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OFAC Licensing and Litigation

February 28, 2020

Terrorism Risk Insurance Act (TRIA) Claims: What Do Companies Need to Know?

Designation as a “Specially Designated National” or “SDN” has significant implications for the individual or entity labeled an SDN as well as any domestic entities in the United States that do business with the individual or entity. Once a foreign individual or company is labeled an SDN, its assets are blocked, and U.S. entities are generally prohibited from dealing with the foreign national or company. This presents a number of challenges for which the assistance of an SDN lawyer is required. Read More

Categories: Insurance Claims, OFAC Licensing and Litigation

November 29, 2019

OFAC Licenses: Do You Need a General License or a Specific License?

In order to transfer assets as a specially designated national (SDN) or to engage in transactions involving an SDN’s blocked assets, it is necessary to obtain a license from the Office of Foreign Asset Control (OFAC). OFAC issues two types of licenses – general and specific – and all license applications must contain information that is specific type of license being sought. Due to the complexities involved in the application process, it is advisable for all SDNs, creditors and other license applicants to seek guidance from an OFAC attorney.   Read More

Categories: OFAC Licensing and Litigation