Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.
Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).
Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category).
Please contact [email protected] or [email protected] with any questions on search results and efficiency.
Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.
1) The guidance clarifies the importance of in-process screening and blocking capabilities for financial institutions. The guidance suggests that, unlike OFAC's allowing certain institutions to reject otherwise blockable funds in the interests of the smooth functioning of the ACH system (Letter from OFAC to Nacha re: Rejecting IAT Transactions (2009)), OFAC is unwilling to permit screening subsequent to the crediting of accounts, even if institutions are able to ensure that the funds are blocked prior to a beneficiary being able to use them. Compare Civil Enforcement Information - PayPal, Inc..
2) Note that the question here appears not to relate to the crediting of blocked accounts, but the crediting, to unblocked accounts, of funds in which a blocked person has an interest or which otherwise relate to a prohibited transaction. From a legal basis standpoint, OFAC appears to be saying...