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The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury oversees and enforces economic and trade sanctions imposed on targeted foreign countries.
Individuals or businesses who are planning on engaging in transactions involving sanctioned foreign countries could apply for a permission (seeking licenses) from OFAC to engage in otherwise prohibited transactions.
Some examples of targeted foreign countries subject to sanctions include:
Cuba, Ukraine/Russia, Iran, Syria, Balkans, Burma, Cote d’Ivoire (Ivory Coast), Somalia, Lebanon, Libya, Sudan, Venezuela, Yemen, Zimbabwe, and etc.
Maryam Jahedi Law Firm P.C. represents individuals, businesses, and non-profit organizations with OFAC license applications, with representation in OFAC related violations, and with representations to unblock assets frozen by OFAC.
As an example an individual who has property (money, real estate, tangible property) in a sanctioned foreign country could obtain an OFAC license to get permission to either transfer the money to United States or if the property is in the form of a real estate to get permission to sell the property in the sanctioned foreign country and bring the proceeds to the United States without violating any sanction laws.
There are serious consequences as to violations of OFAC rules and violations of sanction-related laws. Some of these consequences include hefty fines, and/or freezing of assets, or even imprisonment if criminal charges are brought.
We provide legal consultation and guidance on OFAC regulations and compliance, obtain licenses for transactions in sanctioned countries, obtain licenses for charity donations to targeted sanctioned countries, and defend US and international clients subject to OFAC investigations.