- OFAC proposes new reporting requirement for rejected transactions
- Agency issues guidance on dealing with Iran
- Additional parties designated under Magnitsky sanctions program
- Careful diligence of international transactions and business partners is essential
On a regular basis over the past several months, the U.S. Treasury Department, Office of Foreign Assets Control (OFAC) has introduced new sanctions requirements, guidance, and restrictions. OFAC is the U.S. government agency which administers most U.S. sanctions programs.
Many of these measures have been quite targeted. For instance, on July 29, 2019, OFAC designated Kim Su Il as a Specially Designated National (SDN) of North Korea. According to the SDN listing, Kim Su Il is a resident of Vietnam. Thus the designation, while limited to Kim Su Il, demonstrates one of the challenges of U.S. sanctions compliance: many SDNs reside in or are nationals of countries against which the United States does not otherwise maintain sanctions.