OFAC FAQ (Current) # 4 - Basic Information on OFAC and Sanctions (PDF contains previous versions)

Date issued: Aug. 21 2024

Last substantive commentary amendment:
Aug. 22 2024

TURBOFAC Commentary (91 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 doesn’t provide anything in the way of “guidance” that is not otherwise clear from other OFAC statements, but it is notable that OFAC characterizes exempt transactions as “not prohibited” (notwithstanding that they may fall within the scope of a prohibition). General Note on the terms "Exempt," "Authorized," "Licensed," "Prohibited, "Not Prohibited" and "Sanctionable.