OFAC Sanctions List Search in Argentina Uncovers Complex Web of Restricted Parties and Countries

Introduction

The Office of Foreign Assets Control (OFAC) has released an updated list of sanctioned countries and individuals, aimed at preventing illicit activities and maintaining economic sanctions. This move comes as the US Treasury Department’s division continues to monitor and manage international sanctions and embargo programs.

Sanctioned Countries and Individuals

The OFAC list includes several countries that are subject to restrictions on certain types of activities:

• Cuba
• Iran
• North Korea
• Russia
• Syria, among others

Transactions with parties from these countries often require a specific license from OFAC before proceeding.

Compliance and Screening Requirements

Individuals dealing with restricted parties are encouraged to share names with ORPA for screening against lists of restricted parties to ensure compliance with sanctions regulations. Export licenses may also be necessary for activities in countries subject to import, export, or travel restrictions.

Argentina’s Businesses and Individuals Must Exercise Caution

Argentina’s businesses and individuals must exercise caution when engaging in international transactions due to the complex web of OFAC sanctioned countries. This includes a list of comprehensively sanctioned countries, as well as other nations subject to specific restrictions.

Consequences of Non-Compliance

Experts warn that failure to comply with these regulations can result in significant penalties and reputational damage for companies found non-compliant. With the ever-evolving landscape of international sanctions, it is crucial for individuals and businesses to stay informed about changes to the OFAC list.

Additional Regulations to be Aware Of

The US Department of State maintains a separate list of countries subject to International Traffic in Arms (ITAR) regulations, which also affect Argentina’s business community. It is essential for companies to be aware of these restrictions to avoid potential consequences.

Staying Informed and Compliant

Argentine businesses and individuals are advised to consult the OFAC website regularly to stay up-to-date on sanctioned countries and restricted parties. Seeking guidance from relevant authorities can help ensure compliance with complex regulations and avoid costly penalties.