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OFAC Sanctions: Risks and legal consequences of violating them, both for companies and for individuals.

Sanctions imposed by the Office of Foreign Assets Control (OFAC) can have serious consequences for companies and individuals. These sanctions are part of U.S. security and foreign relations policy, with the aim of limiting activities that they consider threatening to their interests. However, the impact of violating these regulations goes far beyond the U.S., affecting global business and financial operations.

What are OFAC sanctions?

OFAC sanctions are measures imposed against individuals, entities or countries, limiting their economic transactions and access to the U.S. financial system. These sanctions are aimed at combating terrorism, drug trafficking, arms proliferation and human rights violations. Violating these sanctions, even unintentionally, can result in severe legal consequences for both companies and individuals.

Risks of Violating OFAC Sanctions

The risks associated with violating OFAC sanctions should not be underestimated. Both companies and individuals may face:

  • Severe finesFinancial penalties for violating OFAC regulations can be extremely high. For companies, these fines can reach hundreds of millions of dollars, while for individuals the fines can also be significant.
  • Criminal penaltiesIn the most serious cases, sanctions violations can lead to criminal liabilities, including prison sentences for the individuals involved. This is especially relevant when the violation is linked to criminal activities linked to conspiracy to evade a sanction.
  • Freezing of assetsOFAC has the authority to freeze the assets of persons or entities that violate its sanctions. This can completely paralyze a company's business operations, affecting its ability to conduct international financial transactions.
  • Exclusion from the international financial system: Companies that violate the sanctions can be excluded from the global financial system, which implies the inability to conduct business operations involving U.S. banks or financial institutions. This affects not only U.S.-based companies, but also those that use the U.S. dollar or work with business partners that have U.S. ties.

Legal Consequences for Companies and Individuals

Failure to comply with OFAC sanctions can have far-reaching legal consequences:

  • Prolonged investigationsBoth companies and individuals can be subject to complex investigations by the U.S. government, leading to high legal and reputational costs. These investigations often span years and can involve multiple jurisdictions.
  • Moral damagesOnce a company or individual is identified as a sanctions violator, the damage to its reputation can be devastating. On the commercial side, relationships with partners, investors and customers are affected, and in many cases, companies lose valuable contracts or customers.
  • Shared responsibilityIn international operations, it is common for companies to deal with numerous intermediaries and business partners. If one of them violates OFAC sanctions, the parent company could also be held liable. This underscores the importance of implementing rigorous due diligence procedures.

Strategies to Avoid Violations

To avoid violating OFAC sanctions, it is essential that companies and individuals adopt effective preventive strategies:

  • Due diligenceKnow your business partners, suppliers and customers is a priority. Implementing Know Your Customer (KYC) policies and constantly reviewing sanction lists is a fundamental measure.
  • Specialized legal adviceConsulting with lawyers experienced in international sanctions and OFAC regulations can make the difference between a safe operation and one that exposes the company to severe sanctions. Counsel is also crucial in developing compliance plans.
  • Regulatory compliance: Companies should establish an internal control system to identify and manage risks related to international sanctions. This system should include regular audits, transaction monitoring and the implementation of clear internal policies for all employees.

Violating OFAC sanctions has serious and far-reaching consequences for both companies and individuals. From significant fines to criminal liability and moral damages, the risk is high. The key to avoiding these consequences is to have a sound compliance strategy and a structured legal defense. Companies seeking to operate in an international environment should ensure that they have a specialized legal team to guide them through the complex international sanctions environment, including OFAC.

At Venfort Abogados, we understand the risks and legal consequences of violating OFAC sanctions, knowing the importance of the impact it has on companies and their business owners. Our team of experts in the U.S. sanctions system, including OFAC sanctions, is ready to help you identify, assess and mitigate the risks and legal consequences associated with these sanctions. Contact us for personalized advice.