||BLOCKED: Property and interests in property of [LIBYA] designated persons, generally senior officials of the Qadhafi Government of Libya; Colonel Muammar Qadhafi and members of his family and associates; persons who have materially assisted them.Prohibited: All transactions with [LIBYA]-designated persons, except for transactions for the conduct of the official business of the U.S. government.||
Latest program updates: 12/1/2011
|Nonproliferation (Weapons)Get the details[NPWMD]||Prohibited activity. Any transaction by a U.S. person to finance or otherwise participate in the importation into the U.S. of goods, technology, or services produced or provided by foreign persons found by the Secretary of State to have engaged in activities related to the proliferation of nuclear, biological, or chemical weapons is prohibited.Except where otherwise provided by regulations, orders, directives, ruling or licenses, all property and interests in property in the U.S. of persons listed in the SDN lists with the identifier NPWMD are blocked, and may not be transferred, paid, exported or withdrawn. This prohibition extends to charitable contributions to the blocked person, and to any credit agreement with the blocked party, except those specifically licensed.The sanctions also affect any U.S. person financing or otherwise participating in the importation into the U.S. of goods, technology, or services produced or provided by foreign persons found by the Secretary of State to have engaged in activities related to the proliferation of nuclear, biological, or chemical weapons.Penalties: Criminal penalties for willful violations of E.O. 13382, or of any license, rule or regulation issued under it, range up to 20 years in prison, $500,000 in fines for a corporation and $250,000 for an individual. In addition, civil penalties of up to $50,000 per violation may be imposed administratively.||EO 13382, Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters (6/28/2005)EO 13159, Blocking Property of the Government of the Russian Federation Relating to the Disposition of Highly Enriched Uranium Extracted From Nuclear Weapons (June 22, 2000)EO 13094, Proliferation of Weapons of Mass Destruction (July 29, 1998)EO 12938, Proliferation of Weapons of Mass Destruction (November 14, 1994)31 CFR Part 544 – Weapons of Mass Destruction Proliferation Sanctions31 CFR Part 540 – Highly Enriched Uranium Assets Control Regulations31 CFR Part 539 – Weapons of Mass Destruction Trade Control RegulationsNonproliferation and Weapons of Mass Destruction Advisory General License No. 2, authorizing certain transactions related to the arrest, detention, and judicial sale of MV Dandle and MV DecretiveGeneral License No. 4: Exportation or reexportation of agricultural commodities, medicine, or medical devices to Iran through any Iranian port operated by Tidewater Middle East Company is authorized in certain circumstances.General License No. 5 – authorizing certain transactions related to the arrest, detention, and judicial sale of the MV Dianthe (f.k.a. Horsham, f.k.a. Iran Bam, IMO No. 9323833).Latest program update: 11/3/2011|
|North KoreaGet the details[NORTH KOREA], [DPRK]||Blocked.Property and interests in property of North Korea or a North Korean national that were blocked as of 6/16/2000, remain blocked.Property and interests of SDNs under the [NORTH KOREA] or [DPRK] programs are blocked. U.S. persons, with limited exceptions, are prohibited from transferring, paying, exporting, withdrawing, or otherwise dealing in the property and interests in property of an entity or individual named on such SDN lists, or of entities owned directly or indirectly 50 percent or more by a person on such lists.U.S. persons are prohibited from registering vessels in North Korea, obtaining authorization for a vessel to fly the North Korean flag, and owning, leasing, operating, or insuring any vessel flagged by North Korea.Goods, services, and technology from North Korea may not be imported into the United States, directly or indirectly, without a license from OFAC. This broad prohibition applies to goods, services, and technology from North Korea that are used as components of finished products of, or substantially transformed in, a third country.Treasury prohibitions on exporting goods to North Korea specifically relate to sales involving parties whose property and interests in property are blocked under E.O. 13551.PENALTIES: Criminal fines for violating the E.O.s range up to $1,000,000; individuals may also face imprisonment up to 20 years. In addition, civil penalties of up to the greater of $250,000 or twice the amount of the underlying transaction may be imposed administratively for each violation.||EO 13570 Prohibiting Certain Transactions With Respect To North Korea (Effective date – April 18, 2011)EO 13551 Blocking Property of Certain Persons With Respect to North Korea (Effective date – August 30, 2010)EO 13466 Continuing Certain Restrictions With Respect to North Korea and North Korean Nationals (June 26, 2008)LATEST PROGRAM UPDATE: 6/20/2011|
|SomaliaGet the detailsSANCTIONS AGAINST PERSONS CONTRIBUTING TO THE CONFLICT IN SOMALIA[SOMALIA]||BLOCKED: EO 13536 imposes targeted sanctions only; it does not impose any broad-based sanctions against the people or the country of Somalia. However, property and property interests of specific individuals and entities listed as SDNs with the [SOMALIA] designation are blocked.||FAQ on Providing Humnaitarian Assistance in Somalia (8/4/2011)NEWEO 13536 – Blocking Property of Certain Persons Contributing to the Conflict in Somalia (Effective Date – April 13, 2010)Information on Persons Listed in the Annex to E.O. 13536 of April 12, 2010 (September 22, 2010)31 CFR Part 551 (Abbreviated Somalia Sanctions Regulations)LATEST PROGRAM UPDATE: 8/4/2011|
|SudanGet the details[SUDAN] [DARFUR]||Blocked. All property and interests in property of the Government of Sudan that are in the United States, that come within the United States, or that are or come within the possession or control of U.S. persons, including their overseas branchesProhibited activity. No U.S. bank may finance or arrange offshore financing for, third-country trade transactions where Sudan is known to be the ultimate destination of, or the Government of Sudan is the purchaser of, the goods.Prohibited Activity. Prohibits U.S. persons from engaging in any transactions involving such property or interests in property. It also prohibits all transactions by U.S. persons relating to Sudan’s petroleum or petrochemical industries, including, but not limited to, oil field services and oil or gas pipelines.Note: In an Executive Order effective 4/27/06, President Bush directed that assets of certain persons named as threatening the peace process in Darfur, The Sudan, be blocked.All dealings in property in which an SDN has an interest must be authorized by OFAC unless they are exempt. Any bank subject to U.S. jurisdiction that receives instructions to make an unlicensed funds transfer involving a direct or indirect interest of the Government of Sudan (including any transfer routed through a Sudanese Government-controlled bank) is required to place such funds into a blocked interest-bearing account on its books and to notify OFAC. Such funds may only be unblocked after receipt of a specific authorization from OFAC. Setoffs against blocked accounts are prohibited.There are import and export restrictions affecting most of Sudan. Specified portions of Southern Kordofan/Nuba Mountains State, Blue Nile State, Abyei, Darfur and designated areas in and around Khartoum are exempted from those import and export restrictions. For details, contact OFAC.Restrictions on Financial transactions with Sudan are complex. Interested banks should consult the documents available on the OFAC web site for details, and contact OFAC with questions.PENALTIES: Criminal fines for violating the Regulations range, upon conviction, up to $1,000,000; individuals may also face imprisonment of up to 20 years. In addition, civil penalties of up to $250,000 or twice the amount of the underlying transaction may be imposed administratively for each violation.||Guidance Regarding the Application of the Sudanese Sanctions Regulations to the New State to be Formed by the Secession of Southern SudanGuidance on the Donations of Food and Medicine to Iran and the Non-Specified Areas of SudanGeneral License Related to Personal Communication Services (March 2010)Amendment to Sudanese Sanctions Regulations (31 CFR 538.529) – General License for Publishing Activities (December 2004)Amendment to Sudanese Sanctions Regulations (31 CFR 538) – General License expanding the scope of an existing authorization of certain imports for diplomatic or official personnel (June 2009)Amendment to Sudanese Sanctions Regulations (31 CFR 538) – General License Authorizing Agricultural Commodities, Medicine and Medical Devices to the Specified Areas of Sudan (September 2009)EO 13412 Blocking Property and Prohibiting Transactions With the Government of Sudan (October 13, 2006)EO 13400 Blocking Property of Persons in Connection With the Conflict in Sudan’s Darfur Region (Effective Date – April 27, 2006)EO 13067 Blocking Sudanese Government Property and Prohibiting Transactions With Sudan (Effective Date – November 4, 1997)31 CFR Part 538 – Sudanese Sanctions Regulations31 CFR Part 546 – Darfur Sanctions RegulationsLATEST PROGRAM UPDATE: 6/20/2011|
|SyriaGet the details.[SYRIA]||Exports to Syria are limited. With limited exceptions, BLOCK property and interests in property of persons designated by State and Treasury Departments as
The BLOCK order covers contributions on behalf of persons whose property is blocked.
As of 8/18/11, all property and property interests of the Government of Syria within the U.S. are BLOCKED, and new investment in Syria by U.S. persons is prohibited. Also prohibited is the importation of petroleum or petroleum products of Syrian origin. See Licenses at right.
PENALTIES: Criminal penalties for violating the sanctions range up to 10 years in prison, $500,000 in corporate fines and $250,000 in individual fines. In addition, civil penalties of up to $11,000 per violation may be imposed administratively.
|Executive Order 13582 Blocking Property of the Government of Syria and Banning Import of Petroleum Producsts of Syrian Origin (8/18/11)FAQ with Regard to Syria Executive Order 13582EO 13573 Blocking Property Of Senior Officials Of The Government Of Syria (May 18, 2011)
EO 13572 Blocking Property of Certain Persons with Respect to Human Rights Abuses in Syria (April 29, 2011)
EO 13460 Blocking Property of Additional Persons in Connection With the National Emergency With Respect to Syria (February 15, 2008)
EO 13399 Blocking Property of Additional Persons in Connection With the National Emergency With Respect to Syria (Effective Date – April 26, 2006)
EO 13338 Blocking Property of Certain Persons and Prohibiting the Export of Certain Goods to Syria (Effective Date – May 12, 2004)31 CFR Part 542 – Syrian Sanctions RegulationsGeneral Licenses related to Syria. There are currently 14 General Licenses relating to the Syrian Sanctions program. See OFAC’sSyria Sanctions page for details.LATEST PROGRAM UPDATE: 10/4/11
|Transnational Criminal OrganizationsGet the details[TCO]||“All property and interests in property that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of any United States person, including any overseas branch, of the … persons [designated as ‘TCO’ SDNs] are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in.” Donations to such persons are also prohibited.PENALTIES: To be determined.||EO – Blocking Property of Transnational Criminal OrganizationsLATEST PROGRAM UPDATE: 7/25/2011|
|Zimbabwe – Persons that undermine democratic process or institutions in ZimbabweGet the details[ZIMBABWE]||BLOCKING. All property and assets of designated persons are BLOCKED and may not be transferred, paid, exported, withdrawn, or otherwise dealt in.Prohibited activity. The making or receiving by a U.S. person of any contribution or provision of funds, goods, or services to or for the benefit of a designated person is prohibited.All persons or entities that would be affected by this sanctions program would be listed on the SDN list.In addition, any transaction by a U.S. person that evades or avoids or has the purpose of or attempts to violate these prohibitions and any conspiracy to violate the prohibitions is prohibited.PENALTIES: Criminal fines for violating the Executive Order or regulations to be issued pursuant to the Executive Order may range up to the greater of $500,000 or twice the pecuniary gain per violation for an organization, or up to the greater of $250,000 or twice the pecuniary gain per violation for an individual. Individuals may also be imprisoned for up to 10 years for a criminal violation. Knowingly making false statements or falsifying or concealing material facts when dealing with OFAC in connection with matters under its jurisdiction is a criminal offense. In addition, civil penalties of up to $11,000 per violation may be imposed administratively.||EO 13469 Blocking Property of Additional Persons Undermining Democratic Processes or Institutions in Zimbabwe (July 25, 2008)EO 13391 Blocking Property of Additional Persons Undermining Democratic Processes or Institutions in Zimbabwe (Effective Date – November 23, 2005)EO 13288 Blocking Property of Persons Undermining Democratic Processes or Institutions in Zimbabwe (Effective Date – March 7, 2003)31 CFR Part 541 – Zimbabwe Sanctions RegulationsLAST PROGRAM UPDATE: 6/21/2011|
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Any updates on sanctions?