The Treasury Department’s Office of Foreign Assets Control, which administers and enforces U.S. economic and trade sanctions, has announced the following efforts to modernize its infrastructure and enhance access to information to ensure that sanctions are easily understood and enforceable. OFAC is accepting feedback on these updates, including recommendations on additional topics it would be helpful to address.
- effective Aug. 8, made use of the OFAC Reporting System – a secure electronic platform for submitting reports related to blocked property and rejected transactions that offers features such as secure messaging, bulk filing, and unique report forms – mandatory for filing block and reject reports
- formally launched the Sanctions List Service, a cloud-based platform that provides users with easy access to the most up-to-date and complete sanctions lists and sanctions list data and allows users to create custom datasets
- launched a new online platform that will enhance how it receives and responds to sanctions compliance hotline inquiries following an all-time high of about 57,000 submissions in 2023
- updated its online licensing portal to provide that applicants using the portal to check the status of their applications will now receive one of ten case statuses that specify where their application is in the processing timeline
- updated the table of Civil Penalties and Enforcement Information on its website to include the dates, party names, penalty or settlement amounts, and relevant documentation for enforcement actions dating back to 2003
- updated many of its frequently-asked questions on general sanctions questions and issues, including the meaning of “blocked property” and how to verify the authenticity of an OFAC document
- updated its website to include a new and improved FAQ search function that allows users to search by keyword or phrase and to filter results by specific topics or relevant sanctions programs
- published an update to its general and technical guidance for submitting information electronically, which includes best practices for organizing submissions, general conventions for electronic submissions of various file types, and standards for submitting large productions
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