Sanctions

Economic Sanctions and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)

Sanctions from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) can be overwhelming for both individuals and businesses. As a result of such sanction measures, global corporations, small businesses or individuals may suffer significant losses, both financial and in terms of reputation. However, it should be remembered that this situation is not hopeless. At Seiden Law, we recognize that OFAC sanctions are intended to ensure future compliance, not to punish possible past violations. Our experience tells us that sanctioned individuals and entities have the ability to demonstrate that there are factual or legal issues that may have led to misclassification. It is also important to consider that changed circumstances may serve as grounds for removal from the sanctions list.

At Seiden Law, we regularly advise a wide range of clients in the United States and around the world on matters related to economic sanctions. We specialize in developing and filing applications for removal from the Specially Designated Nationals and Blocked Persons List, also known as the SDN List, as well as the global Magnitsky Act. In addition, we seek various interim relief, such as obtaining licenses to operate or conducting specific transactions during the period of sanctions. Our understanding of sanctions is based on the fact that they are aimed at restoring compliance with rules and regulations, and not at punishment. Therefore, an important aspect of our sanctions legal work is to provide clients with experienced, creative and reliable counsel. We are prepared to conduct an independent internal investigation and develop remedial recommendations that will be reviewed and adopted by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to the highest degree possible.

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