What are OFAC sanctions?
The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities …
What are 3 types of sanctions?
Types of Sanctions
- Economic sanctions. Economic sanctions are commercial and financial penalties that typically ban customary trade and financial relations.
- Diplomatic sanctions.
- Military sanctions.
- Sport sanctions.
- Sanctions on individuals.
- Sanctions on environment.
- UNSC Sanctions and OFAC.
What are SDN Sanctions?
The Specially Designated Nationals and Blocked Persons List, also known as the SDN List, is a United States government sanctions/embargo measure targeting U.S.-designated terrorists, officials and beneficiaries of certain authoritarian regimes, and international criminals (e.g., drug traffickers).
Why is USA putting sanctions on Iran?
In response to Iran’s continued illicit nuclear activities, the United States and other countries have imposed unprecedented sanctions to censure Iran and prevent its further progress in prohibited nuclear activities, as well as to persuade Tehran to address the international community’s concerns about its nuclear …
Are there any secondary sanctions on Iran now?
In the Iran sanctions program, there are currently secondary sanctions applicable to transactions involving many Iranian persons listed on OFAC’s List of Specially Designated Nationals and Blocked Persons (“ SDN List ”), the Iranian energy, shipping, and automotive sectors, and even the Central Bank of Iran (“ CBI ”), among others.
When was the Iran and Libya Sanctions Act signed?
The Iran and Libya Sanctions Act (ILSA) was signed on 5 August 1996 (H.R. 3107, P.L. 104-172). ILSA was renamed in 2006 the Iran Sanctions Act (ISA) when the sanctions against Libya were terminated.
What is the textiles sector of the Iranian economy?
Textiles sector of the Iranian economy: The term textiles sector of the Iranian economy means the fiber synthesis, dyeing, weaving, knitting, or felting in Iran of textiles, including apparel, carpets, cloths, fabric, or related goods, that are for export from Iran.
How are sanctions imposed in the United Kingdom?
The UK Sanctions List lists the people designated under the Regulations, and details of the sanctions in respect of which they have been designated. The Regulations impose financial sanctions through a targeted asset freeze on designated persons and prohibitions on making funds or economic resources available.