Form for OFAC License
Applications to Unblock Funds Transfers
Revision of a currently approved collection
36 Months From Approved
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.
Based on recent data received
and current trends, OFAC estimates that it will receive
approximately 6,700 Applications for the Release of Blocked Funds
each year for the next three years, taking into account a recent
surge in applications received thus far in 2022 due primarily to
the imposition of additional sanctions related to Russia’s unlawful
war against Ukraine. OFAC estimates an annual frequency of
approximately 1 application per respondent, based on average
transaction volume. OFAC estimates that the completion of the form
takes approximately 30 minutes per applicant on average. Therefore,
OFAC estimates that the total annual reporting burden is
approximately 201,000 minutes or 3,350 hours.