The Treasury Department’s Office of Foreign Assets Control recently updated its license application portal by adding an option to establish an account to submit requests for specific licenses or interpretive guidance or to submit reports required by some specific licenses.
OFAC administers and enforces economic sanctions programs primarily against countries and groups of individuals such as terrorists and narcotics traffickers. Sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. OFAC issues specific licenses to authorize transactions that otherwise would be prohibited and provides interpretive guidance about how its authorizations apply to specific situations.
OFAC states that, by using the new functionality to register for an account, applicants will be able to save and return to an application in progress, view a list of their applications and the associated case statuses in a single dashboard, save frequently-used contacts for easier data entry, replicate an application, and more.
OFAC notes that registering for an account is not required to submit an application for a specific license or interpretive guidance and is merely an option in addition to the current process. All applicants may check their application status using their case ID.
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