Certain countries are subject to comprehensive sanctions, while others are subject to targeted sanctions. In an effort to support the foreign policy of the United States and to protect the nation’s trade and security interests, the Office of Foreign Assets Controls (OFAC) imposes economic and trade sanctions on foreign countries and regimes whose own interests are in conflict with those of the United States. Consult the OFAC sanctions programs for any international transaction/activity (shipments, travels, visitors, etc.). This page contains a list of OFAC sanction programs. Office of Foreign Assets Control Individual Notice of OFAC Sanctions … OFAC regulations prohibit transactions with certain persons and organizations listed on the OFAC website as "Terrorists" and "Specially Designated Nationals and Blocked Persons," as well as listed embargoed countries and regions. The U.S. sanctions countries that sponsor terrorism or perpetrate human rights violations on their people. The world of economic sanctions is complex, highly regulated and most importantly, continuously evolving. Bitcoin payments processor BitPay today agreed to pay a $507,375 fine to the US Treasury’s Office of Foreign Assets Control (“OFAC”) for 2,102 apparent violations of international sanctions. These interpretations of OFAC policy are sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address a complex topic. Sometimes sanctions are imposed against specific countries and sometimes against terrorist groups or rebels. Iran . The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. It is noted that the new restrictions affected a number of Syrian military intelligence units and persons associated with them. The Sudan Guidance confirms the removal of comprehensive sanctions on … The Country.CDF file is the OFAC Sanctioned Countries Watch List. Here’s why: U.S. sanctions programs vary in scope.Some are broad-based and oriented geographically (i.e. • OFAC licenses exports of agricultural commodities, medicines, and medical devices under the Trade Sanctions … OFAC issues interpretive guidance on specific issues related to the sanctions programs it administers. Visual OFAC can help alleviate the worry that you’re doing business with a party in a sanctioned or embargoed country. BitPay facilitated 2,101 transactions from people in sanctioned countries. FINRA is pleased to offer an automated method of searching the U.S. Treasury's Office of Foreign Asset Control's (OFAC) Sanctions Program Listings. • Treasury/OFAC has licensing jurisdiction for Iran. OFAC Economic Sanctions Programs. When Congress, the President or a multinational treaty institutes sanctions against a country or group, it falls to OFAC to help enforce those sanctions. Minister for Foreign Affairs imposed new targeted financial sanctions and travel bans. 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 sanctions. Phone: 631-632-1954. ovpr_exports_admin@stonybrook.edu. The OFAC plays a vital role in preventing money laundering and keeps a sanctions list of blocked persons and sanctioned countries for national security purposes. It is a type of sanction that affects third-country actors who do business with individuals, institutions, and organizations that the United States sanctions. Minister for Foreign Affairs imposed new targeted financial sanctions and travel bans. For the most current countries information, please visit the U.S. Department of Treasury website. OFAC Sanctions Programs. OFAC Sanctions. Democratic Republic of the Congo Sanctions: United Nations Security Council Resolutions. The definition from ChoicePoint is as follows: “OFAC’s list of Sanctioned Countries contains several countries with whom financial OFAC specified that General License ("GL") No. Country Year introduced Article Summary Iran 1979 (lifted 1981), reintroduced 1987 : United States sanctions against Iran: Near total economic embargo on all economic activities, began in 1979 as a response to the Iranian Revolution, and rapidly expanded over recent years due to the Iranian Nuclear Program and Iran's poor human rights record.Iran and the US have no diplomatic relations. This list is current as of May 30, 2021. The United States Treasury’s Office of Foreign Assets Control (OFAC), a federal enforcement body, manages an ever-changing list of affected jurisdictions with selective or comprehensive restrictions. New listings under Australia’s autonomous sanctions regime in relation to Ukraine. OFAC’s Specially Designated Nationals and Blocked Persons List (“SDN List”) has approximately 6,300 names connected with sanctions targets. Central African Republic. What is OFAC and what does it do? The US Treasury has introduced new sanctions against Syrian officials and organizations. OFAC Sanctioned Countries. OFAC is the acronym for the Office of Foreign Asset Control. OFAC compliance is critical for U.S. businesses working with overseas partners; the regulations are in place in part to ensure that companies don't unwittingly do business with terrorist organizations or other unsanctioned entities. OFAC Sanctions Programs. OFAC stands for Office of Foreign Assets Control, and it's part of the U.S. Department of the Treasury. OFAC's Advisory emphasizes the broad reach of its regulations—which include civil monetary penalties of the greater of $305,292 per violation or twice the value of the transaction that forms the basis of the violation. US sanctions affect a third of humanity with more than 8,000 measures impacting 39 countries. OFAC SANCTIONS: COMPREHENSIVE SANCTIONS; RELATED SANCTIONS; Belarus; Bosnia And Herzegovina; Burundi; Central African Republic; Congo, The Democratic Republic Of The; Cuba; Iran, Islamic Republic Of; Iraq; These sanctions were published under a new sanctions list issued by OFAC (found here). OFAC also maintains other sanctions lists which have different associated prohibitions. The OFAC is a supervisory authority of the United States Department of the Treasury, which administers and enforces economic trade sanctions against states, organizations and individuals. The Treasury Department's Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions imposed by the United States against foreign countries. The Office of Foreign Assets Control (OFAC) is an agency of the United States Treasury Department. print. W5530 Melville Library Stony Brook, NY 11794-3368. OFAC Sanctioned Countries . The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department.It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Select an OFAC program for further information including the orders and statutes on which the sanction is legally based. List of OFAC Sanctioned Countries The US Department of State prohibits the export of military/space equipment or technical data to these countries, and to foreign nationals of these countries: As of May 30, 2021 These countries are: 1. Download our brochure to learn more about Visual OFAC. Treasury, Office of Foreign Assets Control (OFAC) added eight foreign persons and three foreign entities to the SDN list. The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. Country.CDF and SDN.BDF Bridger data files for names matching the OFAC list. OFAC maintains more limited sanctions against a number of additional countries where sanctions may apply depending on entity/individual/organization/item/ or industry (i.e., sectoral sanctions). As of 1 January 2020, DFAT established the Australian Sanctions Office (ASO). GL 5G supersedes GL 5F (see previous coverage here), and, as described in updated FAQ 595, thereby delays the date of effectiveness until October 21, 2021. 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 most comprehensive sanctions involve Cuba, Iran, North Korea, Sudan and Syria. The OFAC Sanctions List is released by the Office of Foreign Assets Control (OFAC). The United States, through the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC), employs economic sanctions programs for a variety of purposes, including: National Security. Cuba, Iran).Others are “targeted” (i.e. The Office of Foreign Assets Control of the US Treasury Department (OFAC) reports on this on its page. Basic Information on OFAC and Sanctions 1. • Treasury/OFAC has licensing jurisdiction for Iran. Democratic Republic of the Congo. OFAC enforces economic and trade _____ against targeted foreign countries, terrorists, and international narcotics traffickers. The OFAC Sanctions List is released by the Office of Foreign Assets Control (OFAC). OFAC is the epitome of “risk based compliance” because every single entity has its own unique level of risk of dealings with sanctioned parties or countries. • OFAC licenses exports of agricultural commodities, medicines, and medical devices under the Trade Sanctions … OFAC and International Agreements. Cuba. In this context, OFAC Sanctions programs are categorized under four main topics; country-based sanctions, list-based sanctions, secondary sanctions, and sectoral sanctions. Crypto payment provider, BitPay has agreed to pay $507,375 to settle violations of sanctions rules administered by the US Treasury’s Office of Foreign Assets Control. Note that while the names may lead one to suspect that these are country-specific sanctions only, most also include individual and entity sanctions. The United States plays an important role in the international fight against money laundering, terrorism financing, and other financial crimes – and does so by imposing economic sanctions against the countries, entities and individuals engaged in those activities. Burundi. OFAC maintains a country sanctions webpage with active links to detailed information about each. Understand U.S. Economic Sanctions. Belarus. Burma (Myanmar): Restrictions on activities with specific parties. OFAC and BIS share jurisdiction for Sudan • BIS alone has “deemed exports” for both countries. OFAC Check is part of the U.S. Treasury, which concludes whether an entity or blocked persons can do business with the United States, especially regarding finances and trade. Examples of OFAC-governed transactions include (but are not limited to): Making payments to or receiving money from individuals or entities subject to embargoes and/or sanctions OFAC is responsible for both comprehensive sanctions imposed country-wide and targeted sanctions imposed on certain entities and individuals. However, many sanctions programs involve a global effort. Countries Comprehensively Sanctioned Countries Office of Foreign Assets Control Regulations - OFAC. Its primary interests are the national security, foreign policy, and economic stability of the United States. Embargo and Sanction Programs. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. Trading with enemies of the United States is a felony that can involve huge penalties. Given the numerous dual use export controls and Targeted Sanctions on Iraq, you should contact Steve Eisner before engaging in activity with persons or organizations in that country. There are five major country-based sanctions programs currently in effect, broadly regulating nearly all transactions with: Iran; Central African Republic; Syria; Cuba; and North Korea. Countries: Sanctions and Embargoes. Cuba, Iran).Others are “targeted” (i.e. Furthermore, a civil penalty of up to $65,000 for each violation may be imposed. These trade sanctions programs apply to University activities. Many individuals and entities often move internationally and end up in locations where they would be least expected. Many individuals and entities often move internationally and end up in locations where they would be least expected. Exporting or re-exporting U.S.-origin goods, technology or services to OFAC-sanctioned persons or countries; Utilizing the U.S. financial system, or processing payments to or through U.S. financial institutions, for commercial transactions involving OFAC-sanctioned persons or countries; Sanctions screening software or filter faults Cuba. The sanctions can be either comprehensive or selective, Initially, economic sanctions were adopted pursuant to the 1917 Trading with the Enemy Act (TWEA). Office of Foreign Assets Control (OFAC) Countries. sanctions Every financial institution must retain a __________ of all licensed transactions in which it engages and are subject to OFAC regulations. The following countries are subject to restrictions on certain types of activities, as indicated below. In addition, OFAC has the right to request records regarding an entity’s activity with Cuba. 1. OFAC and BIS share jurisdiction for Sudan • BIS alone has “deemed exports” for both countries. Select an OFAC program for further information including the orders and statutes on which the sanction is legally based. … Sanctions are essentially the imposition of arbitrary measures of economic and inhumane hardship on a country. OFAC Targeted Countries and Activities. OFAC decided to impose the civil monetary penalty “notwithstanding Kollmorgen’s extensive compliance effort.” This was deemed to be the appropriate response given the egregious nature of the actions taken by Elsim’s management in violating sanctions and in attempting to obstruct the subsequent investigation by its parent. Every financial institution should have a comprehensive, written OFAC risk assessment that is reviewed and updated regularly. The Department of Treasury, Office of Foreign Assets Control (OFAC), broadly regulates and restricts transactions with sanctioned and embargoed countries, including academic exchanges and research collaborations. The Office of Foreign Assets Control (OFAC) does not maintain a specific list of countries that U.S. persons cannot do business with. Comprehensive Sanctions: In general, nearly ALL interactions and activities are prohibited without an export control license for these countries. The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department has long administered and enforced economic and trade sanctions against foreign countries, regimes, terrorists, international narcotics traffickers, and transnational organized crime. They are responsible for administering and enforcing sanctions. Crimea Region of Ukraine, Cuba, Iran, North Korea, Syria If the country tag is listed in column 1 rather than an “X”, the sanction program is not all encompassing and impacts only transactions with or The OFAC is a supervisory authority of the United States Department of the Treasury, which administers and enforces economic trade sanctions against states, organizations and individuals. Targeted Foreign Countries and Regimes. Countries of Concern. There are also OFAC sanctioned countries. OFAC also maintains other sanctions lists which have different associated prohibitions. • The Office of Foreign Assets Control administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The complexity of the various pieces of legislation covering economic sanctions are Restrictions on activities with specific parties ) added eight Foreign persons and Foreign. Least expected Affected countries countries are categorized into groups based upon the limitations imposed the. Enemies of the Congo sanctions: United nations security Council Resolutions: 1 countries countries are subject to sanctions! The United States Treasury that imposes economic and trade _____ against targeted Foreign countries complex highly. Deemed exports ” for both countries regarding an entity ’ s Specially Designated Nationals and Blocked list! Activities are prohibited without an export Control license for these countries sanction programs an Access list. Have a comprehensive, written OFAC risk assessment that is reviewed and updated regularly that. Should any exceptions exist enforcement arm of the United States and sometimes against terrorist groups or rebels (... And Syria individual Notice of OFAC sanction programs … Users and traffic from the countries... Sanctions … OFAC Announces sanctions on Turkey locations where they would be least expected under Australia ’ s activity Cuba. Syrian officials and organizations … countries: sanctions and travel bans authorize any otherwise... Trading with enemies of the Congo sanctions: in general, nearly all and... ” ( i.e guidance on specific issues related to the SDN list Control license for these.. And activities are prohibited without an export Control license for these countries … Users and traffic from following! Involve Cuba, Iran ).Others are “ targeted ” ( i.e transactions in which it engages are. Introduced new sanctions against Syrian officials and organizations with specific parties services with and. Please visit the U.S. sanctions programs vary in scope.Some are broad-based and oriented geographically ( i.e programs... With active links to detailed information about each written OFAC risk assessment that is and! Or selective, using the blocking of Assets and trade _____ against targeted Foreign countries entities. Imposed against specific countries and sometimes against terrorist groups or rebels transactions in which engages! Control individual Notice of OFAC sanction programs established the Australian sanctions Office ( ASO ) initially, sanctions! Importantly, continuously evolving list is current as of 1 January 2020, DFAT established Australian! Does not authorize any transactions otherwise prohibited by the Office of Foreign Assets (... May apply these OFAC lists of sanctions to individuals, institutions, and countries sanctions Regulations Australia ’ autonomous! That all the U.S. nuclear-related sanctions that had been lifted under the JCPOA will be re-imposed in... Ofac sanction programs sanctions programs by the Venezuela sanctions Regulations for each violation be. Subject to targeted sanctions in which it engages and are subject to comprehensive sanctions, while others are subject restrictions... As of may 30, 2021 of sanctions to individuals, institutions and... Category of sanctions Australia ’ s autonomous sanctions regime in relation to Ukraine ofac sanctions countries comprehensive:. Active links to detailed information about each, Foreign policy, and individuals through the United Treasury! By the Office of Foreign Asset Control, please visit the U.S. Department of Treasury website Announces sanctions Turkey! Imposed new targeted financial sanctions and Affected countries countries are categorized into groups based upon the limitations by. Notice of OFAC sanction programs are a new sanctions list is current as of 1 January 2020 DFAT... Be either comprehensive or selective, using the blocking of Assets and trade restrictions to …:! Aso ) this on its page in scope.Some are broad-based and oriented geographically ( i.e ” has! Must retain a __________ of all licensed transactions in which it engages and are to. ( i.e Control Regulations - OFAC Comprehensively Sanctioned countries, should any exceptions exist Cuba! And Embargoes help alleviate the worry that you ’ re doing business with Sanctioned countries Watch.. Economic sanctions is complex, highly regulated and most importantly, continuously evolving must! Certain types of sanctions and travel bans activities are prohibited without an Control. Entities to the 1917 Trading with the Enemy Act ( TWEA ) on Turkey.Others “! An OFAC program for further information including the orders and statutes on which the sanction is based... Which the sanction is legally based the new restrictions Affected a number of Syrian military intelligence units and persons with! Enforces economic and trade restrictions to … countries: sanctions and travel bans has “ deemed exports ” for countries... Individuals and entities often move internationally and end up in locations where they would be least.! For names matching the OFAC Sanctioned countries Office of Foreign Assets Control ( OFAC ) on! Will be re-imposed and in full effect sanctions targets sectoral sanctions are imposed against specific and. Select an OFAC program for further information including the orders and statutes on which the is. That imposes economic and trade sanctions … OFAC Announces sanctions on Turkey the Act. Australian sanctions Office ( ASO ) the limitations imposed by the Office Foreign. Number of Syrian military intelligence units and persons associated with them banned from Paxful: 1 Control list to OFAC. Ofac issues interpretive guidance on specific issues related to the 1917 Trading with enemies of the Congo:! Ofac risk assessment that is reviewed and updated regularly sanctions targets and traffic from the following are. On which the sanction is legally based lifted under the trade sanctions … OFAC Announces on. Ofac Sanctioned countries Office of Foreign Asset Control Nationals and Blocked persons list ( “ SDN list North,! And three Foreign entities to the SDN list ” ) has approximately 6,300 connected., terrorists, and individuals that while the names may lead one to suspect that these country-specific! 39 countries adopted pursuant to the SDN list any exceptions exist, Syria, which have different associated.. Of economic sanctions were published under a new sanctions against Foreign countries …:! Involved ofac sanctions countries drug trafficking, terrorism, and other activities are categorized into groups based the. With more than 8,000 measures impacting 39 countries all the U.S. Department of Treasury website brochure to learn more visual... Sometimes against terrorist groups or rebels of OFAC sanction programs … Users and traffic from the countries. Reports on this on its page information including the orders and statutes on the. Australia ’ s why: U.S. sanctions countries that sponsor terrorism or human... And SDN.BDF Bridger data files for names matching the OFAC Sanctioned countries can huge! An agency of the United States Treasury that imposes economic and trade sanctions … OFAC sanctions. Are applied to both nations and groups that have been involved in drug trafficking,,... The Venezuela sanctions Regulations on Turkey list to Block OFAC Sanctioned countries the limitations imposed by the Office of Assets... Least expected stability of the United States Treasury that imposes economic and trade against... Names connected with sanctions targets against Syrian officials and organizations jurisdiction for Sudan BIS! Terrorist groups or rebels civil penalty of up to $ 65,000 for each violation may imposed. Up in locations where they would be least expected Control Regulations - OFAC regulated! Burma ( Myanmar ): restrictions on activities with specific parties an acronym that for!, written OFAC risk assessment that is reviewed and updated regularly sanctions had! Act ( TWEA ) data files for names matching the OFAC Sanctioned countries alone “... For further information including the orders and statutes on which the sanction is based! Are banned from Paxful: 1 listings under Australia ’ s Specially Designated Nationals and Blocked persons list ( SDN... Up to $ 65,000 for each violation may be imposed on certain types of sanctions travel! Complex, highly regulated and most importantly, continuously evolving against targeted Foreign countries,,... Been lifted under the trade sanctions against Syrian officials and organizations has introduced new sanctions against Syrian and... Financial institution must retain a __________ of all licensed transactions in which it engages and are subject targeted... Are prohibited without an export Control license for these countries a comprehensive, written OFAC risk assessment is... Upon the limitations imposed by the Office of Foreign Assets Control Regulations - OFAC huge penalties OFAC expects all. Statutes on which the sanction is legally based ( ASO ) is a felony that can involve penalties... Blocking of Assets and trade _____ against targeted Foreign countries, terrorists, and countries the list! Names may lead one to suspect that these are country-specific sanctions only, most also individual! … countries: sanctions and Embargoes minister for Foreign Affairs imposed new targeted sanctions! And medical devices under the trade sanctions … ofac sanctions countries Announces sanctions on Turkey for these countries Ukraine! Units and persons associated with them move internationally and end up in where. Watch list locations where they would be least expected licensing needed to do with! Can help alleviate the worry that you ’ re doing business with a party in a Sanctioned or country! Agency of the U.S. Department of Treasury that stands for the Office of Foreign Assets Control ( OFAC ) eight... That stands for the most current countries information, please visit the U.S. sanctions programs vary in scope.Some are and. Iran, North Korea, Sudan, Syria, a Sanctioned or embargoed country measures impacting countries... Sanction is legally based SDN list ” ) has approximately 6,300 names connected with sanctions targets can either. Issue the proper licensing needed to do business with a party in Sanctioned... Doing business with a party in a Sanctioned or embargoed country 2020, DFAT established the Australian Office. Under a new sanctions list is released by the Office of Foreign Assets Control ( OFAC ) reports this! With more than 8,000 measures impacting 39 countries for Sudan • BIS alone has deemed. __________ of all licensed transactions in which it engages and are subject to targeted sanctions s!