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OFAC Compliance
Office
of Foreign Assets Control ("OFAC")
Prior to entering into negotiations
with a potential customer, a secured lender should
confirm that the potential financing would not
violate any governmental rules, regulations or
other requirements. The secured lender should
confirm with its compliance officer and counsel
to ensure compliance with the requirements of
the Office of Foreign Assets Control ("OFAC")
of the U.S. Department of Treasury and the Bureau
of Industry and Security ("BIS") of
the U.S. Department of Commerce.
OFAC is charged
with enforcing and administering trade and economic
sanctions against specified
foreign countries, terrorists, parties involved
in weapons of mass destruction and international
drug dealers based on U.S. foreign policy and
national security interests. OFAC is empowered
to impose controls on and freeze foreign assets
under US jurisdiction. Lists of the sanctioned
countries, Specifically Designated Nationals
and Blocked Persons may be obtained from OFAC's
website at:
BIS is charged with the regulation of exports
for foreign policy, national security and nonproliferation
reasons and the enforcement of regulations related
thereto. The Denied Person List, Unverified List
and Entity List may be obtained from BIS' website
at: http://www.bxa.doc.gov
Counsel and the compliance officer should also
be consulted to ensure that the proposed transaction
would not be prohibited by other governmental
regulation (e.g. Department of State (e.g. International
Traffic in Arms Regulations (22 C.F.R. 126.1(a)
which can be accessed at: http://www.access.gpo.gov/nara/cfr),
FBI).
Commercial Finance Association
225 West 34th St.
Suite 1815
New York, NY 10122
P: (212) 594-3490 • F: (212) 564-6053 • Email
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2005 - Commercial Finance Association - All Rights Reserved
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