Drug Kingpins and Blacklists: Compliance Issues with US Economic Sanctions: Part 3

Abstract

Those parties who do become caught up in the sanctions and are blacklisted face a daunting situation. Their property and accounts are often blocked, and dealings with US parties, and frequently their overseas affiliates as well, are essentially cut off with little or no warning by virtue of decisions made by a relatively small and obscure office within the Treasury Department. US as well as foreign parties can be blacklisted, and these restrictions can even extend to a firm's employees. The practical consequence of being touched by one of the Office of Foreign Assets Controls (OFAC) economic sanctions programmes may be the economic equivalent of capital punishment. By virtue of the restrictions, the blacklisted business may cease to exist as a viable entity.

Citation

Fitzgerald, P.L. (2001), "Drug Kingpins and Blacklists: Compliance Issues with US Economic Sanctions: Part 3", Journal of Money Laundering Control, Vol. 5 No. 2, pp. 162-182. https://doi.org/10.1108/eb027303