Can US citizens be on the OFAC list?

Can US citizens be on the OFAC list?

OFAC list updated 2020

The OFAC list, called by many, the “blacklist”, or Clinton List is issued based on laws passed by the U.S. Congress. Among the most important are: International Economic Emergency Powers Act (IEEPA), Anti-Terrorist and Anti-Drug Trafficking Acts; Foreign Narcotics Kingpin Designation Act (The Kingpin Act), USA Patriot Act, Money Laundering Control Act, Bank Secrecy Act, Trade Sanctions Reform and Export Enhancement Act of 2000, and others.

The list is issued by the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department and was created in October 1995, by Executive Order 12978, issued by President Bill Clinton as part of a series of measures in the war on drugs and money laundering.

Individuals who contract or provide assistance, financial services or any type of collaboration with those on OFAC’s lists run the same risk of being treated as drug traffickers, international criminals or terrorists.

What does it mean to be on the OFAC list?

The OFAC list or Clinton list is almost an obligation to prevent money laundering. … OFAC, a U.S. government agency, is known in Latin America for issuing the OFAC or Clinton List of suspected drug traffickers and money launderers.

What are OFAC sanctions?

General or comprehensive sanctions:

For countries sanctioned by OFAC refers to the “prohibition to carry out any import, export, financing, commercialization of products or services, in general, any type of transaction between the sanctioned country and U.S. persons.

Read more  Is Russia sanctioned by OFAC?

Which individuals, groups or entities are subject to economic sanctions by the U.S. Treasury Department and OFAC?

Who must comply with OFAC sanctions? OFAC compliance applies to all U.S. persons; including all U.S. citizens and permanent resident aliens, regardless of where they are located, all persons and entities within the U.S., all U.S. persons and entities within the U.S., and all U.S. persons and entities within the U.S. who are subject to OFAC sanctions.

O

“The information released today reiterates and clarifies that persons subject to U.S. jurisdiction may engage in certain transactions to support the Cuban people’s ability to seek, receive and impart information,” said Andrea Gacki, director of the Treasury’s Office of Foreign Assets Control (OFAC).

That office “encourages those interested in providing such assistance to the Cuban people to take advantage of the exemptions and permissions” provided under U.S. law, the Treasury said in its statement.

The Treasury published a list of the specific services that can be provided under those regulations, with the aim of reminding interested parties “that there are options” if they want to act to expand Internet access on the island, a source familiar with the announcement told Efe.

Among them is the authorization, under that law, to initiate under U.S. jurisdiction “transactions, including payments, related to the provision of telecommunications services” to Cuba, including some that “connect the United States or third countries” with the island.

What is FATF and OFAC?

(OroyFinanzas.com) – The Financial Action Task Force (FATF) is an intergovernmental institution created in 1989 by the G7 to promulgate an international framework of standards for the prevention of money laundering.

What is the name of the international list that prohibits transactions with certain individuals?

The name of the OFAC list varies depending on the basis used by the U.S. government to impose the sanction. Generally, OFAC sanctions involve the freezing of the person’s assets and the prohibition to enter into any type of transaction, directly or indirectly, with the person.

Read more  How do you suspect money laundering?

What is OFAC’s main objective?

Currently, OFAC’s primary objective is to administer and enforce economic and trade sanctions, based on U.S. foreign policy and national security objectives, against foreign countries and regimes, terrorists, international drug traffickers, those engaged in foreign …

Gafi and ofac

Since the end of World War II, the United States, given the weakness of most of the countries in the world and shielded by anti-communism, has used its economic and military power and the financial organizations born of the Bretton Woods agreement to sanction states that did not align themselves with its economic and strategic interests.

The most recent excuses for sanctions have been the violation of human rights and terrorism, even in countries where it has been proven by declassified documents that the U.S. government itself has encouraged, financed and protected dictatorial regimes in Latin America and the Caribbean, the Middle East, Africa and Asia, not to mention the dozens of invasions and coups d’états – the perfect backdrop for subjugation and subordination.

In 1950, with the entry of the United States into the Korean War (between North and South Korea), the first economic sanctions were introduced against North Korea, one of the most affected countries, and remained in place until 2008. This decision was aimed at weakening the “Soviet Union’s support” for its ally in the North.

What does OFAC 001 mean?

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury administers and enforces economic and trade sanctions based on U.S. foreign policy.

What is the SDN list?

It also lists individuals, groups and entities, such as designated terrorists and drug traffickers in programs that are not country-specific. Collectively, such individuals and companies are called “Specially Designated Nationals” or “SDNs.” Their assets are blocked, and U.S. persons are subject to the same restrictions as U.S. persons.

Read more  Which of the following are criminal sanctions?

What is the role of FATF?

According to the FATF Mandate, its objectives are to set standards and promote the effective implementation of legal, regulatory and operational measures to combat money laundering (ML), the financing of terrorism (FT) and other threats related to the integrity of the international financial system.

As listed by ofac

All assets, property and interests in property of Mr. Rodriguez Lopez-Calleja that are subject to U.S. jurisdiction, including those held or controlled by U.S. persons, continue to be blocked, and U.S. persons are generally prohibited from transacting with him.

Revenues generated by GAESA’s economic activities are used to repress the Cuban people and finance the colonial and parasitic domination of Venezuela. Today’s action demonstrates the United States’ longstanding commitment to end economic practices that disproportionately benefit the Cuban government or its military, intelligence and security agencies or personnel at the expense of the Cuban and Venezuelan people.

The United States will continue to support the Cuban people in their aspiration for democratic government and respect for human rights, including freedoms of religion, expression, and association. Until these rights and freedoms are respected, we will continue to hold the regime accountable.

The team of editors writes about legal news and developments so that they are at your fingertips.