OFAC Unblocking Applications
What is an OFAC Unblocking Application?
An OFAC unblocking application is a request to the US government to release frozen assets or property that has been blocked due to sanctions, trade restrictions, or other reasons. This can include bank accounts, real estate, vehicles, or even intellectual property.
When OFAC blocks an asset, it’s usually because the individual or company is believed to be connected to a sanctioned country, organization, or individual. However, if you’re innocent and have no connection to the sanctioned party, you may be able to submit an OFAC unblocking application to get your assets released.
Types of OFAC Unblocking Applications
There are several types of OFAC unblocking applications, each with its own process and requirements. Here are the main types:
General License Applications
A general license is a broad permission that allows certain activities or transactions to proceed despite sanctions. If you’re seeking to engage in an activity that’s covered by a general license, you can submit an application to OFAC for authorization.
Specific License Applications
A specific license is a permission granted for a specific transaction or activity that’s not covered by a general license. This type of application requires more information and justification than a general license application.
Request for Authorization under a General License
If you’re unsure whether your activity is covered by a general license, you can submit a request for authorization under that license. This can help clarify whether your transaction is allowed under existing regulations.
Request for Reconsideration or Appeal
If your OFAC unblocking application is denied, you can submit a request for reconsideration or appeal. This allows you to provide additional information or arguments to support your case.
Submitting an OFAC Unblocking Application
So how do you go about submitting an OFAC unblocking application? Here’s a step-by-step guide:
Gather Required Documents:
Collect all necessary documents and information required by OFAC, including:
- Identification documents (e.g., passport)
- Proof of ownership (e.g., title deeds)
- Proof of innocence (e.g., statements from witnesses)
Determine the Correct Form:
Identify the correct form for your application type (e.g., General License Application Form BIS).
Complete the Form:
Carefully complete the form, providing all required information and supporting documentation.
Submit the Application:
Submit the completed form and supporting documents electronically through the BIS website or by mail.
Wait for Review:
Wait for OFAC’s review and processing of your application.
Follow Up:
If necessary, follow up with OFAC to ensure your application is being processed and address any questions or concerns.
Receive a Response:
Receive a response from OFAC indicating approval, denial, or request for additional information.
Conclusion
Submitting an OFAC unblocking application may seem daunting, but it’s often the best course of action for individuals and businesses affected by frozen assets or blocked property. By understanding what an OFAC unblocking application is, the different types, and the benefits of submitting one, you can take control of your situation and get back on track.
Remember to seek legal advice from experienced attorneys specializing in international trade and finance if you need guidance on submitting an OFAC unblocking application. With patience and persistence, you can successfully navigate the process and regain access to your frozen assets.
Bukh Law P.A. OFAC Unblocking Applications Legal Services:
Initial Screening and Analysis:
Conducting an initial review of the individual or entity’s transactions to identify potential OFAC issues and advise on the likelihood of unblocking.
Compliance with OFAC Regulations:
Providing guidance on compliance with OFAC regulations, including identifying and mitigating potential risks.
Penalty Appeal Representation:
Representing individuals or entities in appeals of OFAC penalties, including preparing and submitting appeal requests and supporting documentation.
Voluntary Self-Disclosure (VSD) Submission:
Assisting individuals or entities in submitting a VSD to OFAC, including preparing the submission and ensuring compliance with relevant regulations.
Blocked Assets Release:
Representing individuals or entities in seeking the release of blocked assets, including obtaining licenses and approvals from OFAC.
Penalties and Fines Negotiation:
Negotiating with OFAC to reduce or waive penalties and fines associated with OFAC violations.