Small Business Reading Room

Tuesday, October 19, 2004

OFAC = "Office of Foreign Asset Control"

All United States citizens and permanent residents, all US Entities - including US subsidiaries of foreign entities and foreign subsidiaries of US entities - and all persons located in the United States of America, must comply with various sanctions programs imposed by the Government of the United States.

These sanctions programs are administered by the Treasury Departments Office of Foreign Asset Control in Washington, D.C. There are also restrictions that arise from other law enforcement activities carried out by the FBI, CIA, Secret Service, Homeland Defense Department and others.

A representative of the Treasury's OFAC presented at the Delaware Strategic Planning Conference in Rehoboth Beach, DE last week. She informed us of our responsibilities in this area and the OFAC just posted our industry guidance on their website today at http://www.treas.gov/offices/enforcement/ofac/regulations/. The guidance for incorporation agents is available under the heading Corporate Registration Industry.
According to the regulations we must check every name we see associated with any particular incorporation order against the Federal lists of prohibited persons. Delaware Intercorp, Inc. intends to comply. We will do everything in our power to prevent our company from being used by a prohibited person.

posted by Larry at 3:07 PM - permalink 0 comments

Small Business Reading Room

OFAC = "Office of Foreign Asset Control"

0 Comments: