🚫OFAC Sanctions Notice and Its Business Implications for U.S. Entities
Notice of OFAC Sanctions Actions
Summary
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons 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.
Agencies
- Treasury Department
- Foreign Assets Control Office
Business Impact
$$$ - High
The notice from OFAC sanctions individuals and entities involved in illegal drug activities, directly affecting businesses that may inadvertently engage with them. Consequently, U.S. companies must implement compliance measures to avoid penalties when dealing with prohibited parties.