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.
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