🚫OFAC Sanctions and Their Impact on Businesses and Compliance
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. Additionally, OFAC is revising the entries of one or more persons that have been placed on OFAC's SDN List. 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.
Agencies
- Treasury Department
- Foreign Assets Control Office
Business Impact
$$$ - High
The text outlines sanctions imposed by OFAC on specific entities and individuals, blocking U.S. transactions with them, which directly impacts business owners engaged in international trade or services connected to these parties. Compliance with OFAC regulations is a critical obligation, as violations can result in significant penalties.