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62-667: On July 25, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on the Congo River Alliance. On August 6, 2024, President Félix Tshisekedi accused former President Joseph Kabila of backing the Congo River Alliance. This Democratic Republic of the Congo -related article is a stub . You can help Misplaced Pages by expanding it . Office of Foreign Assets Control The Office of Foreign Assets Control ( OFAC )

124-729: A U.S. citizen was convicted of violating the Iran Trade Embargo for failing to request Iranian currency transfer licenses in advance from OFAC. On August 25, 2010, the Iranian American Bar Association announced that it would file an amicus curiae brief with the Court of Appeals for the Second Circuit on United States v. Banki . It has also hired lawyers to request further guidance from OFAC on import of goods from Iran. In 2014, OFAC reached

186-553: A court order is required. As of October 7, 2015, the SDN List had more than 15,200 entries from 155 countries. Of those, 178 entries were for aircraft and 575 entries were for ships ("vessels"). The remaining 14,467 entries were for designated individuals and organizations. OFAC creates separate entries in the SDN list for each alias of a designee, so the number of entries does not reflect the number of designees. On September 21, 2021,

248-589: A cryptocurrency exchange was included in the sanctions list for first time for helping launder illicit funds having source from ransomware attacks. The amounts laundered are more than $ 160 million between 2018 and 2021. OFAC publishes a list of Sectoral Sanctions Identifications (SSI), which lists persons, companies, and entities in sectors of the Russian economy (especially energy, finance, and armaments), prohibiting certain types of activity with these individuals or entities by US persons, wherever located. This list

310-609: A declaration of war. Because there is no declaration of war between the United States and North Korea, TWEA sanctions cannot be reapplied, but it was re-sanctioned for reneging on its commitments through the IEEPA, along with other laws, and through UN Security Council resolutions. North Vietnam was sanctioned in 1964 during the Vietnam War. Sanctions were continued until North Vietnam ceased to exist and were inherited by

372-580: A national emergency with a concurrent resolution . However, the U.S. Supreme Court found such legislative vetoes unconstitutional in Immigration and Naturalization Service v. Chadha . Following the Court's decision, Congress amended the NEA to require a joint resolution . The law set the basis for sanctions by the United States. As of 2023, Cuba is the only country restricted under TWEA. North Korea

434-512: A record $ 963 million settlement with the French bank BNP Paribas , which was a portion of an $ 8.9 billion penalty imposed in relation to the case as a whole. Appointment as OFAC director is not subject to Senate confirmation. OFAC publishes a list of Specially Designated Nationals (SDNs), which lists people, organizations, and vessels with whom U.S. citizens and permanent residents are prohibited from doing business. This list differs from

496-729: A threat to U.S. national security. Founded in 1950 as the Division of Foreign Assets Control, since 2004 OFAC has operated under the Office of Terrorism and Financial Intelligence within the Treasury Department. It is primarily composed of intelligence targeters and lawyers. While many of OFAC's targets are broadly set by the White House , most individual cases are developed as a result of investigations by OFAC's Office of Global Targeting (OGT). Sometimes described as one of

558-509: Is a financial intelligence and enforcement agency of the United States Treasury Department . It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Under presidential national emergency powers , OFAC carries out its activities against foreign governments, organizations (including terrorist groups and drug cartels), and individuals deemed

620-585: Is executed by OFAC by issuing regulations that direct financial institutions accordingly. As part of its efforts to support the Iraq sanctions , in 2005, OFAC fined Voices in the Wilderness $ 20,000 for gifting medicine and other humanitarian supplies to Iraqis. In a similar case, OFAC imposed and attempted to collect a $ 10,000 fine, plus interest, against peace activist Bert Sacks for taking medicine to residents of Basra ; charges against Sacks were dismissed by

682-640: Is maintained following the issuance of EO 13662 Blocking Property of Additional Persons Contributing to the Situation in Ukraine on March 20, 2014, in accordance with 79 FR 16167. On August 13, 2014, the Treasury Department issued guidance for entities under sectoral sanctions. It increased the number of entities on the sectoral sanctions identifications list by adding subsidiaries of entities under sectoral sanctions that hold 50% or greater ownership by an entity under sectoral sanctions either individually or in

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744-658: Is sometimes confused with the IEEPA, which grants somewhat broader powers to the President, and which is invoked during states of emergency when the United States is not at war. The IEEPA was passed in an attempt to rein in perceived abuses by the US President of the TWEA by making the powers subject to the National Emergencies Act (NEA). The NEA included a legislative veto to allow Congress to terminate

806-496: The Emergency Banking Relief Act , which amended TWEA to enable its use during any "period of national emergency declared by the President." President Franklin D. Roosevelt , using these new authorities, issued Executive Order 6102 to limit gold ownership. These restrictions continued until January 1, 1975. The TWEA has been amended several other times. During and after both World Wars, property frozen by

868-470: The Office of Alien Property created in the Department of Justice . As Germany was judged to have a primary role in starting both world wars, the United States policy was to confiscate and sell off German assets that Germans acquired before 1946. The War Claims Act of 1948 distributed the vested property if a claim could be established. Greece was listed in 1941, to prevent assets from being used by

930-648: The Office of Alien Property Custodian (APC) under TWEA with power to confiscate property from anyone whose actions might be considered a possible threat to the war effort. Initially, the Custodian confiscated the property of interned natives of Germany and of businesses, such as the Bayer chemical company. On December 7, 1917, the United States declared war on the Austro-Hungarian Empire ,

992-515: The Office of Alien Property Custodian by Executive Order 11281 , effective June 30 of that year. On August 15, 1971, President Richard M. Nixon issued Proclamation 4074 , which declared a national emergency under TWEA and imposed a 10% ad valorem supplemental duty on all dutiable articles imported into the United States. Albania was invaded by the Central Powers during WW1. While the Central Powers occupied Albania, its assets from

1054-599: The United Kingdom in retaliation for the impressment of American sailors. Predecessor agencies of the Division of Foreign Assets Control include Foreign Funds Control (FFC), which existed from 1940 to 1947, and the Office of International Finance (1947 to 1950). FFC was established by Executive Order 8389 as a unit of the Office of the Secretary of the Treasury on April 10, 1940. The authority to establish FFC

1116-474: The "most powerful yet unknown" government agencies, OFAC has the power to levy significant penalties against entities that defy its directives, including imposing fines, freezing assets, and barring parties from operating in the U.S. Involvement of the U.S. Department of the Treasury in economic sanctions against foreign states dates to the War of 1812 , when Secretary Albert Gallatin administered sanctions against

1178-617: The Cold War because the US and Cuba often found themselves on opposite sides in various proxy conflicts throughout Latin America and Africa. The sanctions on Cuba were increased after the Cuban air force killed American protesters who were known to violate Cuban airspace. Cuba is currently the only state still under sanctions under TWEA. Czechoslovakia was invaded and annexed by Germany. In 1941 it

1240-602: The EIPA Act during the Cold War between the US and the former Soviet Union. Many members of the Haitian Army who had properties in the US, their properties either frozen or confiscated by the Clinton administration until they agreed to the return of deposed Haitian President Jean-Bertrand Aristide . Hungary was an Axis power and was sanctioned in 1941. Sanctions were lifted in 1945. Hungarian assets were held until

1302-517: The Enemy Act of 1917 The Trading with the Enemy Act (TWEA) of 1917 (40  Stat.   411 , codified at 12 U.S.C.   § 95 and 50 U.S.C.   § 4301 et seq.) is a United States federal law , enacted on October 6, 1917, in response to the United States declaration of war on Germany on April 6, 1917. It continues to give the President of the United States

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1364-565: The Nazi German government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached. Estonia was listed in 1940, to prevent its assets from being used by the invading Nazi Germany, and was delisted in 1946. Estonian assets were held until the government of Estonia agreed to return assets its German-installed occupation government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement

1426-762: The Office of Foreign Assets Control. In addition to the Trading with the Enemy Act and the various national emergencies currently in effect, OFAC derives its authority from a variety of U.S. federal laws , particularly the International Emergency Economic Powers Act (IEEPA), regarding embargoes and economic sanctions. In enforcing economic sanctions, OFAC acts to prevent "prohibited transactions", which are described by OFAC as "trade or financial transactions and other dealings in which U.S. persons may not engage unless authorized by OFAC or expressly exempted by statute". OFAC has

1488-641: The Oregon-based Al Haramain Islamic Foundation in 2004 was unconstitutional. The court said the Fifth Amendment's guarantee of due process required Treasury to give adequate notice of the reasons it puts a group on the terrorist list, as well as a meaningful opportunity to respond. In addition, the court ruled that freezing the group's assets amounts to a seizure under the Fourth Amendment, so that

1550-598: The Socialist Republic of Vietnam. Norway was listed in 1940 to prevent its assets from being used by the invading Nazi Germany. Norway was delisted in 1946. The Ottoman Empire was in the Central Powers, an ally of the German Empire, Austria-Hungary and the Kingdom of Bulgaria, which was sanctioned alongside its allies in 1917 with the act, though entering the war later on. The Ottoman Empire and

1612-530: The Soviet proposal to prevent the German diaspora outside German borders after WW1 from helping start another world war by requesting annexation. Denmark was listed in 1940 to prevent its assets from being used by the invading Nazi Germany, and was delisted in 1946. East Germany , or eastern Germany before 1949, and East Berlin-origin assets were held until the government of East German agreed to return assets

1674-541: The United States are not known to have fought each other during the war, except for smaller-scaled naval conflicts and bombardments. And little, if any, property was seized from Ottomans as the Ottoman Empire had few resources to be seized that would contribute to the war and economic effort within the United States. It was judged by the Office of the Alien Property Custodian that seizing

1736-513: The United States, belonging to neutral or allied nations, was returned and property belonging to enemy nations was continuously confiscated until hostilities ceased. Some of the confiscated enemy property would not be returned later. Agreements to return some or most assets in exchange for seized American assets and reparations for war-damaged American interests by the new governments of the former enemy nations were later concluded. Nations or organizations that were deemed less responsible for starting

1798-429: The United States. Trading with the Enemy Act sanctions were lifted in 2008 in response to North Korea's steps toward nuclear disarmament and commitments to continue dismantling its nuclear weapons program. However, North Korea later developed and tested several more nuclear weapons, indicating that it was lying. North Korea's designation was grandfathered from an old version of the law that allowed it to be used absent

1860-479: The aggregate, either directly or indirectly. Further, US persons cannot use a third party intermediary and must exercise caution during "transactions with a non-blocked entity in which one or more blocked persons has a significant ownership interest that is less than 50% or which one or more blocked persons may control by means other than a majority ownership interest." On December 22, 2015, the Treasury Department explicitly listed all entities and their subsidiaries on

1922-444: The areas they occupied were frozen to prevent the Central Powers from using Albanian assets. Because of this policy, once Central Powers occupation ended the sanctions were effectively lifted. During WW2, Albania was listed in 1941, to prevent its assets from being used first by the invading fascist Italy and then by the invading Nazi Germany, and was delisted in 1946. Andorra remained officially neutral during WW2. However, it

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1984-430: The authority to grant exemptions to prohibitions on such transactions, either by issuing a general license for certain categories of transactions, or by specific licenses issued on a case-by-case basis. Under the International Emergency Economic Powers Act (IEEPA), the U.S. President is empowered during national emergencies to block the removal of foreign assets under the jurisdiction of the United States. That mandate

2046-473: The central powers from using Montenegrin assets. Because of this policy, once the Central Powers' occupation ended the sanctions were effectively lifted. North Korea was sanctioned in 1950 for aggression in the Korean War. The war is still officially in effect, with no peace treaty signed, and the sanctions has been kept due to North Korean terrorism, nuclear proliferation, and continued aggression toward

2108-508: The court in December 2012. In October 2007, a set of Spanish travel agency websites had their domain name access disabled by eNom : the domain names had been on the OFAC blacklist. When queried, the U.S. Treasury referred to a 2004 press release that claimed the company "had helped Americans evade restrictions on travel to Cuba". In the case of United States v. Banki , on June 5, 2010,

2170-424: The empire's dissolution and before the ratification of the peace treaties. Belgium 's property was frozen in the event the property was from the areas the invading Central Powers occupied during WW1 to prevent the Central Powers from using its assets. If the area was not occupied, the assets were not frozen. Because of this policy, once Central Powers occupation ended the sanctions were effectively lifted. Belgium

2232-550: The entry of the People's Republic of China into the Korean War ; President Harry S. Truman declared a national emergency and tasked the Division with blocking all Chinese and North Korean assets subject to U.S. jurisdiction. The Division also administered regulations and orders issued under the amended Trading with the Enemy Act. On October 15, 1962, by a Treasury Department order, the Division of Foreign Assets Control became

2294-521: The government of Bulgaria agreed to accept American claims for lost property and war damages so the Bulgarians were allowed to reclaim the property America seized during WW2. Cambodia was sanctioned in 1975 as a result of the Vietnam War. Trading With the Enemy Act sanctions were lifted in 1992. China was listed on two occasions. The Republic of China was first listed in 1941 to prevent invading Japan from using Chinese assets during WW2. China

2356-461: The government of Hungary agreed to return assets it expropriated during WW2 and accept claims for war damages caused by Hungary. Italy was an axis power until Italy was invaded and Mussolini's government deposed. Italy was sanctioned in 1941. Sanctions were lifted in 1943 after the allies installed a friendly government and it switched sides. Italy accepted an agreement to return expropriated American property and accept claims for war damages so it

2418-717: The invading Nazi Germany, and was delisted in 1946. Hong Kong was listed in 1941, to prevent its assets from being used by invading Japan, and was delisted in 1946. The military government of Haiti led by General Raoul Cedras and affiliated members such as the CIA-created FRAPH, was listed under the International Economic Powers Act (IEPA Act), now with the Trading With the Enemy Act that has its roots in World War I and

2480-452: The invading Nazi Germany, and was delisted in 1946. Latvian assets were held until the government of Latvia agreed to return assets its German-installed occupation government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached. Liechtenstein was listed in 1941. Liechtenstein was perceived to be on Germany's side by some allies even though it remained neutral. Liechtenstein

2542-657: The list maintained pursuant to Section 314(a) of the Patriot Act . In August 2009, a federal court ruling in KindHearts v. Treasury found that Treasury's seizure of KindHearts assets without notice or means of appeal is a violation of the Fourth and Fifth Amendments. On September 23, 2011, the Ninth Circuit Court of Appeals upheld a lower court's ruling that procedures used by Treasury to shut down

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2604-403: The newly established Office of International Finance (OIF). In 1948, OIF activities relating to blocked foreign funds were transferred to the Office of Alien Property, an agency within the Department of Justice . The Division of Foreign Assets Control, OFAC's immediate predecessor, was established in the Office of International Finance by a Treasury Department order in December 1950, following

2666-433: The other Central Power . In 1933, newly-elected President Franklin D. Roosevelt issued Proclamation 2039 , which declared a national emergency and imposed a bank holiday. The proclamation cited TWEA (obliquely referenced as the "Act of October 6, 1917") as the basis of his authority. Aware that such action was legally dubious since the United States was not at war, Roosevelt asked Congress to ratify his actions by passing

2728-512: The power to oversee or restrict any and all trade between the United States and its enemies in times of war. TWEA was amended in 1933 by the Emergency Banking Act to extend the president’s authority also in peace time. It was amended again in 1977 by the International Emergency Economic Powers Act (IEEPA) to restrict again the application of TWEA only to times of war, while the IEEPA was intended to be used in peace time. TWEA

2790-400: The rest of that group in 1946. During WW1, France 's property was frozen in the event the property was from the areas occupied by the invading Central Powers to prevent the Central Powers from using its assets. If the area was not occupied, the assets were not frozen. Because of this policy, once the Central Powers' occupation ended the sanctions were effectively lifted. During WW2, France

2852-546: The sectoral sanctions identifications list using a human readable search. As of August 8, 2020, OFAC was administering the following sanctions programs: Table note: The numbers of individuals, companies, vessels, and aircraft are taken from the SDN List . However, any single entry on that list may be a target of multiple sanctions programs, so summing lines of the table will inflate the true sum due to duplication. date 13464 13350 13460 13469 Trading with

2914-485: The small amount of non-war related Ottoman property that was present in the United States at that time was counter-productive and would later on likely invite the Ottoman Empire onto seizing a larger amount of American property back as in-advance. Thus, the United States didn't want to provoke the Ottomans in such a way that would result in them possibly targeting US affiliates, companies, property and citizens living within

2976-608: The wars receive much more favorable treatment. The United States instituted the Italian Enemy Act of 1947 to deal with former members of the Mussolini regime from controlling interest in U.S. based businesses under the TWEA Act of 1917. On December 16, 1950, the United States imposed economic sanctions against North Korea under TWEA, which lasted until 2008. On May 13, 1966, President Lyndon B. Johnson abolished

3038-419: Was a tiny country between Axis-friendly Spain and the German puppet state Vichy France . Andorra was listed in 1941, to prevent its assets from being used by Nazi Germany and Vichy France, and was delisted in 1946. Austria was invaded and annexed by Germany. It was listed in 1941, to prevent its assets from being used by the invading Nazi Germany, and was delisted in 1946. The Austro-Hungarian Empire

3100-515: Was allowed to reclaim its seized property. In 1940 US President Franklin D. Roosevelt sanctioned Japan to punish it for invading China and French Indochina under the Export Control Act . In 1941, Roosevelt imposed sanctions under TWEA. Some claim that this was the reason for the attack on Pearl Harbor later in 1941. Sanctions were lifted in 1946. Japan was widely unpopular for the surprise attack on Pearl Harbor. Because Japan

3162-411: Was delisted in 1946. Lithuania was listed in 1940, to prevent assets from being used by the invading Nazi Germany, and was delisted in 1946. Lithuanian assets were held until the government of Lithuania agreed to return assets its German-installed occupation government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached. Luxembourg

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3224-609: Was delisted in 1946. After WW2 the People's Republic of China was sanctioned and listed in 1950 for their involvement in the Korean War . After President Richard Nixon's "opening with China" sanctions were lifted in 1975. Following the Cuban missile crisis , the Bay of Pigs invasion , and the nationalization of U.S. property by the Castro regime, the United States imposed sanctions on Cuba in 1963. TWEA sanctions continued throughout

3286-575: Was derived from the Trading with the Enemy Act 1917 . Among other operations, FFC administered wartime import controls over enemy assets and restrictions on trade with enemy states. It also participated in administering the Proclaimed List of Certain Blocked Nationals , or the "Black List", and took censuses of foreign-owned assets in the US and American-owned assets abroad. FFC was abolished in 1947, with its functions transferred to

3348-508: Was forced to give up the city of Danzig after WWI. As a result of it being a former German city, there was a considerable amount of support for Nazi Germany to re-annex the territory within the mostly ethnic German Free City of Danzig. The annexation of Danzig happened early in WWII. Sanctions were continued until Danzig ceased to exist. Danzig was made part of Poland and renamed Gdańsk . Danzig's German inhabitants were expelled to Germany as part of

3410-454: Was listed again in 1940, to prevent its assets from being used by the invading Nazi Germany, and was delisted in 1946. Bulgaria was a German and Austro-Hungarian ally during WW1 and some of its property was frozen or confiscated by the United States. The United States and Bulgaria avoided declaring war on each other during WW1. During WW2 Bulgaria was an axis power and was sanctioned again in 1941. Sanctions were lifted in 1945. In 1963

3472-503: Was listed in 1940 to prevent its assets from being used by the invading Nazi Germany. France was delisted in 1946. The Empire of Germany was first sanctioned in 1917 for its role in WW1. Germany remained sanctioned until a U.S.-German peace treaty was ratified in 1921. Nazi Germany was sanctioned again in 1941 for its role in WW2. Sanctions were lifted in 1946 by Executive Order 9788 and

3534-415: Was listed in 1940, to prevent its assets from being used by the invading Nazi Germany, and was delisted in 1946. Monaco was listed in 1940, to prevent its assets from being used by the invading Nazi Germany, and was delisted in 1946. Montenegro was invaded by the central powers during WWI. While the central powers occupied Montenegro, its assets from the areas they occupied were frozen to prevent

3596-472: Was listed to prevent its assets from being used by the invading Nazi Germany. Czechoslovakia was delisted in 1946. Czechoslovakian assets were held until the government of Czechoslovakia agreed to return assets its German installed occupation government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached. Danzig was listed in 1941 to prevent its assets from being used by Nazi Germany. Germany

3658-538: Was reached. Finland was invaded in 1939 by the Soviet Union. As a result of this, it allied itself with Germany against the Soviet Union during most of World War 2. It was consequently sanctioned in 1941. Finland was considered an ally of an enemy under TWTEA until the Lapland war in which Finland changed sides. Finland would have then been eligible for the classification of "allies or neutrals" and delisted with

3720-710: Was removed from the provisions of TWEA in 2008, although restrictions under IEEPA authority remain in effect. The United States declared war on Germany on April 6, 1917. TWEA was enacted on October 6, 1917. By executive order on October 12, 1917, President Woodrow Wilson created the War Trade Board under Vance McCormick , with the authority to control all US imports and exports. This sought to conserve supplies and shipping for Allied use, and prevent goods from arriving in enemy hands by, for example, restricting supplies to Germany's neutral trading partners. On October 22, 1917, by Executive Order 2729-A he also created

3782-427: Was sanctioned in 1917 as an enemy state. It continued to be sanctioned until after its defeat and dissolution in 1918 into Austria and Hungary. The United States remained at "war" with the then-nonexistent dissolved country for several years until deciding to ratify peace treaties with Austria and Hungary separately 1921. No actual combat is known to have taken place between the United States and Austria or Hungary after

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3844-467: Was the reason for the United States entering World War II, and due to the fact many Americans wanted to stay out of European wars during both wartime periods, Japanese assets that the Japanese acquired before 1946 were confiscated and divested. The War Claims Act of 1948 distributed the vested property if a claim could be established. Latvia was listed in 1940, to prevent its assets from being used by

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