It administers and enforces economic and trade sanctions in support of u. Washington today, the trump administration launched a new sanctions regime targeting human rights abusers and corrupt actors around the world. These sanctions are applied to both nations and groups that have been involved in drug trafficking, terrorism, and other activities. Prohibited countries list prudential international. United states sanctions human rights abusers and corrupt. Building on the global magnitsky human rights accountability act passed by congress last year, president donald j. Risk assessment given the general makeup of the employee population of nhrs, payroll transactions present a limited risk of ofac. Foreign terrorist organizations ftos and specially designated global terrorists. Office of foreign assets control ofac provides the overall purpose and background of ofac. The treasury departments office of foreign assets control ofac administers and enforces economic sanctions imposed by the united states against foreign countries. Ofac also maintains other sanctions lists which have different associated prohibitions. Such property may not be transferred, paid, exported, withdrawn, or otherwise dealt in. Ofac is an acronym that stands for the office of foreign asset control.
Department of treasury office of foreign assets controls ofac regulations, special permission in the form of a us government license or other documentation is required for research projects located in sanctioned countries such as cuba, iran, burma myanmar, north korea, sudan and syria. Department of the treasurys office of foreign assets control ofac sanctioned four burmese military and border guard police bgp commanders and two. These are identified in ofacs list of specially designated nationals, or sdn list, which includes over 6,000 names of companies, entities, and. Depending on the country, ofac programs may freeze assets of embargoed countries, prohibit payment of funds to individuals and countries on the embargo list, or prohibit provision of services to countries subject to us san. These sanctioned countries are subject to farreaching eu andor ofac sanctions regimes. Specially designated nationals and blocked persons treasury. Us government sanctioned countries are those which are subject to restrictions under the us department of treasury office of foreign assets controls ofac regulations, or embargoes or other special controls under the export administration regulations, that could affect travel, exportations, importations or other transactions of a kind that may. Generally speaking, a license may be required to ship or transfer controlled technology, data, or items to certain countries outside of the united states the technology, data, or items are considered to be controlled if found on the ear commerce control list or the itar munitions list. The latest changes to the sdn list may appear here prior. The office of foreign assets control ofac is a financial intelligence and enforcement agency of the u. Ofac foreign nationals professional credentia sis not an issue, as long as the institution is not in an ofac country joint publicatiorrelated activities. Please contact your account manager if you intend to establish relations with these countries or to engage in direct or. Ofacs specially designated nationals and blocked persons list sdn list has approximately 6,300 names connected with sanctions targets. Ofac sanctioned countries the office of foreign assets control ofac is part of the united states treasury department.
This is a department through the united states treasury that imposes economic and trade sanctions against foreign. Noting that ofacs sanctions programs generally allow exemptions, exceptions and authorizations for providing humanitarian aid and related trade to even comprehensively sanctioned countries, ofac issued a. This sanctions list search application sanctions list search is designed to facilitate the use of the specially designated nationals and blocked persons list sdn list and all other sanctions lists administered by ofac, including the foreign sanctions evaders list, the list of persons identified as blocked solely pursuant to e. Gac sanctions policy page 1 of 3 version 8 january 2018 1. Countries subject to various restrictions by the u. Generally speaking, a license may be required to ship or transfer controlled technology, data, or items to certain countries outside. Under the rules administered by ofac, financial institutions are obligated to block or freeze property or. It is important to contact the usf office of export controls if you a re working with a person or entity in a country with ofac sanctions. Under the rules administered by ofac, financial institutions are obligated to block or freeze property or payment of any funds, transfers or transactions involving sanctioned countries or individuals. Each sanctions committee established by the united nations security council publishes the names of individuals and entities listed in relation to that committee as well as information concerning the specific measures that apply to each listed name. Ofac manages the united states governments sanctions and embargo programs, as well as the specially designated nationals sdns and blocked persons lists. Bush issued executive order 466 pdf in june of 2006, targeting the nation of north korea for threatening the national security and foreign policy of the u. Embargoed and sanctioned countries office of trade.
Thank you for your letter of march 6, 1997 and for taking the time to meet with us on february 3. Control considerations for auditing the ofac affidavit program. It administers and enforces economic and trade sanctions in. Checklists of foreign countries subject to sanctions thompson. Sanctions programs and country information treasury department. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and.
Blocking property of certain persons undermining democratic processes or institutions in belarus. Specific country related sanctions issued by the office of foreign assets control ofac. Department of the treasurys office of foreign assets control ofac administers and enforces economic and trade sanctions based on united states u. Another important difference is that ofacs guidelines and the ofac voluntary self. Countries sanctioned in some form by the us after the failure of the embargo act of 1807 the federal government of the united states took little interest in imposing embargoes and economic sanctions against foreign countries. Upcoming webinar creating an ofac risk assessment any regulator or auditor will love aml transaction monitoring tuning monitoring tuning. These are identified in ofacs list of specially designated nationals, or sdn list, which includes over 6,000 names of companies, entities, and individuals who are connected with the sanctioned areas. Many individuals and entities often move internationally and end up in locations where they would be least. Note that while the names may lead one to suspect that these are countryspecific sanctions only, most also include individual and entity sanctions. Ofac issues compliance commitments framework may 10, 2019 adequacy of a riskbased ofac compliance program as a general factor to be considered in determining appropriate administrative action in response to an apparent violation. Select an ofac program for further information including the orders and statutes on which the sanction is legally based. Checklists of foreign countries subject to sanctions.
After the failure of the embargo act of 1807 the federal government of the united states took little interest in imposing embargoes and economic sanctions against foreign countries. Ofacs main sanctions program in terms of resources expended is the iran sanctions program. It is important to contact the usf office of export controls if you a re working with a person or entity in a country with ofac. Ofac issues compliance commitments framework may 10, 2019 adequacy of a riskbased ofac compliance program as a general factor to be considered in determining appropriate. Countries currently effected by noncomprehensive sanctions include but are not necessarily limited to. Human rights abuse magnitsky act narcotics trafficking. Ofac issues fact sheet on providing humanitarian aid to. Guiding principles for sanctions issues related to. List of active sanction programs under ofac apply to the following countries and activities. This is a department through the united states treasury that imposes economic and trade sanctions against foreign countries. Treasury sanctions commanders and units of the burmese. Treasury departments office of foreign asset control ofac. Currently, sanctioned countries include the balkans, belarus, burma, cote. Guiding principles for sanctions issues related to shipping.
Countries currently subject to additional regulations include cuba, iran, north korea. Us government sanctioned countries are those which are subject to restrictions under the us department of treasury office of foreign assets controls ofac regulations, or embargoes or. This sanctions list search application sanctions list search is designed to facilitate the use of the specially designated nationals and blocked persons list sdn list and all other. Department of treasury office of foreign assets controls ofac regulations, special permission in the form of a us government license or other documentation is required for research. Department of the treasury, the agency that administers and enforces economic and trade sanctions based on u. This course describes ofacs authority to impose civil penalties for violations. This is generally only permissible if the employer has a written ofac license for sanction exemption authorizing its activity in the sanctioned country. Country mentioned sanctions issued by uk hm treasury.
Ofacs countrybased sanctions prohibit almost all business activity with those countries. North korea is one of five countries subject to broad countrybased ofac economic sanctions. If ofac determines that there is a violation, the wire must be immediately blocked. For the most current countries information, please visit the u. Countries currently subject to additional regulations include cuba, iran, north korea, sudan and syria. It is the most comprehensive sanctions program and has several overlapping legal authorities because of irans position in the world as a threat in terms nuclear nonproliferation, threats to global terrorism, and other related. In some limited instances, aetna m ay be able to provide coverage to expatriates working in a sanctioned country for an employer located coutside of the country. Ofac license for the release of blocked funds or to permit an otherwise prohibited transaction. Browse through a quick summary of ofac belarus sanctions. These sanctions may require obtaining ofac approval before conducting research. The encompass compliance service is currently supported in encompass banker edition only.
Ofac sanctions, programs and embargoes visual ofac. If the export involves an itemactivity controlled under the ear or the itar, you must consult, in. Ofac sanctioned countries research and project administration. Information for grantees conducting research in ofac. While ofacs action involved a company that initiated u.
North korea is arguably the country most brutally affected by u. This sanctions list search application sanctions list search is designed to facilitate the use of the specially designated nationals and blocked persons list. Aml countries of concern chart march 12, 2019 country or territory 1. Note that while the names may lead one to suspect that these are. As long as such transfers are remitted via nonsanctioned third countries such as the uae and kuwait. Feb 01, 2020 north korea is arguably the country most brutally affected by u. They are not intended to constitute, or substitute for, legal advice. As a supplement to realtime screening1 and to document such transactions, ofac. You have sought our guidance about the office of foreign assets controls ofacs expectations with. Comprehensive programs broad programs that generally prohibit most commercial transactions with a nation generally prohibit all. Treasury departments office of foreign assets control ofac, assist them on discrete issues, such as obtaining an ofac license for the release of blocked funds or to permit an otherwise prohibited transaction.
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