Assets blocked pursuant to sanctions
administered by Office of Foreign Assets Control (OFAC) may be
released only through a specific license issued by OFAC. Since
February 2000, use of this form to apply for the unblocking of
funds transfers has been mandatory pursuant to 31 C.F.R.
501.801(b)(2). Use of this form greatly facilitates and speeds
applicants' submissions and OFAC's processing.
The estimated burden has
increased from 2,400 to 3,000 applicants due to the addition of
several sanctions programs since 2016. The associated cost has
thereby increased from $24,000 to $79,500 due to both the increase
in sanctions programs as well as the increase in wage rates
(including the additional 44% cost of private sector employee
benefits) used in the calculation.