What is OFAC and how can lawyer help you with understanding it?
Office of Foreign Assets Control is essentially the federal agency that is responsible for the administration, implementation, and enforcement of various economic sanctions.
The OFAC’s enforcement sector carries out comprehensive investigations into all possible violations of the sanction regulations. The federal agency is also in charge of negotiating settlements with people it has determined have violated the rules and is also responsible for levying financial penalties.
The enforcement functions are mainly carried out by the Office of Enforcement and its Compliance Division. This division carries out comprehensive investigations into all possible violations of the sanction regulations. The federal agency is also in charge of negotiating settlements with people; it has determined have violated the rules, or are responsible for levying penalties.
In addition, this agency has a Licensing Division that is responsible for evaluating applications that are submitted by organizations and individuals to determine whether the prohibited transactions are in line with the national security objectives and the foreign policy requirements. If you are dealing with the OFAC, it’s best to seek some guidance from an OFAC lawyer; a professional will be better aware of trade prohibitions and embargo's that have been established by this agency.
If you run a company involved in imports and exports within the US, you need to make sure that all the processes you are following are in line with the its rules and regulations. An experienced lawyer will make sure that you are compliant with all the existing rules, so your company doesn’t come into trouble with the law.
How the agency works
- This agency’s authority comes from an act called, "Trading with the Enemy" and from various national emergencies, as well as several US federal laws on embargoes and economic sanctions.
- The agency has the authority to grant exemptions to the prohibitions on the transactions; and exemptions may also be issued on an on a case-by-case basis or by specific export licensing.
- In some cases, it may also be issued on a general export license for certain categories.
Whether you are an individual or a company that is involved in any form of export or import, you need an expert OFAC lawyer by your side, guiding and advising you on how to navigate these waters. A skilled trade attorney will provide you all the information you need, keep you up to date with any changes to the existing laws and will make sure that when you are exporting anything out of the US, it will be in accordance with the laws set by the OFAC.