Senior Partner
Anatoly Yarovyi
Service
An individual residing in the United Kingdom sought legal assistance after being sanctioned by the Office of Foreign Assets Control (OFAC) following a personal international transfer to a family member in the UAE. The client was concerned about the implications of the sanction. It affected their ability to continue living in the UK, travel abroad, and maintain a good credit score. Additionally, they required guidance on the process of applying for a license to manage or resolve the sanction.
Legal Challenges in Navigating OFAC Sanctions
OFAC sanctions can have severe personal and financial consequences, extending beyond the initial scope of the enforcement action. In this case, the challenges included addressing the legal basis for the sanction, understanding its broader implications, and initiating the license application process. The client also needed clarity on compliance requirements to avoid future complications.
John Joannides and his team undertook a detailed review of the client’s financial and transactional history to determine the underlying cause of the sanction. They provided clear advice on the scope of the sanctions and potential effects on the client’s residency, travel, and credit profile. Additionally, the team prepared and submitted a license application to OFAC, arguing for the removal or modification of the sanction based on the client’s personal circumstances and the nature of the transaction.
The Resolution: Obtaining OFAC License
After a thorough submission and strategic engagement with OFAC, the legal team successfully secured a license for the client. This resolution mitigated the adverse effects of the sanction, allowing the client to resume normal financial and personal activities without the risk of further penalties. Moreover, the client received comprehensive advice on compliance measures to prevent similar issues in the future, ensuring their financial and legal security moving forward.