The United States Department of Treasury Office of Foreign Assets Control (“OFAC”) has just sent you Administrative subpoena requests information relating to certain actions they suspect that you have participated in. What do you do?
One of OFAC Prime learning tools Administrative Subpoena. Here they ask you to give details of all your interactions with a particular country, person, or entity. In addition, they will ask you related data communication. What you say here may lead to further investigation or you will be punished.
So what you do at this stage is incredibly important. You need a lawyer. You need one for several reasons: 1. you need someone to interpret penalties rules for you; 2. uou one needs to determine whether the transaction was really a place; 3. you need one to submit your claims in a way that directly corresponds OFAC and gives them what they are specifically looking for; and 4. you need one to ensure you do not look as if you are hiding something or concealment of material fact from OFAC.
OFAC is usually looking for general information about what has occurred around a specific incident. However, other important information OFAC searches among
1. The scope of the transaction;
2. Over what period the transactions occurred;
3. The role you play in the transaction.
Usually you have 30 days to respond to the Administrative Subpoena. If you are near maturity response and you are still not sure what to do, then you should hire a lawyer and then request an extension for you. OFAC has in the past allowed extensions when good cause can be shown.
It is important that you keep in mind that your response to Administrative OFAC subpoena is given under 18 USC 1001, a criminal law covers falsification or concealment of material facts in statements on the matter under the jurisdiction of the US government. Punishment for violation of 18 U.S.C. 1001 includes fines and / or imprisonment up to five years, or both. Therefore, you need to take your response to Administrative OFAC subpoena seriously
The important thing to do with OFAC is also the most simple :. Answer them. While it can be a very difficult process, it is just best to give OFAC what they want so they can continue their investigation. Just make sure you go about it the right way and keep a lawyer to help you.
If you believe you may have violated any given OFAC regulations or seek assistance in accordance with the rules, please contact the author at 202 -467-8327 or email info @ ferrari-legal. com