“Now, it is much easier to clear results and forward certain matches to my boss for further investigation. I like how we can add comments for each record.”
ANALYST, INSURANCE, LOS ANGELES
Over the past several years, OFAC has had to impose millions of dollars in civil penalties. The majority of the fines resulted from failure to block illicit transactions when there was a reference to a targeted country or SDN. Mitigating factors in Civil Penalty procedures include self-disclosure, the use and sophistication of interdict software, and other compliance initiatives.
OFAC Laws and Criminal Penalties
The following is a summary of the OFAC legal framework, and criminal penalty provisions. Full details of OFAC’s sanctions can be found on the Treasury.gov website.
Trading With the Enemy Act
International Emergency Economic Powers Act
Iraqi Sanctions Act
United Nations Participation Act
International Security and Development Cooperation Act (ISDCA)
The Cuban Democracy Act (CDA)
The Cuban Liberty and Democratic Solidarity (LIBERTAD) Act
The Antiterrorism and Effective Death Penalty Act
The Foreign Narcotics Kingpin Designation Act
The Criminal Code