U.S. Treasury encourages individuals and entities to share compliance concerns related to Covid-19 pandemic with the Office of Foreign Assets Control (OFAC)
The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC), which administers and enforces U.S. trade and economic sanctions, issued a notice acknowledging that some companies may need to temporarily reassign sanctions compliance resources due to the current pandemic. The U.S. Treasury communicated that it would weight the effects of the pandemic on companies’ ability to comply with sanctions as it evaluates possible enforcement actions. It concluded that the impact of the coronavirus on compliance could be a mitigating factor in sanctions cases. Nevertheless, it encouraged individuals and companies to inform OFAC about pandemic-related compliance concerns such as possible delays in meeting deadlines associated with regulatory requirements.