If you have any questions about the application process, please contact OFAC's Licensing Division at (202) 622-2480. FOR PROVISIONS RELATING TO PENALTIES. An Giang University is the second largest university in the Mekong Delta with over 10,000 students enrolled in 2021. If your intended transaction . There will be a check on the person's or company's name against the Specially Designated National list. CHAPTER V. A LICENSE MAY BE REVOKED OR MODIFIED AT ANY TIME AT THE DISCRETION OF THE SECRETARY OF THE TREASURY. OFAC will consider the issuance of specific licenses on a case-by-case basis when a general license provision is not available. If you can not or do not want to hire an OFAC attorney to assist you in procuring your license then the best option is to follow these keys to draft a successful OFAC license application. OFAC also issues specific licenses on a case-by-case basis under certain limited situations and conditions. You are not entitled to an OFAC license. Doing this will hopefully improve the chances of having your licensegranted. Persons engaging in transactions pursuant to general or specific licenses must make sure that all conditions of the licenses are strictly observed. Happy holidays. 560.545. I hope this helps. PART 501, THE RELEVANT EXECUTIVE ORDER OR PART OF 31 C.F.R. Provide documentation. (ii) Information to be supplied. TSRA - This is how you apply for a specific license to export agricultural commodities, medicine, or medical devices to Iran or Sudan pursuant to the Trade Sanctions . If your funds have been blocked or "frozen" by a financial institution or other party due to a possible link to OFAC-administered sanctions, you may apply for a specific license by clicking the Apply for a License button above. A Washington DC OFAC licenses attorney with experience in submitting successful specific license applications can offer a preliminary evaluation of the requested transaction or activity. ALL DOCUMENTS MUST BE IN ENGLISH OR INCLUDE AN ENGLISH TRANSLATION. Remember, a license authorization will only cover those transactions stated in the original license application. Follow these three keys for drafting a successful OFAC specific license application: 1. This rule seems like a no-brainer, however, sometimes applicants for an OFAC license do not think deeply enough about the issue and fail to include all the parties that could be involved. 11/10/2022. 2. To apply for a specific license, please contact Cornell's Export Control Officer. There are two types of licenses - general licenses and specific licenses: A general license authorizes a particular type of transaction for a class of sanctioned "persons" without a need to apply for a license. If you do not see a confirmation page, please resubmit your application or. The U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) has published its much-anticipated Russian oil price cap rule along with related general licenses and compliance guidance, all of which directly impact a wide range of the maritime sector to include trading/commodities brokering, financing, shipping, protection and indemnity (P&I) insurance and reinsurance, flagging and . submitting an application to OFAC: If OFAC denies a license application, an organization will likely face significant legal hurdles to successfully challenging OFAC's decision. As such, it is usually best practice to present their arguments to OFAC directly in the application and to cooperate with the agency as it makes its decision. The OFAC guidance states that if a U.S. person becomes aware that it is providing a Covered Service related to the maritime transport of Russian-origin oil purchased above the price cap, the U.S. person must stop providing the service and contact OFAC, presumably for guidance and/or licensing in order to complete the ongoing . Instead, you can save a copy of the application in progress by selecting the Export button on the top left corner of each page and save the Microsoft Excel file to your computer. Select "Release of Blocked Funds" as the application type on the first page of the application. GL 13. To obtain a specific license, OFAC must receive and approve a written request, or application, for the license. A SPECIFIC LICENSE IS NOT TRANSFERABLE, IS LIMITED TO THE FACTS AND CIRCUMSTANCES SPECIFIC TO THE APPLICATION, AND IS SUBJECT TO THE PROVISIONS OF 31 CFR PART 501, THE RELEVANT EXECUTIVE ORDER OR PART OF 31 CFR CHAPTER V. A LICENSE MAY BE REVOKED OR MODIFIED AT ANY TIME AT THE DISCRETION OF THE SECRETARY OF THE TREASURY. Another common transaction is the sale of a business, stocks, or other investments that someone might have acquired involving sanctions. 560.516 (a) (2). Specific license applications for fairly straightforward transactions typically take about four to six months to process, while applications for complex transactions can take a year or longer. Since the country is now under sanctions, they need to ask for permission from OFAC to dispose of these assets or otherwise engage in those kinds of transactions. Persons engaging in transactions pursuant to general or specific licenses must make sure that all conditions of the licenses are strictly observed. Next, they draft a license application in letter form and submit that application to OFAC. If OFAC has failed to respond to someones application, they can call OFACand speak with an information specialist who can inform them of the status of their application. A general license authorizes "a particular type of transaction for a class of persons without the need to apply for a license."9 A specific license "is a written document issued by OFAC to a particular person or entity, authorizing a particular transaction in response to a written license application."10 The Code of Federal Regulations . With over 12 years of experience in national security law, exports control, and U.S. economic sanctions, he counsels across industry sectors representing parties in a wide range of matters from ensuring compliance to defending against federal prosecutions and pursuing federal appeals. See 31 CFR 1.5 for provisions pertaining to business information. However, there are some general rules to follow. You must agree to the Terms of Agreement. This is a written document that authorizes a particular transaction (or set of transactions) that are limited to a specific time period. Will it harm the integrity of the sanctions program it is being authorized under? Specialist advice should be sought about your specific circumstances. If you encounter issues with the application, please reattempt submission with Microsoft Edge before contacting IT Support. On November 21, 2022, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") reissued General License ("GL") 13C related to the Russian Harmful. A SPECIFIC LICENSE IS NOT TRANSFERABLE, IS LIMITED TO THE FACTS AND CIRCUMSTANCES SPECIFIC TO THE APPLICATION, AND IS SUBJECT TO THE PROVISIONS OF 31 C.F.R. Any OFAC-approved transaction is subject to certain conditions. For example, if the agency denies the application, someone can appeal it in federal court or they can revise and refile their license application if they have new information for OFAC to consider. The OFAC sanctions laws generally apply to "U.S. persons," and in certain instances to foreign persons. Self-imposed OFAC screening requirements should include regular SDN list screening, as a ll U.S. persons, including U.S. businesses and their foreign branches, wherever located, as well as foreign financial institutions with U.S. offices or subsidiaries, are forbidden from transacting with an SDN. The key elements of the Determination, Guidance, and GLs are . ATTACH COPIES OF ANY DOCUMENTS RELATED TO THE UNDERLYING TRANSACTION (E.G., TECHNICAL SPECIFICATIONS; OFFICIAL COMMODITY CLASSIFICATION FROM THE U.S. DEPARTMENT OF COMMERCE; INVOICES; BILLS OF LADING; COPY OF THE ORIGINAL PAYMENT OR TRANSFER INSTRUCTIONS; OR COPIES OF GOVERNMENT-ISSUED IDENTIFICATION SUCH AS PASSPORT, TEMPORARY/PERMANENT RESIDENT CARD, BIRTH CERTIFICATE, OR OTHER IDENTIFYING DOCUMENTATION). Tanks for the useful information. To apply for a license, click the link below or scroll down for more information on the different licensing categories. Not all specific license applications are the same. If you close your web browser before you have submitted your application, your changes will not be saved when you return. (a) OFAC Specific License. Registration documents, product descriptions, even brochures or literature about different parties or organizations involved in the transactions can be included to inform OFAC of the legitimacy of the transaction. the license HCH received from OFAC authorizing the assign-ments of the U. trademarks was obtained by fraud. These general licenses reflect the coordinated multilateral nature of the price cap policy and efforts to minimize the impact of the policy on energy . Identify the names and contact information of all parties involved. To the extent that your proposed travel falls within the scope of an existing general license, you may proceed without applying for a specific license from OFAC. Contact OFAC's Licensing Division If you have any questions about the application process, please contact OFAC's Licensing Division at (202) 622-2480. Copyright OFAC Lawyer, 2022 | All rights reserved. Specific OFAC License. You may also submit an application for the release of blocked funds which is available on OFAC's website under "Forms." You should print this form, complete the required information, attach payment instructions, and mail it to: Office of Foreign Assets Control U.S. Department of the Treasury Treasury Annex 1500 Pennsylvania Avenue, NW . They are updated when necessary and there are records of post information. Are there any parties that you know will benefit from the transaction outside of those directly contemplated in a contract? For more information on visas to travel to Cuba please visit the. State the purpose of the license: What are you requesting the license for? IF A SPECIFIC LICENSE WAS ISSUED AS A RESULT OF WILLFUL MISREPRESENTATION ON THE PART OF THE APPLICANT OR HIS AGENT, IT MAY, AT THE DISCRETION OF THE SECRETARY OF THE TREASURY, BE DECLARED VOID FROM THE DATE OF ITS ISSUANCE, OR FROM ANY OTHER DATE. */ Search OFAC OFAC Sanctions Lists OFAC publishes lists of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. Persons engaging in transactions pursuant to general or specific licenses must make sure that all conditions of the licenses are strictly observed. OFAC also issued three General Licenses ("GLs") that provide certain exemptions to the prohibitions of the Determination. Nader, there is no particular OFAC application form. These followed OFAC's preliminary guidance released on September 9 (see The author of this blog is Erich Ferrari, an attorney specializing in OFAC matters. Obtained OFAC specific licenses on behalf of numerous multinational medical device and pharmaceutical companies to export medicine and medical devices to sanctioned jurisdictions, including Iran, Cuba, Syria, and Sudan; Obtained OFAC licenses to export and broker the sale of aircraft parts to Iran; 3. PART 501, THE RELEVANT EXECUTIVE ORDER OR PART OF 31 C.F.R. information, click on the "Help" link in the bottom left-hand corner of
While there are no certainties with OFAC, the above tips will help assess whether or not an unblocking is possible, and increase the chances of an unblocking license being issued. When one hears the term OFAC specific license application they imagine a form or a questionnaire type document. You may not need to apply for a specific license. When dealing with OFAC do not assume your word is gold. The first steps include gathering all necessary information. This is false. This also includes any customers and middlemen who will have an interest in the transaction. Report inappropriate content senor_radar Picton, Canada Level Contributor Transactional This is the field to request a specific license to engage in prohibited transactions other than the release of blocked funds, TSRA transactions, or certain categories of travel to Cuba. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC's . For information related to licenses authorizing exports of agricultural commodities, medicine, and medical devices to Iran and Sudan pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), please see our TSRA page, TSRA Frequently Asked Questions, and TSRA Application Guidelines. Sample 1: Office of Foreign Assets Control U.S. Department of the Treasury 1500 Pennsylvania Avenue, NW, Annex Building, 2 nd Floor Washington, D.C. 20220 To Whom It May Concern: I am writing to request a specific license to travel to Cuba as a freelance journalist specializing in health later this year. YYYY-999999 or YYYY-9999999) to view the status of your application. For additional
Process of Applying for a Specific License with OFAC Unlike a court case, when filing for a specific license there is no hearing. OFAC also issues specific licenses on a case-by-case basis under certain limited situations and conditions. Under the FCPIA Act, any increase in CMP must be rounded to the nearest multiple of $1. Thoi Ngc Hu high school was once known as Long Xuyn high school, with currently over 2,000 students. Upon application submission you should see a confirmation page. Application for the Release of Blocked Funds This is how you apply to unblock a wire transfer where that wire transfer was blocked because of a sanctions interest. Once you submit, OFAC will . Cuba Travel This is how U.S. persons apply to travel to Cuba (for many, though not all, categories of travel to Cuba). The specialist may also put them in contact with the licensing officer assigned to their application. You may not need a specific licence from OFAC as: Individuals may travel to Cuba under the auspices of an organization granted a specific license to engage in educational exchanges in Cuba, without the individuals' having to apply for a specific license to OFAC on their own. The ideal candidate has prior experience working in AML and BSA with Latin American accounts covering OFAC Sanctions. Because the evidence and documentation required all depends on the particularities of someones case, there are no specified requirements. The author of. Please note that a specific license can take six months or more to be reviewed and approved by OFAC, so allow plenty of time when planning your activity. There are three main high schools in Long Xuyn city: Thoi Ngc Hu, Bnh Khnh and Long Xuyn. A license is an authorization from OFAC to engage in a transaction that otherwise would be prohibited. A specific license is a written document issued by OFAC to a particular person or entity, authorizing a particular transaction in response to a written license application. OFAC - Check Application Status. Please choose one application path that best meets your needs: Please complete the general information about your application below. Every attorney charges differently for OFAC licenses. Be clear in what you are trying to achieve by applying for the specific license. The four final statuses are Approved (license granted), Approved with Conditions (license granted with conditions that need to be adhered to), Return without Action (no license was issued, often times because the application was 'cancelled' per the exporter's request - see question 8), and Denied. On January 21, 2016, also as part of the US commitments under the JCPOA, OFAC issued a general license at 560.534 of the ITSR authorizing . It is an application process that is filed either online or via mail through a letter to OFAC. An OFAC specific license application is actually a formal written document akin to a written letter which lays out a transaction which would normally be prohibited, but for which the applicant seeks authorization from the Office of Foreign Assets Control (OFAC) to engage in. On October 5, 1995, OFAC received an application for a. specific license authorizing the 1994 assignments of the "Havana. OFAC can grant "specific" licenses in which it provides authority for a party to . CHAPTER V. A LICENSE MAY BE REVOKED OR MODIFIED AT ANY TIME AT THE DISCRETION OF THE SECRETARY OF THE TREASURY. Excellent communications skills and attention to detail are key for this role.<br><br>* <u>Job Requirements:</u><br><br>* * 3 s of banking . U.S. Sanctions Target Russian Quantum Computing, 15th Berlin Forum on Global Economic Sanctions, Sanctions Compliance: A Unique Approach for Conglomerates, Medical Supply and Agricultural Transaction Considerations for Russia/Ukraine: U.S. Sanctions and Export Controls, Benchmarking Sanctions Compliance Programs with the Help of Prior OFAC Enforcement Actions. OFAC issued General License 55 to . A SPECIFIC LICENSE (1) DOES NOT EXCUSE COMPLIANCE WITH ANY LAW OR REGULATION ADMINISTERED BY THE OFFICE OF FOREIGN ASSETS CONTROL OR ANOTHER AGENCY (INCLUDING REPORTING REQUIREMENTS APPLICABLE TO THE TRANSACTIONS AND ACTIVITIES THEREIN LICENSED), (2) DOES NOT RELEASE THE LICENSEES OR THIRD PARTIES FROM CIVIL OR CRIMINAL LIABILITY FOR VIOLATION OF ANY LAW OR REGULATION, AND (3) DOES NOT CONSTITUTE A FINDING OF FACT OR CONCLUSION OF LAW WITH RESPECT TO THE APPLICABILITY OF ANY LAW OR REGULATION. OFAC details the unblocking procedure under 31 C.F.R. Export Controls. For an explanation about the . Specific licenses are issued on a case-by-case basis. All documents are public and easy to access. If OFAC has not yet provided you with a Case ID, then no status information will be retrieved. 552) and the provisions of 31 CFR part 1. A specific license is a written document issued by OFAC authorizing a particular transaction or set of transactions. Applicants must first select the type of application that will be submitted from the following choices: OFAC has become aware that emails sent by OFAC to email addresses hosted by certain email service providers located outside the United States, including the 126.com and 163.com email providers, are not received by the intended recipients. Sanctions will now apply to the aerospace, marine, and electronics sectors of the Russian Federation economy. Make sure to include documentation to show that the transactions you propose are legitimate and are being carried out by legitimate parties. Club" trademark from Cubaexport to HR&L, and then to HCH. An OFAC specific license application is actually a formal written document akin to a written letter which lays out a transaction which would normally be prohibited, but for which the applicant seeks authorization from the Office of Foreign Assets Control (OFAC) to engage in. Depending on the transaction they want to engage in, an individual should have supporting documentation that substantiates and supports what they want to do and why they want to do it. A specific license is a written document issued by OFAC (treasury department) to a particular person or entity, authorizing a particular transaction in response to a written license application.Persons engaging in transactions pursuant to general or specific licenses must make sure that all conditions of the licenses are strictly observed. Application for the Release of Blocked Funds - This is how you apply to "unblock" a wire transfer where that wire transfer was blocked because of a sanctions interest. 1592 AND 1595A, 18 U.S.C. OFAC has no particular license application to be filed; each attorney may have her or his own standard letter for a license request. Appeals can be filed in US District Court in DC or in any other US District Court where the venue is proper. Under which OFAC sanctions program is it being requested? While other browsers may function, their compatibility cannot be guaranteed. It is possible that OFAC will issue a clarification on how the prohibitions apply to services provided to non-Russian persons in relation to Russian-origin crude oil. It is OFAC's policy not to grant applications for a specific license authorizing transactions where a general license exists. While no explicit burden of proofexists, it is important to include detailed, accurate, and verifiable information to OFAC so that the agency can make an informed decision regarding their application. OFAC Search. General licenses constitute blanket authorization for those transactions set forth in the relevant regulation and are self-selecting and self-executing. In some situations, individuals need to close bank accounts they have in sanctioned countries or wind down economic activities involving a sanctioned target. While there are no certainties with OFAC, the above tips will help assess whether or not an unblocking is possible, and increase the chances of an unblocking license being issued. The information provided and the means of submission, via OFAC's online portal, are also similar to a specific license application process. Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Racial Differences in Economic Security: Housing, Remarks by Secretary of the Treasury Janet L. Yellen on the Biden-Harris Administrations Economic Agenda in Ohio, Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg ABA-ABA Financial Crimes Enforcement Conference, FACT SHEET: Limiting Kremlin Revenues and Stabilizing Global Energy Supply with a Price Cap on Russian Oil, U.S. Sanctions Additional Corrupt Haitian Politicians for Drug Trafficking, Remarks by Secretary of the Treasury Janet L. Yellen at Inaugural Meeting of Treasury Advisory Committee on Racial Equity, Statement by Secretary of the Treasury Janet L. Yellen on the Announcement of the Price Cap, Remarks by Assistant Secretary for Financial Markets Joshua Frost on the Historical and Current Perspectives on the Debt Limit at the Federal Reserve Bank of New Yorks Annual Primary Dealers Meeting, To date, Tribal governments have planned or begun implementing over 3,000 culturally relevant projects and services https://t.co/2eXqGBbsY6, This SLFRF Tribal Recovery Report is authored by the Office of Tribal and Native Affairs within Treasury. Any person having an interest in a transaction or proposed transaction may file an application for a specific license authorizing such a transaction . For transactions that do not fall within the scope of these authorizations, U.S. persons may apply for an OFAC specific license." OFAC further noted that it "will prioritize specific license applications seeking authorization to enable remittances to flow more freely to the Cuban people via digital payments." Related Practices All Categories License applications covering more complex transactions can take up to a year or longer for themto process. If an organization's application is approved, the specific terms of the license may require organizations to conduct due diligence or meet On November 22, 2022, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) published a determination pursuant to Executive Order 14071 (EO 14071) (the Determination) and a guidance on the implementation of the price cap policy for Russian-origin crude oil (the Guidance). This is the rule, and has been the rule for sometime, as codified in 31 C.F.R. TSRA This is how you apply for a specific license to export agricultural commodities, medicine, or medical devices to Iran or Sudan pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA). Make sure you communicate not only the purpose of the license application but also any relevant legal arguments as to why it should be granted. on september 4, 2015, u.s. treasury department's office of foreign assets control (ofac) issued people analytics inc. with a specific license and authorized it to use its local capacities to conduct a wide range of opinion research projects in iran and other countries that are difficult or prohibitively expensive to reach from canada to best A specific license is a written document issued by OFAC to a particular person or entity, authorizing a particular transaction in response to a written license application. Iranian-origin carpets and foodstuffs. If you determine that a general license does not apply, you may apply for a specific license by using this online application process. You can look up a person's or company's name in an OFAC search on the U.S. Treasury's website. 1098. An individual would need to identify the transaction, what is being sold or acquired, and the identities of all the parties involved. A COPY OF THIS APPLICATION AND ALL RELATED DOCUMENTATION MUST BE RETAINED BY THE APPLICANT FOR AT LEAST FIVE YEARS AFTER THE DATE OF THE UNDERLYING TRANSACTION. LICENSES GRANTED PURSUANT TO THIS APPLICATION ARE SUBJECT TO THE CONDITIONS BELOW. 16, AND SECTION 701 ET SEQ. We're looking for a _<br>* Banking OFAC Consultant<br>* _, with specific experience working compliance within for private banking. APP. Whereas general licenses are publicized and readily accessible to the public, a specific license is granted to a particular business or entity and only that business and OFAC know of the ownership of the license. Law firms must review the limitations of relevant authorizations to receive payment from SDN persons. For additional information, please see our Frequently Asked Questions regarding OFAC licenses and licensing procedures. The payment structure fell outside of the authorization of the general license to receive legal fee payments from an SDN person. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Someone with experience in applying for a specific license with OFAC can analyze the policy implications of a requested transaction. The OFAC Law Group was granted an OFAC specific license to obtain payment from an SDN client. As the Founder and Principal of Ferrari & Associates, P.C., Mr. Ferrari represents U.S. and foreign corporations, financial institutions, exporters, insurers, as well as private individuals in trade compliance, regulatory licensing matters, and federal investigations and prosecutions. the screen. Email: OFAC_Feedback@treasury.gov: Mail: The Office Of Foreign Assets Control, 1500 Pennsylvania Avenue, NW-Annex, Washington, D.C. 20220 (202) 622-2480 An OFAC license is an authorization from OFAC to engage in an otherwise prohibited transaction. meaning that any specific license application is unlikely to be approved. The United States Department of the Treasury can deny anyone they like of an OFAC specific license. and all necessary information must be included in the application in order for OFAC to consider an application. All required fields are marked by a red asterisk: Help is available on each page by selecting the link in the bottom left corner. When you are finished, click the "Next" button. Are there banks involved? Please let me know how much dose it cost to get OFAC license application.? Application for authorization to travel to Cuba under a specific license. The Only Comprehensive Resource on U.S. Economic Sanctions. Additionally, OFAC encourages applicants to periodically check the status of their applications by selecting Check Application Status.. What about shippers? The content of this article is intended to provide a general guide to the subject matter. The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 8D, "Authorizing Transactions Related to Energy." 545, 18 U.S.C. TSRA - This is how you apply for a specific license to export agricultural commodities, medicine, or medical devices to Iran or Sudan pursuant to the Trade Sanctions . The author of this blog is Erich Ferrari, an attorney specializing in OFAC matters. Unlike a court case, when filing for a specific license there is no hearing. To receive a specific license, a person or entity must submit an application to the OFAC. Persons traveling pursuant to a general license do not need to notify OFAC of their travel plans. Issuance of Russia-related General License 8D. OFAC License Applications Page Additional OFAC Resources Civil Penalties and Enforcement Information OFAC Reporting System Contact OFAC Frequently Asked Questions Search FAQs . Please enter the Case ID provided to you by OFAC, in the Year-Case ID format (i.e. While there is no guarantee or exact science to determining how long the entire process might take, from prior experience, it takes between four and six months for OFAC to rule on simpler transactions. If you have any questions please contact him at 202-280-6370 or ferrari@ferrari-legal.com. If they proceed with an action in federal court, the chance of success is incredibly low because the courts afford OFAC with extreme deference regarding its decisions. . An unblocking application is a license application that requests authorization to release your blocked funds. Case ID: Include arguments that establish the policy considerations of authorizing your transaction. . Application for the release of a wire transfer blocked at a U.S. financial institution, Application for a specific license or interpretive guidance in all other circumstances (Transactional), Application to export agricultural commodities, medicine, or medical devices to Sudan or Iran pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA). Please read all instructions and relevant information fully before submitting an application for a specific license. Guidance on how to request a specific license is found below and at 31 C.F.R. Not all specific license applications are the same. In addition, make sure that OFAC knows that authorization in your case will not harm the sanctions program or U.S. foreign policy objectives. It is an application process that is filed either online or via mail through a letter to OFAC. To receive a specific license, the person or entity who would like to undertake the transaction must submit an application to OFAC. This offi https://t.co/jggNrEe8Ca, Form 941, employer's quarterly federal tax return, Consolidated Sanctions List (Non-SDN Lists), Civil Penalties and Enforcement Information, Cuba Assets Control Regulations (31 CFR part 515), Department of State's website on International Travel for Cuba, Frequently Asked Questions regarding OFAC licenses and licensing procedures, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, Please note that the U.S. Department of the Treasury does not issue visas to travel to Cuba. OFAC has determined that this issue is outside of its control. Additionally, OFAC issued two time-limited general licenses authorizing the provision of Covered Services in connection with importation of Russian oil into Japan and certain EU member states. If you require assistance in applying for a specific license with OFAC, contact aprofessional attorney today to discuss your case. ATTENTION IS DIRECTED TO 19 U.S.C. This determination allows for sanctions to be imposed on any individual or entity determined to operate or have operated in any of those sectors. It is helpful to be able to identify for OFAC why the specific transaction you want to undertake is consistent with US policy and does not harm it. On November 22, 2022, the U.S. Office of the Treasury's Office of Foreign Assets Control ("OFAC") released a Determination pursuant to Executive Order 14071, "Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression."The Determination states that E.O. Does . How Do OFAC Country-Based Sanctions Work. Specific licenses are commonly used to obtain authorization for the release of SDNs' blocked assets, but they can be utilized under various other scenarios as well. If you believe you need to obtain an OFAC license, then you should contact a lawyer who is knowledgeable and experienced in OFAC matters and obtain a consultation. Do you have questions about traveling to Cuba? Authorizations and General . blocked persons, where those transactions would not require a specific license if engaged in by a U.S. person. Therefore, from the beginning put you should provide the right information and ample documentation to support it. The ban on Covered Services will apply to loadings of Russian oil on or after December 5 and/or unloaded at the port of discharge after January 19, 2023. . Released on 11/26/2022 Venezuela Sanctions. A specific license is a written document issued by OFAC to a particular person or entity, authorizing a particular transaction in response to a written license application. Providing all of that information in a license application will hopefully improve the likelihood that OFAC will provide a ruling on their application. A specific license, on the other hand, is a written authorization provided by OFAC that approves a particular transaction for a certain individual or entity. OFAC largely has the authority to issue specific licenses upon application; however, various statutes limit the agency's licensing authority in specific circumstances. Read on to learn more about what goes into applying for a specific license with OFAC, as well as the ways askilled OFAC lawyercould offer you their assistance today. 14071 will apply to trading and commodities brokering . The process is substantially similar to preparing a request for interpretive guidance, where someone gathers the information regarding the proposed transaction first. OF THE RELEVANT PART OF 31 C.F.R. If you have any questions please contact him at 202-280-6370 or ferrari@falawpc.com The OFAC also issues specific licenses on a case-by-case basis. Specific Licenses. This rule is commonly referred to as a general license, which means it is an open authorization that OFAC has provided and does not require any specific application and approval in order to be utilized. Finally, although OFAC ruled that the General License G did not apply, after consultation with the U.S. State Department, OFAC did use its licensing authority to authorized the remaining proposed transactions pursuant to the specific licensing policy at 31 C.F.R. For more information as to how to obtain a specific or general license contact our offices at 844 - 929 - 2444. He frequently represents clients before the United States Department of the Treasurys Office of Foreign Assets Control (OFAC), the United States Department of Commerces Bureau of Industry and Security (BIS), and in federal courts around the country. Quantum What? Technically, it is possibletoappeal OFACs decision regarding a specific license application because it is considered a final agency action. When you return to complete and submit your application, upload the Excel document in the section below and select Begin to proceed with the application. A full list of the Russia-related General Licenses can be found on the OFAC website here. In order to complete the 2022 annual adjustment, each current CMP is multiplied by the 2022 adjustment multiplier. The U.S. Office of Foreign Assets Control (OFAC) on Sept. 25, 2019, designated COSCO Shipping Tanker (Dalian) Co. Ltd. (COSCO Dalian), Kunlun Shipping Company Ltd., and certain other entities and individuals as Specially Designated Nationals (SDNs) under Executive Order 13846Executive Order 13846 Applicants should submit only one copy of a specific license application to OFAC; submitting multiple copies may result in processing delays. Application for the Release of Blocked Funds - This is how you apply to "unblock" a wire transfer where that wire transfer was blocked because of a sanctions interest. If something is incidental to those transactions you maybe ok, however, if you forget something like the involvement of a bank or a shipper, then that license application will not cover any transactions with that party. Specially Designated Nationals List Consolidated Sanctions List Additional OFAC . Companies can still submit specific license applications to OFAC for safety of flight purposes, but should expect OFAC to scrutinize such applications closely. 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When someone is applying for a specific license with OFAC, they wish to engage in a specific transaction involving sanctions that are not otherwise authorized pursuant to an exemption or general license. OFAC Specific License Applications Much of our OFAC licensing practice involves representing clients in the OFAC specific license application process. A SPECIFIC LICENSE IS NOT TRANSFERABLE, IS LIMITED TO THE FACTS AND CIRCUMSTANCES SPECIFIC TO THE APPLICATION, AND IS SUBJECT TO THE PROVISIONS OF 31 C.F.R. 501.801. . OFAC specific license is a written document, authorizing a particular person to engage in a particular transaction pursuant to a written license request. Since OFAC communicates with applicants via email, OFAC recommends that applicants include an alternative email address in their applications if they normally use the 126.com or 163.com email provider. 501.806. A specific license is written authorization for particular transactions or the sale of certain goods granted by OFAC on a case by case basis. Before applying for a specific license, please review the information about Cuba travel and the 12 categories of general licenses related to Cuba travel found in the Cuba Assets Control Regulations (31 CFR part 515). This is false. LICENSEES SHALL FURNISH AND MAKE AVAILABLE FOR INSPECTION ANY RELEVANT INFORMATION, RECORDS OR REPORTS REQUESTED BY THE SECRETARY OF THE TREASURY OR ANY DULY AUTHORIZED OFFICER OR AGENCY OF THE SECRETARY. Alcohol and Tobacco Tax and Trade (TTB) Bureau of Engraving and Printing (BEP) Bureau of the Fiscal Service (BFS) Financial Crimes Enforcement Network (FinCEN) Internal Revenue Service (IRS) OFAC records are made available to the public in accordance with the Freedom of Information Act (FOIA) ( 5 U.S.C. Quantum What? Specific license applications are reviewed by OFAC on a case by case basis. As set forth in Office of Management and Budget Memorandum M-22-07 of December 15, 2021, the adjustment multiplier for 2022 is 1.06222. License applications submitted to OFAC and specific licenses issued by OFAC are subject to the FOIA and generally will be . 1001, 50 U.S.C. This way you will know what to expect, and whether the request is plausible with consideration to the relevant political climate and current licensing policies . From Cubaexport to HR & amp ; L, and the identities of all the parties involved any person an. Should provide the right information and ample documentation to show that the transactions you are... And conditions by applying for a specific TIME period for more information on the particularities of someones,... Of blocked Funds '' as the application. the transactions you propose legitimate... You requesting the license for application because it is an application for authorization to Release your blocked Funds also. 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