What does OFAC SDN List refers to?

Each country has its own rules and regulations, different laws to perform different things and all those who are living in that country are abide to follow these laws and rules. They have to follow all these laws to insure the countries security.

OFAC stands for the office of foreign assets control which the US department of treasury uses to maintain a list of people or states whom they believe as some threat towards the US national security. This OFAC list is also known as the Specially designated national list. There are several agencies who work to see that people are abide to follow OFAC SDN List.

This OFAC SDN List might contain individuals, businesses or corporate entities. Many a times it is seen that a people or a company has its name in this OFAC SDN List, without having any idea of how that happen. This can be considered as a mistake and for which they require proper removal from the list as the effect of having on the list can be dangerous as well as harmful. Those who are listed in OFAC SDN list have no access to any of the property or any other assets in US even they won’t have any access to the financial system of US.

Even US law had made this clear that there won’t be any sort of transaction between the US people and those who are listed in the OFAC SDN list. So in case a person who had done nothing wrong and yet have his name in the list, will lose everything and will have nothing in US. Thus it is said that those who are in the list have to bear a lot of consequences which can result in million dollars of fines or even an imprisonment of up to twenty years.

So to help those people who are listed in OFAC SDN List but have done nothing wrong, several agencies were there who knows all the aspects of OFAC and can help those people from getting out of the list. As these poor fellows don’t know how to challenge the designation for which they have been listed in the SDN list. There are professional lawyers which are meant to help these people and to save them from bearing all these unwanted consequences of being in the list of SDN.

What is OFAC?

There are several rules and regulations for each and every thing. We have to follow these rules and regulations as they are part of laws which everyone has to follow. There are several agencies which works as per the laws to safeguard them and to check whether everyone is following it or not.

OFAC also stands for office of foreign assets control, which is an united stated agency for the department of US treasury. There are very few law firms which are expert in the field of OFAC matters.

There are several representation made by law firms, under OFAC. Some of them are

• They help in removing specially designated national designations which are related to foreign narcotics kingpin acts and Syrian sanctions
• They also provide consultations for export controls for various companies who are willing to export medicines and devices related to medical as well as the agricultural commodities to Iran as they have to follow the act of Export enhancement and Trade sanctions reforms.
• They also help companies and individuals in getting licenses and proper guidelines under the OFAC SDN list related to the services of export from Iran
• Even these firms also help in getting licensure from OFAC for charities which helps in sending the money to Iran
• These law firms also helps International clients to safeguard or defend themselves from the investigation of OFAC SDN list
• They also helps in obtaining the proper and appropriate guidance from OFAC and even helps in understanding the proper procedure of transferring funds between the US and Iranian people.
• They even help in building as well as developing OFAC compliance programs for businesses which are globally working or for those companies who want to make their business international.
• Even they help in obtaining the visa permit to travel to Cuba or other countries which are Under OFAC

There are law firms which are working under OFAC SDN list matters and got expertise in it, they have several clients who are from all over the world but major clients are from central America, Europe, Africa and middle east. They also provide time to time additions in the OFAC and also come in front of the media to give proper statements on the OFAC matters or issues. As these matters are very complicated and also sensitive so it requires complex knowledge of the regulations and process to make any changes in it.

A practice guide devoted to the complex Iran sanctions

The US considers Iran as one of the greatest threats to its internal security, as Iran has continuously ignored demands of abandoning its nuclear program. In a recent addition to the already long list of Iran sanctions, the US has slapped new ban on this Middle East country. Experts suggest that the ban would adversely impact its already devalued currency and automobile industry. However, it is said that this happens to be first time ever in the history that the US has chosen to directly target the Iranian currency. According to the latest reports, the sanctions would penalize any individual or group of individuals or organization found indulged in facilitating significant transactions of the Iranian currency. Moreover, the sanction also includes a ban on holding large amount of the country’s currency outside Iran.

It is very important for you to be aware of all the recent developments as well as the U.S. economic sanction program regarding bans related to transfer of money to Iran, especially if you are residing, working or running an organization in the US and planning to transact with or in relation to Iran. In case you are finding it hard to collect information as well as other guidelines and regulations related to the complex Iranian transaction solutions, then you need not lose heart as you now make use of the soon to be released guide on Iranian Transaction Regulations. This would be the first ever practice guide dedicated to the sanctions program of the US specifically targeting the country of Iran. So, make sure that you grab a copy of this guide the moment it is out in the market in order to be able to easily navigate the complex regulatory scheme.

Matters related to Iran Sanctions

Government of US has imposed strict sanctions on Iran considering foreign policy and nation security. Actually, OFAC (The Office of Foreign Assets Control) agency works under US Department of the Treasury administers and enforces economic and trade sanctions. These Iran Sanctions are based on US foreign policy and national security goals against those who are involved and sponsor terrorism. The agency maintains and publishes a list called SDN (Special Designation Nationals) that includes targeted foreign countries and regimes, terrorists, international narcotics traffickers. These nations, groups and individuals are engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security. Under sanctions, no business organization or financial company can deal with Iran. There is a ban on import and export between nations. Also, there is a ban on making transactions with banks of Iran. In case any one wants to transfer money to Iran or wants to make banking transaction it is always better, safer and suggested to approach and consult/discuss with expert attorney or lawyer before making  any such transaction. The matters related to OFAC or Iran Sanctions are serious and typical. Some times, names of individuals or companies get listed in SDN list mistakenly. In such case it is important to take immediate action and apply for removal from SDN list. To deal with such matters people should approach experienced and specialized attorney or lawyer.

Transaction of money to Iran

For such nations which are well known for their terrorism related matter transaction of money requires strict rules and regulations to be followed by the business company or a person. These are the rules and regulations issued by OFAC. It is an agency that works in favour of nation in order to protect it against terrorism attacks, violence, and weaponry attacks. If this agency finds any person or any business company guilty or doubtful regarding involvements in such matter, they immediately listed it in the list called OFAC SDN list. This list contains all such names and details of business companies and persons. All the other business companies who are working and function in US or based in US are not authorised to do any kind of money transaction with these listed business companies or person. It is against the law. Once any business company get listed with in it, it requires a complex procedure and an extensive period of time to remove the name form it. These companies have to provide OFAC proofs and facts that they are not guilty and are not involved in such terrorism related matters. It is very difficult to prove because of the reason that each and every fact and details get checked with strict rules and it is very difficult to convenience OFAC. Nations such as Iran and Korea comes under such listing and therefore money transaction or any other type of transaction with these nations is unlawful in US. Event any kind of import and export is also banned.

OFAC list removal

OFAC is an association which works under the department of US government. It is governmental agency which controls the terrorism related issues and matters in the state of US. In US in is mandatory for any business company to follow all the rules and regulation issued by the OFAC. According to these rules and regulations any business company who is functioning in US is but allowed to do any sort of transaction or bussiness with a person, other company or nation which is listed in SDN list. This list is issued by OFAC in regular basis and it contains all the name and details of the business companies, person or nations who are doubtful or involved in any kind of terrorism related acts. Once a business company get listed with this record, it becomes very much difficult to remove their name from it. OFAC SDN list removal process is very difficult and it takes many years for any business company to prove them not guilty. Nations such as Iran and Korea are well known for their terrorism involvements. Therefore for business companies it is totally banned to do any kind of business transaction with these nations. Import and export of materials is also banned. Once any company get listed with this list, it turns out to be matter of heavy losses for it. Its reputation decreases in the midst of customers and associates and hence sales also affected by the same.

Get Legal Aid for OFAC SDN List Removal

Are you running a business in the USA? Does any of your clients belong or related to the countries which fall in the OFAC SDN list? If the answer to both the questions is a loud yes, then it is extremely important that you avail the services of a reputed and credible legal agency, so that you can prevent your company from facing any sort of sanctions or bans by the US government. OFAC, which stands for Office of Foreign Asset Control, is an agency that works for the United States Department of Treasury, not only administers but enforces economic and trade sanctions against certain nations, organizations and individuals in accordance with foreign policy and national security of the US. A list is prepared by the OFAC, which is referred to as the Specially Designated Nationals and is updated on a regular basis.

There are a few law firms which hold expertise in dealing with matters related to OFAC. If you find yourself or your organization facing sanctions imposed by the OFAC, then the best possible option you have is to avail the services of such law firms who can help you in OFAC SDN list removal. It is important to get out of the list as soon as possible, because otherwise it leads to stringent actions such as freezing of your bank accounts, barring from doing business in the USA or any enterprise or individual of the States. In such a scenario, only a professional law firm which has vast knowledge of the complicated rules and policies of the OFAC can take you out of the trouble.

Be extra cautious while transferring money to Iran

If you operate your business from the US and are dealing with any individual or corporation related to the country of Iran, then you have to be very careful. The reason behind it is that the US has banned transfer of money to Iran in any form, be it cash, online or wire transfer. You will have to seek permission of the OFAC, which stands for Office of Foreign Assets Control. It is an agency working under the strict supervision of the Department of the Treasury of the US, which administers and enforces various economic and trade sanctions against certain targeted nations, organizations and individuals. The set of states, corporations and individuals which are banned or barred from carrying out any trades or money transfers with nationals or corporations of the USA are put in a separate list called Specially Designated Nationals.

Any sort of trading with Iran is banned owing to Iran sanctions imposed by the US government. However, there are ways and guidelines using which you can transact with individuals or corporations related to Iran, provided you are able to navigate the complex regulatory schemes being mentioned in the Iranian Transaction Sanctions. This is only possible if you are well verse with all the regulations and rules and regulations laid out by the Ministry of Foreign Affairs of the USA. It is better to seek help from experienced attorneys who are aware of the various and ins and outs of the Iranian Sanction policy, as even minor errors could lead to strict actions against you or your company.

Every Entrepreneur must know about the “Iran Sanctions”

List comprising Special Designated Nationals, better identified as the SDN list, is recurrently generated and maintained by OFAC. The list embraces all such people or enterprises which are suspected because of their involved in business relations with Iran and show involvement in terrorist activities within the nation. It is already evident that transfer of money to Iran is a forbidden act as part of the Iran sanctions under US’s foreign policy, in addition to its defense objectives.

 

OFAC is the agency responsible to oversee implementation of this foreign policy and is an important hand for all such nations which face the panic of terrorist acts. Amongst the identified terrorist nations, North Korea and Iran are the predominant ones. As a result, people or enterprises having business ties resulting into transactions with North Korea and/or Iran are prohibited from any kind of trade in US. Every organization operational in US must abide by the policy guidelines and the OFAC regulations mandatorily. On the contrary, companies failing to do so are found guilty and named in OFAC’s SDN list.

 

It is noteworthy that these business restrictions have worsened economy in Iran. The nation looks separated on account of industrial development as transfer of money to Iran from in any way, whether it is by way of online transactions, by cash or wire transfer, is completely banned.

 

Ferrari & Associates’ book on the Iran Sanctions is an elaborate document which discusses various points of the US policy at length. This is something every US entrepreneur must have and go through.

 

Iran Sanctions imposed by US Government

Iran sanctions were imposed by the administration of United States Government. It was due to Islamic militants entered US Embassy and help Americans hostage. Iran sanctions were then imposed against targeted foreign states such Iran, organizations and individuals those were indulged in terrorism-activities or those were the sponsors of terrorist-attacks and their activities. An agency of the UN Department of the Treasure under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence, known as the Office of Foreign Assets Control (OFAC), administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.
OFAC maintains and publishes a list called SDN, Special Designated Nationals list that includes names of all prohibited individuals organizations and foreign states indulged in anti-state activities and terrorism. These groups, states and other names listed in the list are abandoned to do business deals with all US based companies. There is a ban on selling aircraft, repair parts to aviation companies, nuclear, missile, investments in oil gas and petrochemicals, refines petroleum products, shipping along with ban on Iranian republican Guard Corps. Also, there is a ban on banking transactions and transfer money to Iran.
Some people, businesses, groups are wrongly, mistakenly listed in SDN. There is a proper procedure to remove the name for OFAC SDN list. People require hiring expert lawyer to handle the case, as soon as possible, because the type of case is typical and takes longer time.