Law Notes - General
- Details
- Category: Law Notes - General
Some later Law Notes will deal with selected areas affected by Office of Foreign Assets Control (OFAC) sanctions. In the beginning it is most important simply to be aware of the sanctions in connection with any business with the named regions, countries, or groups, because the penalties for violating the applicable laws and regulations are severe. They can cripple or destroy a business entity and have a profound effect on individuals' lives and finances.
- Details
- Category: Law Notes - General
Restrictions on exports from the U.S. are to be taken seriously. The existence of commercial opportunities for companies and individuals does not trump the interest of the U.S. government in restricting the sale, disclosure, financing, or export of certain products or information or the transacting of business with certain individuals or entities. All transactions with foreign (and some domestic) parties, especially but not only those that are expected to lead to exports or imports, must be in compliance with applicable U.S. laws and regulations.