OFAC Lawyer
OFAC stands for the Office of Foreign Assets Control, a government division within the U.S. Department of the Treasury. This organization oversees compliance with economic sanctions on transactions. The primary purpose of OFAC is to protect the national security and market interests of the U.S. on the international stage.
Any legal entities or individuals who collaborate with criminal groups could fall under OFAC sanctions. It’s important to note that such persons might not even be aware of the nature of their activities, as international trade involves numerous risks.
We are OFAC Lawyers
OFAC Attorney Kendall Coffey has represented clients from all over the world. He has knowledge and extensive experience necessary to solve your Sanctions problem
What is OFAC?
What is OFAC?
The Office of Foreign Assets Control (OFAC), is a division of the U.S. Department of the Treasury. This organization is responsible for implementing and monitoring economic and trade sanctions against foreign states, individuals, and organizations that pose a threat to U.S. national security or foreign policy. These economic sanctions are aimed at protecting U.S. interests and can be applied to governments, terrorist organizations, drug traffickers, and other entities.
The primary mission of OFAC regulations is to ensure the national security of the United States by applying economic pressure on foreign entities that threaten the country’s security or violate international law. The organization oversees the enforcement of sanction programs aimed at restricting financial transactions of individuals and organizations listed in sanction lists.
Who are the OFAC sanctions targeted at?
The activities of OFAC are aimed at limiting the economic influence of entities included in sanction lists. Let’s consider the main groups targeted by OFAC sanctions:
- Foreign countries that threaten international security or violate human rights (Iran, Syria, North Korea);
- Terrorist organizations and their members;
- Organizations and individuals involved in the illegal drug trade;
- Corrupt officials and human rights violators;
- Businesses involved in cybercrime.
If you or your company are facing issues related to OFAC sanctions, don’t hesitate to reach out to our law firm for consultation immediately. Our qualified OFAC sanctions lawyers will help protect your interests and provide recommendations for complying with trade and economic sanctions.
Compliance programs
OFAC compliance programs are a set of measures designed to help organizations ensure they adhere to international sanctions. These programs involve developing policies, procedures, and internal controls aimed at minimizing the risks of engaging with sanctioned entities. The primary goal of these programs is to assist companies in assessing their risks and avoiding any potential violations of OFAC requirements.
Types of OFAC Sanctions
The OFAC employs various types of sanctions to protect U.S. national interests and promote international security. For instance, comprehensive sanctions are applied at the level of entire countries, while targeted sanctions are directed at specific individuals and organizations.
But all OFAC sanctions share a common goal – to limit opportunities for illegal activities and violations of international law. If your activities are related to international operations, it’s important to understand how OFAC sanctions work to avoid violations that may result in civil and criminal penalties.
Country-specific sanctions
Country-specific sanctions by OFAC are restrictive measures against foreign governments that pose a threat to U.S. national security or international security. These trade sanctions encompass a wide range of restrictions, including the freezing of financial assets, trade bans, market access limitations, and the severance of diplomatic contacts.
The main goal of country-specific sanctions is to influence governments that violate international norms. Sanctions are used as a means of coercion to change the policies of these countries by restricting their economic freedom.
OFAC may take the following measures
- Freezing of financial assets;
- A complete or partial ban on trade in goods and services between the US and a country that is under sanctions;
- Ban on conducting financial transactions with countries or their state-owned companies;
- A ban on entry into the U.S. for government officials and individuals associated with the regime that has been sanctioned.
Smart sanctions
Smart sanctions, also known as “targeted” or “pinpoint” sanctions, are applied to governments, political leaders, terrorist groups, individuals involved in corruption, or organizations linked to cybercrime or drug trafficking.
The main goal of such economic sanctions is to limit the financial and economic capabilities of individuals and organizations that violate international norms, without significantly impacting the economy of an entire country. At the same time, the U.S. directs its actions towards supporting global stability, ensuring accountability for individual actors for their actions, and minimizing damage to the overall economy or civilian population.
What measures does OFAC take as part of smart sanctions
- Freezing the assets of individuals and organizations, which significantly limits the financial capabilities of these entities;
- A ban on any financial transactions between entities under sanctions and companies or individuals from the USA;
- Export and import restrictions;
- Targeted sanctions against specific organizations, banks, or companies that support or finance illegal activities.
Sectoral sanctions
Sectoral sanctions are restrictive measures targeted at specific sectors of the economy that play a crucial role for the country under sanctions. The main goal of sectoral sanctions is to limit economic activity in certain industries to reduce the financial resources of governments, organizations, or individuals involved in illegal or destabilizing activities.
The main goal of sectoral sanctions is to put pressure on a country’s economy by limiting access to key resources and financial instruments. These sanctions are aimed at forcing the country to change its policies, cease aggressive actions, or violations of international norms without harming the general population.
Key sectoral sanctions measures
- Restrictions in the energy sector;
- Financial sanctions (restricting a country’s banks and other financial institutions’ access to international capital markets);
- Sanctions in the defense sector (restrictions on the supply of military equipment, weapons, and components that can be used in armed conflicts or to violate international norms);
- Restrictions on high-tech products and investments.
Secondary sanctions
Secondary sanctions are applied to foreign companies, banks, or individuals that don’t fall under the direct jurisdiction of the U.S. but are doing business with entities on the sanctions list. In other words, the U.S. uses this mechanism to extend its sanctions pressure globally, creating financial and legal risks for foreign entities that collaborate with those violating sanctions.
The key feature of secondary sanctions is that they punish foreign organizations and individuals who continue to do business with countries or entities that are under U.S. sanctions. For example, a company located in Europe or Asia that does business with sanctioned individuals or states, such as Iran or North Korea, could then itself be targeted by OFAC sanctions.
Under secondary sanctions, OFAC may take the following actions:
- Freezing of assets, bank accounts, investments, and other properties;
- Being cut off from the international financial system, after which companies will lose the ability to conduct transactions in U.S. dollars or interact with American financial institutions;
- Trade restrictions, bans on exporting or importing goods from the U.S.;
- Legal consequences for foreign companies, including lawsuits and fines.
Why do you need an OFAC lawyer?
An OFAC sanctions lawyer specializing in sanctions programs imposed by the Office of Foreign Assets Control is a crucial partner for any company or individual engaged in international activities. Let’s consider the main advantages of working with sanctions lawyers:
Risk Assessment
The company needs to identify which specific activities might be at risk of violating sanctions. This stage involves analyzing business operations, clients, suppliers, and the geographic markets the company engages with.
Developing policies
After assessing the risks, a company needs to develop internal policies and procedures to ensure compliance with OFAC sanction requirements. This includes creating specific guidelines for employees.
Internal control
It’s crucial to establish control systems that help monitor adherence to sanction requirements at all stages of business operations. It includes tools for screening counterparties against sanction lists.
Monitoring
This allows for the identification of potential violations, assessing the effectiveness of the program, and making timely changes to policies and procedures, ensuring continuous improvement.
Why do you need an OFAC lawyer?
A lawyer specializing in U.S economic sanctions imposed by the Office of Foreign Assets Control is a crucial partner for any company or individual engaged in international activities.
How OFAC Lawyers can help?
- Protecting against potential risks. International sanctions can be complex to understand, especially if a company operates in multiple jurisdictions at the same time. A knowledgeable OFAC lawyer helps to identify the risks that may arise from doing business with sanctioned individuals or organizations and provides clear guidance on how to avoid violations.
- Risk assessment and management. OFAC lawyers are experienced in conducting comprehensive analyses of business processes to identify potential violations of sanctions regimes. They can develop specialized compliance programs to avoid sanction violations.
- Sanctions Compliance Consulting. An OFAC attorney will provide guidance on how to properly structure international transactions, select partners and suppliers, as well as conduct due diligence on counterparties.
- Legal protection in case of violations. If your business is suspected of breaching sanctions, an OFAC lawyer will be a reliable defender. They will represent your interests before American regulatory bodies, help develop a defense strategy, and, if necessary, reduce or avoid penalties.
- Obtaining licenses and permits. A lawyer can help you properly prepare and submit an application for such licenses, allowing your business to continue operating within the law.
What is an OFAC sanctions attorney?
An OFAC sanctions attorney specializes in matters related to sanction laws and provides advice on how to properly navigate the complexities of international sanction restrictions. These lawyers have a deep understanding of the legal regulations governing sanctions, as well as an insight into the intricate mechanisms of international economic law and their impact on businesses.
OFAC lawyers assist companies and individuals in understanding how sanctions operate in a particular country and the legal consequences of violating these sanctions. They offer advice on how to structure a business to avoid legal risks associated with sanction restrictions.
Why do you need an OFAC lawyer?
A lawyer specializing in sanctions imposed by the Office of Foreign Assets Control is a crucial partner for any company or individual engaged in international activities.
OFAC lawyers are experienced in conducting comprehensive analyses of business processes to identify potential violations of sanctions regimes. They can develop specialized compliance programs to avoid sanction violations.
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Protecting against legal risks
An OFAC lawyer helps to identify the risks that may arise from doing business with sanctioned individuals or organizations and provides clear guidance on how to avoid violations.
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Sanctions Consulting
An OFAC attorney will provide guidance on how to properly structure international transactions, select partners and suppliers, as well as conduct due diligence on counterparties.
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Legal protection
If your business is suspected of breaching sanctions, an OFAC lawyer will be a reliable defender. They will represent your interests before American regulatory bodies.
Our OFAC compliance services
Complying with OFAC requirements is critically important for international business. Our law firm offers comprehensive services to protect your interests and ensure compliance with U.S. sanctions regulations.
Our law firm provides a full range of services to ensure compliance with OFAC sanctions. From risk assessment to representation before law enforcement agencies, we’ll help protect your business and avoid legal issues.
Risk assessment
We conduct a thorough analysis of your company’s operations, including vetting partners, suppliers, and transactions. Our experts identify potential threats related to sanctions and recommend effective strategies to mitigate risks.
Removal from the SDN list
If your company or its representatives have been added to the Specially Designated Nationals (SDN) list, it could significantly restrict your operations. We offer services to help remove your name from this list. Our lawyers gather the necessary evidence and negotiate with OFAC.
OFAC license applications
In some cases, conducting international business activities requires a special license from OFAC. We can help prepare and submit an application for such a license. Our experts will ensure the accuracy and completeness of the documentation, allowing you to continue operations within the framework of the law.
Representation in law enforcement
If your company is facing an investigation or sanctions from OFAC, our team can provide legal support and protect your interests. We represent clients in negotiations and proceedings with American regulators, helping to reduce potential fines or avoid legal consequences. Our experts will ensure the accuracy and completeness of the documentation.
How do we help you avoid OFAC penalties?
Running an international business involves adhering to a multitude of legislative standards, including the requirements of the OFAC. Violating sanctions laws can lead to substantial fines and serious legal consequences. Our law firm specializes in helping companies comply with OFAC regulations to avoid financial and legal risks.
Our team can help develop and implement compliance programs for OFAC sanctions requirements. We create clear policies and procedures that govern your company’s operations under sanctions.
To avoid violations, we’ll help implement systems for checking counterparties against OFAC sanction lists. We also provide support in analyzing international transactions to ensure they comply with legislative requirements.
If the Office of Foreign Assets Control (OFAC) is investigating your activities, our team provides legal support at every stage of the process. We represent your interests in negotiations with regulators, help reduce potential fines, or avoid legal consequences. Our attorneys have extensive experience in resolving sanctions disputes, enabling us to effectively protect your rights.
FAQ
Who falls under the jurisdiction of OFAC?
Entities that fall under the jurisdiction of OFAC include both individuals and legal entities with ties to the United States. This can include U.S. citizens, residents, companies registered in the U.S., as well as foreign entities operating within the U.S. territory. All persons and organizations that use the U.S. dollar or financial instruments must also comply with OFAC’s sanction requirements.
What does it mean if I receive an OFAC administrative subpoena?
Receiving an administrative subpoena from OFAC means that an organization or individual is suspected of violating U.S. sanctions requirements. Such a subpoena typically requires the submission of documents or information related to the potential sanctions violation. If you’ve received one, it’s crucial to immediately seek legal advice to prepare a response and protect your interests in dealings with regulatory authorities.
What is an OFAC check?
An OFAC check is a process for verifying any connections with individuals, organizations, or countries that are under U.S. sanctions. This procedure involves analyzing clients, suppliers, and financial transactions to ensure they comply with sanction lists, such as the SDN list.
