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OFAC Sanctions List Targets South Georgia and South Sandwich Islands

The Office of Foreign Asset Control (OFAC) has released a list of individuals, businesses, and entities that have violated or aided in violating US sanctions against Iran and Syria. The Foreign Sanctions Evaders (FSE) List aims to penalize evaders, regardless of their location.

Sanctions Against Iran and Syria

Syria and Iran have been subject to US sanctions for decades. Businesses have attempted to evade the sanctions, leading to the creation of the FSE List. Syrian sanctions date back to the late 1970s, with updates in 2004 and 2011. Iranian sanctions aim to restrict exports and access to the US financial system.

Executive Order 13608

In 2012, the US government recognized the need to combat evasion of Syria and Iran sanctions by non-US entities. Executive Order 13608 gave the Justice Department and OFAC the authority to publicly identify and impose sanctions on foreign individuals who violate or attempt to violate US sanctions targeting Syria and Iran.

The Foreign Sanctions Evaders List

The FSE List, introduced by OFAC in 2014, collates the identities of entities subject to sanctions made under the authority of Executive Order 13608. Businesses are prohibited from transacting with listed individuals or businesses, which can result in severe penalties.

Can Businesses Work With FSE-Listed Entities?

No, US businesses cannot conduct transactions with FSE-listed entities. This includes any provision of financial services and wire transfers involving a listed individual. U.S. businesses also risk severe penalties for operating an existing account without explicit permission from OFAC.

Do FSE Sanctions Only Apply to Syria and Iran-Related Transactions?

No, US businesses are prohibited from conducting any relevant transactions with listed entities, regardless of their location or the nature of their business.

The FSE List and SDN List

The Specially Designated Nationals (SDN) List includes individuals and entities seen as threats to US interests. While both lists have different focuses, there is overlap: some entities may appear on both lists due to activities that breach US sanctions law.

Sanctions Screening for FSE-Listed Individuals and Businesses

To avoid severe penalties and reputational damage, businesses must screen new and existing customers against the FSE and other OFAC and international sanctions lists. Alessa’s Watchlist and Sanctions Screening Software helps businesses with fast, accurate, and timely OFAC sanctions screening.

By staying up-to-date on the latest sanctions regulations and using effective screening tools, businesses can ensure compliance and minimize the risk of violating US sanctions laws.