OFAC Unblocking Application Attorney

OFAC Lawyer for Unblocking Application

After a bank blocks your funds, the only way to retrieve them is to file an unblocking application with OFAC. Sometimes unblocking applications are granted because the funds were blocked by mistake. Other times, unblocking licenses are granted due to compelling circumstances even when no mistakes have been made. At Sanctions Law Center, our OFAC Lawyers can help you prepare an unblocking application and get your money back.

What is an OFAC unblocking application and why should I submit one?

An unblocking application is a formal request submitted to OFAC requesting that they issue a specific license authorizing the release of your blocked funds. Even if a financial institution admits that they blocked your transaction in error, they can not unblock it without proper authorization from OFAC. This means that the only way to regain access to your funds once they have been blocked is to submit an unblocking license application to OFAC.

Why do banks block property or transactions under U.S. sanctions?

U.S. banks are required by law to avoid processing transactions that violate U.S. sanctions programs and freeze any property belonging to sanctioned parties. When their due diligence or screening establishes that a particular transaction involves someone on the SDN List – a sanctioned party – they are legally required to block the transaction, freeze the property associated with it, and transfer it to a secure account.

After a blocking, except for earning interest at a commercially-reasonable rate, the property can no longer be manipulated in any way, for an indefinite period of time, except with OFAC authorization. The bank responsible for the blocking will issue a notice citing the reason that authorized it, typically the Executive Order which authorized the sanctions program. The bank also files a blocking report with OFAC. After their property is frozen, the parties to the transaction will no longer have any access to it. The only way they could regain it is to submit an unblocking application to OFAC.

When does OFAC unblock funds?

OFAC unblocks funds in cases of mistaken identity, other kinds of erroneous blocks, or where there are compelling circumstances in favor of unblocking, such as humanitarian benefits. To determine if you might fall into one of these categories, contact the OFAC Lawyers at Sanctions Law Center, who can evaluate your case, get your questions answered, and ultimately help you prepare an unblocking application.

Our OFAC Attorneys will work closely with you and your business to identify the blocking institution and the cause of blocking. After collecting the necessary information and determining a strategy, our team will prepare a thorough Unblocking Application taking into account all relevant facts that will advantage the request.

What does an unblocking application consist of?

There is no form requiring a specific format for specific license applications. OFAC requires only that you “provide a detailed description of the proposed transaction, including the names and addresses of any individuals/companies involved” and any available supporting documentation.

Beyond those basic requirements, the OFAC Lawyers at Sactions Law Center will prepare you an Unblocking Application which outlines a detailed background of facts, explains the purpose of the unblocking request, and presents compelling arguments and evidence appropriate to the circumstances at hand. A well-prepared Unblocking Application is often the key to saving huge sums of money from being lost indefinitely.

How long does it take to unblock the funds?

As with other OFAC Licenses, the agency does not provide specific deadlines or timeframe. It takes on average six to eighteen months to review and assess an unblocking application. Strong legal counsel is critical in obtaining quicker results. Our OFAC Lawyers have often been able to obtain favorable outcomes on unblocking applications with much faster than normal turnaround times.

Currently, there are 10 stages of the application progress:

• Received
• Guidance Issued
• Returned Without Action
• Pending Management Review
• Pending Interagency Review
• Pending Treasury Coordination
• Pending with Applicant
• Approved
• Denied
• Closed

Our sanctions lawyers will keep you updated throughout each stage of the process to ensure that you stay informed on the progress of your application and retain control over it.

How Our Firm Can Help with OFAC Unblocking Applications

At Sanctions Law Center, our OFAC Lawyers can help you prepare an unblocking application and get your money back. Our team will work closely with you and your business to identify the blocking institution and the cause of blocking. After collecting the necessary information and determining a strategy, our team will prepare a thorough Unblocking Application taking into account all relevant facts that will advantage the request.

Contact Sanctions Law Center or call (202) 888-9011 today to benefit from our expertise and navigate this complex process with confidence.