🚢OFAC Sanctions Impact on U.S. Businesses and Compliance Requirements
Notice of OFAC Sanctions Action
Summary
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons and vessels that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. The vessels placed on the SDN List have been identified as property in which a blocked person has an interest.
Agencies
- Treasury Department
- Foreign Assets Control Office
Business Impact
$$$ - High
The notice details OFAC sanctions impacting specific individuals and vessels, restricting U.S. persons from engaging in transactions with them. Businesses must ensure compliance with these regulations to avoid penalties.