Choose an established law firm for OFAC SDN list removal

Being listed on OFAC SDN list is highly stressing and troublesome and especially when you don’t have any clue about what you have done that United States Department of the Treasury Office of Foreign Assets Control find detrimental to U.S. national security interests. And generally it is observed that individuals or companies that are listed in the SDN list are confused as how to challenge the designation as they are unaware about what sanctions are, who enforces them and who issues them. In such instances, it becomes extremely important that you choose an experienced and established law firm to represent your case in front of the OFAC.  OFAC SDN list removal depends quite a lot on the law firm you choose.

The counsel you choose finds out your financial activities, business relationships and then they work on the various aspects to find strong evidences to support the argument as to why you should be removed from the SDN list. After all this arguments are set forth in Request for Reconsideration.  In this request you have the right to ask for a hearing before OFAC to discuss your designation. The stronger the argument the more are the chances for removal. The counsels offer you full support and try to get you removed from the list as soon as possible. As this process can take somewhere from six months up to several years.

Legal and Practical Understanding to Transfer the Money to Iran

First of all, get to know about the United States of America’s Department of Treasury Office of Foreign Assets Control and the Iranian Transaction Regulations, the Federal Agency which regulates the Iranian Transactions Regulations. These are the two bodies whose combined regulations govern the way to transfer the money to Iran.

The next step is getting the authorization by the Federal Agency in order to get the permission. If it is not done the Iranian Transactions Regulations may prohibit the transaction from taking place. Get everything documented. Do not delay any approval to avoid further problems.

It has to be clearly mentioned that under which business activities the money has been generated; as it is also important for the business to be permissible under the regulations for the sake of transparency. The ways of financing the transactions is also influenced by the regulations.

The legal authority of the Iranian Transactions Regulations is very strict and all the minute details are examined all over the country equally.

The office of Foreign Assets and Control and Control Enforcement and Investigations in the USA is careful about providing all the details regarding the transactions. There are provisions for penalties not only for violation of any rule laid by the US law but also by the Iranian Transaction Regulations. The minutia of how the penalty will be calculated is too mentioned by them.

OFAC for nation’s security

All US citizens have to comply with OFAC which is the short form of Office of Foreign Assets Control. It is an agency of US Department of Treasury which controls the export and import of money, goods, or any substance which could be taken in use to make an explosive material from few particular countries. These countries are the embargoed countries.

OFAC declares a list which is called Specially Designated National or known as SDN list. This list has the targeted entities which are prohibited to have any short of transaction with. Entities could be a country, any association with these countries, organizations, banks or may be individuals as well. US persons are restricted to have any dealing with listed companies or individuals. And if they found not complying with the sanction then announced penalty is so huge that could take life long time to come over from it.

OFAC updates the list quite frequently and either adds or removes the name according to the order of the authority. There are many individuals who complain that they even do not know that why they are listed in there. They want SDN list removal of their names. For this purpose there are many authorized agencies are working which claims to have skilled experts and professionals to deal with sanction. People who are listed in this list cannot deal with US financial system therefore it becomes necessary for them to find a suitable attorney for SDN list removal.

OFAC SDN list removal: a complex and arduous process

The United States Department of the Treasury Office of Foreign Assets Control is very strict about its rules and especially when it comes to SDN list. SDN list is abbreviation for Specially Designated National list. This list is maintained by OFAC which comprises of persons who OFAC believes to be engaged in activity damaging to U.S. national security interests. The listed persons can be either corporate entities or individuals. And many a time the evidence for being listed on SDN list is unavailable for those who seek removal. And individuals as well as entities listed on SDN find it really hard to discover what they have done wrong. There are various disadvantages of being listed in SDN list like one may lose access to assets as well as denied to access U.S. financial systems.

In such instances it becomes imperative for individuals and entities to get themselves removed from OFAC SDN list. OFAC SDN list removal is a very arduous and complex process and the listed persons often get confused as how to challenge the designation. There are lots of confusions when it comes to OFAC SDN list like: what sanctions are, who enforces them, who issues them and several such things are involved which are very hard to be answered by any individual. OFAC has listed hundreds of entities and individuals in recent times. And many of them are struggling to get removed from OFAC SDN list as soon as possible.

Consult an Expert to Challenge the OFAC on your Behalf

Office of Foreign Assets Control (OFAC) is an agency controlled by The United States Department of the Treasury’s. This agency holds Iran sanction under which any activity dealing with Iran and few other entities are prohibited. These entities are named in a list which holds individuals and corporate entities and a person is not allowed to be engaged with any of the names which are in this list. This list is known as the Specially Designated National (SDN) List. Sometimes it also happens that people find their name in list with no idea as to for what their name is there in the list.

If a person finds his name in the list it means he is in big trouble and can’t move out easily. For that he has to file a case to challenge that designation which requires a lot of information regarding OFAC rules and regulations. And also one has to have the proper knowledge of respective rights and laws. Still this process takes very longer from filing a case to SDN List Removal. There are ways to do this, it is said by many attorneys that cases and petition should go under an expert and experienced consult who has already dealt with OFAC SDN list removal cases.