International Trade (OFAC) Sanctions
The U.S. Government, through the Office of Foreign Assets Control (OFAC), uses economic sanctions and trade embargoes to protect the country's economy and enhance its security. Every U.S. company must comply with all applicable sanction and embargo regulations, or the company — and in some cases the individual employees involved — will face substantial criminal and civil penalties.
Program Summary
This program provides a general overview of OFAC sanctions and their key provisions. It is designed to help employees recognize situations presenting a risk of legal violations and deal with them properly. It includes a discussion of OFAC-related developments since the September 11, 2001, terrorist attacks.
The topics covered in the program include —
- Overview of OFAC regulations
- Who must comply
- Key terms
- Target countries
- Specially Designated Nationals
- Reporting and record-keeping requirements
- Penalties for noncompliance
- Practical application of OFAC regulations
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