OFAC Sanctions and Embargoes
Sanctions and embargoes are coercive measures — such as not doing business with certain countries, governments or individuals — used to compel these countries, governments or individuals to comply with international laws or other obligations. The U.S. Government has used economic sanctions and trade embargoes since its earliest days to further various foreign-policy, national-security and safety objectives. These sanctions programs are administered by the Office of Foreign Assets Control (OFAC), a division of the U.S. Department of the Treasury.
Every U.S. organization and citizen must comply with all applicable sanction and embargo regulations. This means that people and organizations subject to OFAC regulations are prohibited from (a) participating in any transaction or activity prohibited by the sanction or embargo and (b) facilitating or assisting foreign companies with transactions in which they themselves could not participate directly. Violations of OFAC sanctions programs can lead to substantial criminal and civil penalties for the company — and in some cases the individual employees involved.
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This check card is a printable resource with practical advice for the dos and don'ts of dealing with OFAC Sanctions and embargoes.
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Wolters Kluwer Law & Business
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