How long does an OFAC license application actually take?
I’m at the beginning of a very long-looking road. My company’s funds were blocked because of a clerical error involving a vendor with a name similar to someone on the SDN list. We’ve already realized we need to apply for a specific license from OFAC to get the money released. My question is: what is the realistic timeline for this? I’ve heard horror stories of people waiting 18 months and hearing nothing. My business can't have this much capital sitting in limbo forever. Are there any tricks to speeding up the process, or is it just a waiting game? Also, is it worth hiring a DC-based firm, or can any international lawyer handle it?
Comments
To be brutally honest, if you do it without expert guidance, 18 months is actually optimistic. The OFAC backlog is legendary. The "trick" isn't necessarily a secret shortcut, but rather submitting a "perfect" application that doesn't give them a reason to ask for more info (which resets your wait time). When I was researching this for my firm, I found that the quality of the initial filing is the biggest factor in speed. There’s a lot of good data on how to approach this on the website https://ofacblockedfundslawyers.com/ They explain the nuances of the licensing process much better than the official government FAQs. Dealing with the Office of Foreign Assets Control is all about administrative law, so having someone who knows the case officers and the typical sticking points is worth its weight in gold.
Eighteen months... that’s a tough pill to swallow, but I’ll check the site to see if we can get our application "perfect" from day one.
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