Business under sanctions

Business under sanctions There are a lot of services that can now be transmitted via the internet.

If an online business is selling goods to sanctioned parties or countries, that could be a violation.

An example of this is in the Iran sanctions with respect to inheritances. If a U.S. citizen living in the United States ...
16/10/2021

An example of this is in the Iran sanctions with respect to inheritances. If a U.S. citizen living in the United States has a family member in Iran who passes away and leaves them property, they are allowed to sell the property and move that money from Iran to the United States by going through the proper channels. All of this can be performed without applying for a specific license.

Without this general license, the inheritance-related transaction would be prohibited. Having an attorney evaluate your transaction for compliance with a general license is one way to protect yourself from inadvertently violating the law. You can see a copy of a general license issued by the Treasury Department here.

Do online businesses need to worry about OFAC?OFAC Attorney: They do because the sanctions are broad and they tend to pr...
16/10/2021

Do online businesses need to worry about OFAC?
OFAC Attorney: They do because the sanctions are broad and they tend to prohibit the exportation of goods, technology, and services. There are a lot of services that can now be transmitted via the internet. If an online business is selling goods to sanctioned parties or countries, that could be a violation. For example, an online money-transfer company could be liable for sanctions violations if they let Iranian nationals use their service because they are exporting a financial service to Iranians.

What are general licenses?
OFAC Attorney: A general license is an authorization contained within the regulations themselves. People do not have to apply for anything to utilize a general license. It is up to the person or company that wants to utilize that authorization to make sure they meet all of the requirements, limitations, and restrictions of that authorization.

Office of Foreign Assets Control - Sanctions Programs and InformationThe Office of Foreign Assets Control ("OFAC") of th...
16/10/2021

Office of Foreign Assets Control - Sanctions Programs and Information
The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United​ States.

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