OFAC FAQ (Current) # 3- Basic Information on OFAC and Sanctions (PDF contains previous versions)

Date issued: Aug. 21 2024

Last substantive commentary amendment:
Aug. 22 2024

TURBOFAC Commentary (186 words)

Notes:

1) FAQ amended on 8-21-24 concurrent with Modernizing Treasury’s Office of Foreign Assets Control (Press Release), detailing several modernization efforts, including the updating of a number of general interest FAQs containing dated language. This FAQ was amended to add language clarifying, among other things, how OFAC’s prohibitions apply to non-U.S. persons. The comments below were drafted (not amended) prior to the 8-21-24 amendment.

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1) See General Note on the terms "Exempt," "Authorized," "Licensed," "Prohibited, "Not Prohibited" and "Sanctionable for comment on the use of the term “prohibited” in this context, as compared to the narrower use of the term in, e.g. FAQ # 74.

2) Many transactions "expressly exempt by statute" are recognized by OFAC as exempt, but not in any way discernible from its website, either in guidance or its regulations. See e.g. Case No. IA-2012-299245-1; section 2(I) of the "Ordinarily Incident" System Note.

3) With respect to the "different foreign policy and national security goals" language, refer to Notes Common to "5XX.101" Provisions (Titled "Relation of this part to other laws and regulations") (System Ed. Note).