“With Visual OFAC we now have a solid audit trail that can be emailed. I’ve recommended the solution to other shippers and forwarders.”
DIRECTOR OF REGULATORY COMPLIANCE, LOGISTICS, FREEPORT, NY
Summary
Prompted by increasing prevalence and severity of cyber-attacks on both commercial and government systems, U.S President Barack Obama declared a national emergency and issued an executive order authorizing the Secretary of the Treasury, in consultation with the Attorney General and Secretary of State, to add those engaged in cyber activities that significantly harm the national security, foreign policy, economic health or financial stability of the United States to the Specially Designated Nationals (SDNs) and Blocked Persons lists. Once a party is so designated, U.S. companies are prohibited from doing business with them and must report any blocked property to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).
Cyber-related Sanctions: Executive Orders
- 13757 – Taking Additional Steps to Address the National Emergency with Respect to Significant Malicious Cyber-Enabled Activities (December 29, 2016)
- 13694—Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities (April 1, 2015)
Cyber-related Sanctions: Statutes
- International Emergency Economic Powers Act (IEEPA), 50 U.S.C. §§ 1701-1706
- National Emergencies Act (NEA), 50 U.S.C. §§ 1601-1651
Cyber-related Sanctions: Code of Federal Regulations
- 31 CFR Part 578—Cyber-Related Sanctions Regulations
Cyber-related Sanctions: Federal Register Notices
- 80 FR 81752-15—Issuance of Cyber-Related Sanctions Regulations to implement Executive Order 13694
Note: This information is provided for reference only.