OFAC Updates Licensing Landing Page, Issues Best Practices for Applications
The Office of Foreign Assets Control updated its online landing page for licenses to improve the “user experience,” published a new guide on checking the status of specific license applications and issued a set of best practices on applying for a license. The best practices guidance includes a checklist of do’s and don’t’s that applicants should follow when preparing an application and awaiting a decision.
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OFAC said it’s expecting to release more updates to its license application portal and its licensing division next year.
The agency also released another video in its ongoing effort to provide guidance on U.S. sanctions programs and rules. The latest episode covers applications for an OFAC license to release blocked funds. OFAC has released other videos on U.S. sanctions regimes, a tutorial on how to use OFAC’s Sanctions List Search Tool, and a general overview of blocked funds (see 2407120037, 2401190016, 2307280070 and 2308280047).