OFAC, Its Components, and Exemptions

OFAC, Its 5 Essential Components, and Exemptions

OFAC, What is it? OFAC (The Office of Foreign Assets Control) is a department in the U.S. Treasury. It is a supervisory authority that administers and enforces economic trade sanctions against states, organizations, and individuals. It was created in 1950 when China entered the Korean War. Furthermore, it has replaced the earlier existing Office of Foreign Funds Control, which was established in 1940 as a response to Norway’s invasion by the ...

Read More
sanctions on Russia

Sanctions on Russia by the European Union Post Ukraine War 2022

Introduction Sanctions on Russia have been imposed by the European Union. It is a deterrent measure taken by the member states of the EU to settle the dispute between Russia and Ukraine. The war and aggression of Russia against Ukraine has grossly violated International Law and caused massive loss of life and injury to civilians. It has violated International Humanitarian Law; International Humanitarian Law includes principles on creating a distinction between army ...

Read More
liability of director

Liability of Director in Dubai

In UAE, there is no specific legislation to govern the liability of director but it is governed through various sources such as Company Law, Civil Code, Penal Code, Commercial Transaction Law. Directors and managers are the same people and both the terms are used interchangeably. If you are interested in knowing how to run a business in Dubai, read the article below:DUBAI: Best Place to Start Your Business When the Director is ...

Read More