What is OFAC lists?
The Office of Foreign Assets Control (OFAC) maintains several lists that include individuals, entities, and countries subject to economic and trade sanctions. These lists are used to enforce U.S. sanctions programs and restrict certain transactions and activities involving sanctioned parties. Key OFAC lists include:
- Specially Designated Nationals (SDN) List:
- The SDN List is a comprehensive list of individuals and entities with whom U.S. persons and entities are generally prohibited from engaging in transactions. This list includes individuals, companies, and organizations that are subject to sanctions due to activities such as terrorism, narcotics trafficking, proliferation of weapons of mass destruction, and other threats to U.S. national security and foreign policy.
- Consolidated Sanctions List:
- The Consolidated Sanctions List is a compilation of various OFAC sanctions lists, including the SDN List, the Foreign Sanctions Evaders (FSE) List, and others. It provides a consolidated view of entities and individuals subject to different sanctions programs.
- Foreign Sanctions Evaders (FSE) List:
- The FSE List includes individuals and entities that have engaged in activities that violate or circumvent U.S. sanctions. Transactions with parties on this list may be subject to additional scrutiny.
- Sectoral Sanctions Identifications (SSI) List:
- The SSI List identifies individuals and entities subject to sectoral sanctions, which target specific sectors of the Russian economy. Transactions involving parties on the SSI List may be restricted or prohibited.
- Non-SDN Iranian Sanctions List:
- This list includes individuals and entities subject to certain Iran-related sanctions that are not included on the SDN List. It targets activities related to Iran's nuclear and ballistic missile programs.
- Part 561 List:
- The Part 561 List includes individuals and entities subject to specific sanctions under the Iranian Financial Sanctions Regulations. It relates to Iran-related sanctions targeting financial institutions.
- Palestinian Legislative Council (PLC) List:
- The PLC List includes individuals affiliated with the Palestinian Legislative Council, and transactions involving parties on this list may be subject to restrictions.
- Sectoral Sanctions Identifications List for Russia-Related Directives:
- This list identifies individuals and entities subject to sectoral sanctions related to Russia, particularly in response to the situation in Ukraine. It restricts certain financial and energy-related transactions.
These lists are dynamic, and updates may occur as new individuals or entities are added or removed based on changes in U.S. foreign policy, international events, and evolving national security concerns. U.S. persons and entities, including financial institutions, are required to screen against these OFAC lists to ensure compliance with U.S. sanctions regulations and to avoid engaging in prohibited transactions.
