Today, the Department of the Treasury's Office of Foreign Assets Control (OFAC) is releasing the third video in its "OFAC Basics" video series, "Applying for a License to Release Blocked Funds." This video provides viewers with guidance and the recommended steps for how to submit a specific license application for the release of blocked funds. The "OFAC Basics" series serves as a companion series to the "Introduction to the OFAC" series. For more information on this video series, please see this blog post.
In addition, OFAC has updated the OFAC Licensing landing page as part of its ongoing modernization effort. In addition to improving the user experience, OFAC issued best practices on applying for a license and a case status guide for specific license application status checks.
Further updates to the OFAC license application portal and to OFAC's Licensing Division hotline are anticipated in 2025.