Date: 2017-03-07

What Are the OFAC Regulations?

 The Office of Foreign Assets Control (OFAC) is an agency within the Department of the Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.

You’ve probably heard about sanctions in places like Russia, Iran and Cuba—these countries are all subject to sanctions under different OFAC regulations. It’s important to know these regulations and the resulting sanctions so you understand how they may affect your company’s international trade plans.

 

Here’s what you need to know.

 

What are the OFAC regulations?

 

1.OFAC is charged with creating sanctions against the following:

 

2.Targeted foreign countries and regimes.

 

3.Terrorists.

 

4.International narcotics traffickers.

 

What do OFAC regulations and sanctions mean for exporters?

 

If you are shipping to one of the sanctioned countries, you need to be aware of the associated sanctions. This isn’t necessarily as simple as checking one list one time. OFAC regulations and sanctions are not written in stone—they may change at any time based on current events or changes in the political landscape. Secondly, there isn’t just one single list that needs to be checked. The Federal Register compiles at least 125 relevant lists every day; it’s up to you to keep up.

 

Shipping Solutions Professional's Export Compliance Module continuously monitors all these lists so you can quickly and easily check the various parties in your export transactions to make sure that none of the parties appear on any OFAC or other agencies' restricted party lists. To see how the Shipping Solutions software can help with your company's export compliance, download a free trial version of the software.

 

Just because a country has an export sanction list, does not mean that you absolutely cannot export to that country. Instead, it may mean that you will need to apply for and get an OFAC license before you can ship to anyone currently on the list. You can find out more about the process of getting a license on the OFAC website.

 

What are the penalties for violations?

 

Noncompliance with OFAC regulations may significantly impact your ability to conduct future transactions, as you could be subject to a steep monetary penalty and potentially even jail time.

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