• Deanna Clark-Esposito

US Government Sanctions and the 2016 OFAC Conference


This week I had a chance to meet face-to-face with government regulators from the Office of Foreign Assets Control (OFAC) in Washington DC at their annual conference.

OFAC is self-described as "an agency within the U.S. Department of the Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. The OFAC acts under Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under U.S. jurisdiction."


At its conference, OFAC shared updates on its sanctions programs, including licensing and financial transactions related issues, primarily focusing on


1) Iran and the Joint Comprehensive Plan of Action (JCPOA)

2) Business and travel in Cuba, and

3) General compliance and enforcement issues.


While not surprising, many in attendance were curious to know about potential changes to the sanctions programs in relation to the incoming administration, however, no updates -speculative or known - were provided. With only 3 weeks until the new year, we will know soon enough!


Have questions or comments? Feel free to send them over using the Contact form above.


Tags:

OFAC

Iran

financial

transactions

licensing

JCPOA

Cuba

compliance

enforcement

Office of Foreign Assets Control

sanctions

travel

©2020 by the Clark-Esposito Law Firm.

Per the NY State Attorney Ethics Rules we are providing the following statement:  ATTORNEY ADVERTISING.

DISCLAIMER: The content of this website has been prepared by the Clark-Esposito Law Firm, P.C. for informational purposes only and should not be construed as legal advice. The material posted on this website is not intended to create, and receipt of it does not constitute, a lawyer-client relationship, and readers should not act upon it without seeking professional legal counsel. The Clark-Esposito Law Firm, P.C., did not produce and is not responsible for the content of off-site legal resources. The materials on this site may constitute advertising under various state ethics rules.