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Monday, September 8, 2014

Are You in Compliance with OFAC?

By ABIA Outside Counsel, Chrys D. Lemon, McIntyre & Lemon, PLLC

The Treasury Department’s Office of Foreign Assets Control (OFAC) enforces economic sanctions against certain foreign nationals and countries – namely alleged terrorists and drug traffickers – via the OFAC list.  The OFAC list is a listing of “Specially Designated Nationals” (SDNs) that is developed from various executive orders and legislative enactments.  U.S. citizens, both individuals and companies, are prohibited from entering into prohibited transactions with SDNs.  According to OFAC:  “Prohibited transactions are trade or financial transactions and other dealings in which U.S. persons may not engage unless authorized by OFAC or expressly exempted by statute. Because each program is based on different foreign policy and national security goals, prohibitions may vary between programs.”
To learn more about complying with OFAC, read the full compliance article. 

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