Skip to content
BOL Conferences
Thread Options
#378587 - 06/29/05 01:53 PM Wire transfers from/to OFAC countries
Anonymous
Unregistered

Can wires be sent to or received from OFAC restricted countries? Do different countries have different restrictions? If so, what are those differences?

Return to Top
BSA/AML/CIP/OFAC Forum
#378588 - 06/29/05 03:12 PM Re: Wire transfers from/to OFAC countries
tahdah Offline
Platinum Poster
Joined: Apr 2005
Posts: 932
There are certain Countries such as Cuba that you can absolutely can't do business with, no sending or receiving unless the government gives you a license. Different countries do have different restrictions. You need to go out to a web site such as Treas.gov/ofac to look at the rules. Full embargoes are Cuba, Iran and Sudan, Libya and Iraq were full but I believe they are not any longer but have stipulations on who can get money. Partial embargoes are Afganistan (Taliban, Burma (also known as Myamar), North Korea, Syria, the Balkans, Sierra Leone and Liberia (rough diamonds), Angole (Unita, the rebels) and Yugoslavia (milosevac and supporters). There are stiff fines and potential jail time for banks dealing with these sanctioned countries and people. We have software that catches these transactions which is why I'm not 100% on knowing all the details off the top of my head. Just this morning I received a bulletin from OFAC adding more companies to the SDN list.

Return to Top
#378589 - 06/29/05 03:12 PM Re: Wire transfers from/to OFAC countries
tahdah Offline
Platinum Poster
Joined: Apr 2005
Posts: 932
There are certain Countries such as Cuba that you can absolutely can't do business with, no sending or receiving unless the government gives you a license. Different countries do have different restrictions. You need to go out to a web site such as Treas.gov/ofac to look at the rules. Full embargoes are Cuba, Iran and Sudan, Libya and Iraq were full but I believe they are not any longer but have stipulations on who can get money. Partial embargoes are Afganistan (Taliban, Burma (also known as Myamar), North Korea, Syria, the Balkans, Sierra Leone and Liberia (rough diamonds), Angole (Unita, the rebels) and Yugoslavia (milosevac and supporters). There are stiff fines and potential jail time for banks dealing with these sanctioned countries and people. We have software that catches these transactions which is why I'm not 100% on knowing all the details off the top of my head. Just this morning I received a bulletin from OFAC adding more companies to the SDN list.

Return to Top
#378590 - 06/30/05 01:27 PM Re: Wire transfers from/to OFAC countries
Anonymous
Unregistered

What countries are restricted in the Balkans? If there is a wire going to one of these countires or coming in and there are certain restrictions, how do you know what the wire is for so you know if it would fall under these certain restrcictions?

Return to Top
#378591 - 06/30/05 02:43 PM Re: Wire transfers from/to OFAC countries
tahdah Offline
Platinum Poster
Joined: Apr 2005
Posts: 932
Like I said before, you really need to check the web site. The last info I have, and I don't know the date of this info is that sending money to the Balkan is executive order 13219 blocking property of persons who threaten international stabilization efforts in the western balkans modiified by executive order 13303 termination of emergencies with respect to Yugoslavia, prohibits transactions with person under open indictment by the Intl criminal tribunal for the former yugoslavia, persons who commit accts of violence that threaten the stability of the western balkans, persons who obstruct the Ohrid Framework agreement of 2001 relating to Macedonia, the Dayton Accords in Bosnia or United nations Security Council Resolution 1244 in Kosovo or the Conclusions of the Pease Implementation Conference of Dec 1995 relating to Bosnia and Herzegovina, persons who provide magterial assistance for sauch acts of violence or obstructionism, entities owned or controlled by any of the foregoing persons and donations to any of the entities specified above. Up to 10 year imprisonment, $500,000 in corporate fines or $250,000 in individual fines per violation (Criminal) and Civil up to $11,000 per violation.
You had better know exactly who you are sending to if you don't have an OFAC filter that lists all the SDN's.

Return to Top
#378592 - 06/30/05 07:51 PM Re: Wire transfers from/to OFAC countries
Anonymous
Unregistered

Is there a site that I could get this information from on the listing of countries? Thanks

Return to Top
#378593 - 06/30/05 10:37 PM Re: Wire transfers from/to OFAC countries
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
www.treas.gov/ofac

more info than you'll ever want
_________________________
Providing alternative truths since the invention of time

Return to Top
#378594 - 07/01/05 01:57 PM Re: Wire transfers from/to OFAC countries
tahdah Offline
Platinum Poster
Joined: Apr 2005
Posts: 932
This site also has a summary of all the Ofac sanctions in a very user friendly format. Just look around and I'm sure you'll find it.

Return to Top

Moderator:  Andy_Z