[Ws2-jurisdiction] OFAC: Background Reading -- a few FAQs and Overviews

[Nigel Roberts]

OFAC applies, it seems, to ALL countries, not a few

See answer 10 at
https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_general.aspx#licenses


The real key as to whether ICANN and/or PTI is seriously affected by 
OFAC depends not so much on the countries to which OFAC applies (to 
which, for the reasons above the answer is "ALL"), but to the true 
construction of the expression "prohibited transaction".

OFAC's own website gives a fairly general and broad definition: " trade 
or financial transactions and other dealings in which U.S. persons may 
not engage unless authorized by OFAC or expressly exempted by statute."

But what matters is the detail of the statute and the regulations issued 
under it.


Nonetheless, if ICANN, or PTI does not engage in prohibited transactions 
for which a license would be required, then the effect of the OFAC 
system is going to be negligible, or insignificant.

(Unfortunately, risk aversion, an over-abundance of caution, and a 
'box-ticking' approach might result in an inappropriately 
disproportionate approach to compliance "just to make sure").

Which is a risk in itself.



On 31/07/17 07:53, Arasteh wrote:
> Greg
> Tks for the info which are available on GOOGLE but nor quickly as you
> gathered.
> Appreciation for that
> I request you to kindly collect the names of countries to which OFAC
> applies by ICANN
> Kavouss
>
> Sent from my iPhone
>
> On 31 Jul 2017, at 08:40, Greg Shatan <gregshatanipc at gmail.com
> <mailto:gregshatanipc at gmail.com>> wrote:
>
>> All,
>>
>> I thought it might be helpful to provide some background information
>> on OFAC  in advance of Tuesday's meeting.  These are intended to
>> provide overall information on OFAC, not analysis of the relationshipO
>> between OFAC compliance and ICANN.  If there are other helpful general
>> resources, please reply to this email.
>>
>> OFAC FAQ, General Questions:
>> https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_general.aspx#basic
>>
>> A basic overview of OFAC compliance for US-based businesses (a little
>> old (2011), but still helpful):
>> https://www.law360.com/articles/262952/4-steps-toward-ofac-sanctions-compliance
>> (Also attached as PDF in case the link can't be accessed)
>>
>> Good overview, though oriented toward banks and financial
>> institutions, from FFIEC (Federal Financial Institutions Examination
>> Council, a US inter-agency body empowered to prescribe uniform
>> principles, standards, and report forms for the federal examination of
>> financial institutions):
>> https://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_037.htm
>>
>> Wikipedia
>> https://en.wikipedia.org/wiki/Office_of_Foreign_Assets_Control
>>
>> IEEE and OFAC:
>> https://www.ieee.org/about/corporate/compliance/legal/ofac/DF_IEEE_MIG_NAV_94987
>>
>>
>>
>>
>> Greg
>> <4 Steps Toward OFAC Sanctions Compliance.docx>
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