Sanctions (specifically OFAC sanctions) are all over the news these days. But what are OFAC sanctions exactly, and what are their implications for employers? Keep reading to discover these and other answers.
What Are OFAC Sanctions?
Simply put, sanctions are trade and economic penalties the US uses to enforce its foreign policy and national security goals.
Some common targets of sanctions include:
- Foreign countries/regimes
- Narcotics traffickers
- People engaged in activities related to the proliferation of weapons of mass destruction
- Individuals engaged in other threats to the national security
These economic and trade sanctions are administered by the Office of Foreign Assets Control (OFAC), a department of the US Treasury created in 1950 as the successor to the Office of Foreign Funds Control (FFC).
The OFAC sanction list is publicly available on this link and allows users to search by name, country, city, program and list.
By searching the database linked above, you will be able to see the individuals listed on the Specially Designated Nationals and Blocked Persons List (known as SND Lis), as well as other lists administered by OFAC.
What Does It All Mean for You?
While you may think that sanctions only have implications for governments and big companies, the truth is that every business owner should be aware of them.
All U.S. persons are prohibited from dealing with individuals and companies included in the OFAC sanction list, as well as other government lists. This includes, of course, hiring someone on the list.
Note that while the OFAC sanctions lists are available online, this doesn’t mean that you should use it yourself to vet potential employees.
The list can be hard to parse, and includes many common foreign names, which can easily lead to cases of unfair misidentification.
Ascertaining the identity of an individual included on a sanctions list is a painstaking process that must be carried out by a professional.
A reputable background screening company like Plexus Global can help you determine if and how you need to perform sanctions list searches.
Plexus Global: Background Screening Services in California
Looking for a dependable background screening company? We are located in Riverside, California, and we serve companies all over the U.S. and abroad.
Contact us today by telephone (844-516-1008), email (firstname.lastname@example.org), or through our social media accounts on Facebook, Twitter, and LinkedIn.