Practicalities and Risks of Using OFAC Licenses, And How To Expedite Them
Date: Thursday, June 29, 2017
Time: 1:00 PM – 02:15 PM ET
A license is an authorization from US Treasury’s OFAC to engage in a transaction that otherwise would be prohibited. Many of OFAC’s licensing determinations are guided by U.S. foreign policy and national security concerns, and they are granted on a case-by-case basis.
The best-case scenario is 30-60 day approval, but what can you do to expedite or at least, not unnecessarily delay, the license? What is essential to include according to the application guidelines or the regulations pertaining to the particular embargo program?And do you need to provide a detailed description of the proposed transaction, including the names and addresses of any individuals/companies involved? Attend this live course, and find out!
In addition to the OFAC licenses essentials, this webinar also discusses the challenges related to OFAC licenses from a banker’s perspective.
A potential client approaches your financial institution to open a bank account to do business with a company in Iran. The potential client is a corporate customer. The product they sell is a medical device, and not a dual use item. The potential client has an OFAC license which allows their company to trade this product using financial institutions outside from the US. When you are approached with such scenario, what would you look for in your research in terms to asses to enter into a banking relationship?
What you will learn:
- How do you know when is an OFAC license is required?
- When does OFAC coordinate the approval with the U.S. Department of State and other government agencies, such as the U.S. Department of Commerce
- Which form to use, and other do’s and don’ts when applying for a license with OFAC
- What to include in the license application to expedite the process
- Can you appeal a denial?
- Expected timeline for a response from OFAC
- Penalties for exporting controlled goods without a license
- Latest updates related to OFAC General Licence H for Iran
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Certificate of Attendance
If you participate in the live webinar, you will receive a Certificate of Attendance, which you can use to show you meet your government-required training duties.
Michelle Turner Roberts
Berliner, Corcoran & Rowe, LLP
Ms. Roberts is an associate in the export controls and sanctions practice at Berliner, Corcoran & Rowe. She counsels clients on export controls, economic sanctions, and related regulatory matters before the Departments of Commerce, Treasury, and State. She has experience assisting with licensing issues, Technical Assistance and Manufacturing License Agreements, voluntary disclosures, development of compliance procedures and internal controls, and has helped clients obtain favorable determinations on commodity jurisdiction and classification requests. Ms. Roberts also has extensive experience in conducting internal investigations and compliance audits, including serving as part of a team of auditors for an external monitorship required under a Commerce Department settlement agreement. Ms. Roberts has worked with clients in a range of industries, including defense, telecommunications, actuation and instrumentation, life sciences, and finance. She is a member of the District of Columbia and Maryland (inactive) bars, and is on the Board of Directors of the Women’s Bar Association of the District of Columbia.
Berliner, Corcoran and Rowe, LLP
Dan Fisher-Owens is a Partner based in San Francisco, California, focusing on U.S. export controls and economic sanctions. His practice covers transactional counseling, classification/commodity jurisdiction, licensing, designing and auditing compliance systems, as well as voluntary disclosures, investigations and enforcement matters.While not an engineer, Dan enjoys digging into not just the legal complexities of export controls, but also the technical complexities of the products involved. Dan applies his experience as a translator (in his life before lawyering) to export controls, bridging communication gaps between those who “speak geek” and those who speak “Washingtonese.”
His in-depth understanding of U.S. economic sanctions, including the complex sanctions against Iran and Russia/Ukraine, is enhanced by his background in Middle Eastern history and culture. He has supported corporate clients on numerous complex sanctions matters, including the withdrawal of multinationals from sanctioned countries, as well as the entry of companies to embargoed countries after easing of U.S. sanctions. Dan has significant experience with licensing of agricultural and medical exports to embargoed countries, and assists foundations and NGOs with navigating educational and humanitarian exemptions to U.S. sanctions.
He has developed a deep knowledge of the export control issues affecting computers, software, encryption, networking and telecommunications equipment, infrared detectors, test and measurement equipment, chemical and biological agents and processing equipment, medical devices and pharmaceuticals, geophysical instruments, oilfield tools, and aerospace items.
Dan is fluent in Arabic, having lived and worked in the Middle East. He is also fluent in Spanish and has a working knowledge of Persian and French.
Dan is on the Board of Directors of the Professional Association of Exporters and Importers (“PAEI”), a Bay Area non-profit provider of educational programs relating to import and export controls. He is also active on the CompTIA Export Controls Committee.
Bank of America
“Great knowledge from the presenters and the content was relevant”
— José R. Fernandez, Bank of America – Charlotte, NC, USA
“Great coverage of information”
— Cathy Swindell-Smith, Wells Fargo – Charlotte, NC, USA
Axa Equitable Life Insurance Company
“It was very informative. The speakers were clear and the information was disseminated in a clear, concise manner.”
— Nicolette Douglas, Axa Equitable Life Insurance Company – New York, NY, USA
“The content was excellent and easy to understand. The presenters did a great job!”
— Susan Wilson, RBC – Toronto, Canada
“Both speakers were exceptionally knowledgeable and provided practical information regarding the sanctions changes”
— Adam Hermes, Comerico Bank – Livonia, USA