As requested by the Department of Treasury (Treasury), the National Association of Securities Dealers, Inc. (NASD®) provides members with information from the Office of Foreign Assets Control (OFAC) about persons and entities identified as “Specially Designated Nationals and Blocked1 Persons.” On September 9, 1997, OFAC updated its master list, adding one blocked person and one blocked entity who have been determined to act for or on behalf of, or to be owned or controlled by, the Government of Libya. In addition, two individuals were removed from the list.
Blocking, which also may be called freezing, is a form of controlling assets under U.S. jurisdiction. While title to blocked property remains with the designated country or national, the exercise of the powers and privileges normally associated with ownership is prohibited without authorization from OFAC. Blocking immediately imposes an across-the-board prohibition against transfers or transactions of any kind with respect to the property.