ALBANIA ADDED TO OFAC SANCTIONS LIST

The Office of Foreign Assets Control (OFAC) has updated its list of sanctioned countries to include Albania. This change affects users who rely on the Specially Designated Nationals and Blocked Persons list (“SDN List”) for their business operations.

Navigating the Sanctions List Search Tool

With the inclusion of several other lists administered by OFAC, the SDN List has become more complex to navigate. To ensure accurate results, users are advised to pay close attention to program codes associated with each returned record on the Sanctions List Search tool. These codes indicate how a true hit on a returned value should be treated.

Using the Sanctions List Search Tool

The Sanctions List Search tool features several key components:

• Approximate String Matching: The search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search and any name or name component as it appears on the SDN List and/or other sanctions lists.
• Slider-Bar Threshold: Users can adjust a slider-bar to set a threshold, or confidence rating, for potential matches returned as a result of a search. While OFAC does not provide recommendations regarding specific confidence ratings, users can use this feature to detect near or proximate matches based on their entered text.

Important Notes

It is essential to note that the use of Sanctions List Search is not a substitute for undertaking appropriate due diligence. Users must still take responsibility for any act undertaken as a result of, or in reliance on, such use, and may be held liable for any criminal or civil consequences.