![]() Depending on the transaction they want to engage in, an individual should have supporting documentation that substantiates and supports what they want to do and why they want to do it. Because the evidence and documentation required all depends on the particularities of someone’s case, there are no specified requirements. While no explicit burden of proof exists, it is important to include detailed, accurate, and verifiable information to OFAC so that the agency can make an informed decision regarding their application. Providing all of that information in a license application will hopefully improve the likelihood that OFAC will provide a ruling on their application. This also includes any customers and middlemen who will have an interest in the transaction. An individual would need to identify the transaction, what is being sold or acquired, and the identities of all the parties involved. ![]() The first steps include gathering all necessary information. Next, they draft a license application in letter form and submit that application to OFAC. The process is substantially similar to preparing a request for interpretive guidance, where someone gathers the information regarding the proposed transaction first. It is an application process that is filed either online or via mail through a letter to OFAC. Unlike a court case, when filing for a specific license there is no hearing. Process of Applying for a Specific License with OFAC Read on to learn more about what goes into applying for a specific license with OFAC, as well as the ways a skilled OFAC lawyer could offer you their assistance today. Since the country is now under sanctions, they need to ask for permission from OFAC to dispose of these assets or otherwise engage in those kinds of transactions. ![]() Another common transaction is the sale of a business, stocks, or other investments that someone might have acquired involving sanctions. In some situations, individuals need to close bank accounts they have in sanctioned countries or wind down economic activities involving a sanctioned target. When someone is applying for a specific license with OFAC, they wish to engage in a specific transaction involving sanctions that are not otherwise authorized pursuant to an exemption or general license. ![]()
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