Firm Secures Release of More Than $200,000 Blocked Under Cuba Sanctions

By Davy Karkason
Founding Attorney

Transnational Matters PLLC has secured the release of more than US$200,000 in funds that had been blocked under the Cuban Assets Control Regulations (CACR), following a successful specific license application to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC).

The firm’s client, a company engaged in lawful trade involving Cuba, saw the funds frozen when a U.S. financial institution blocked the transaction under the Cuba sanctions program. Blocked funds of this kind do not move again without OFAC’s authorization — and many companies wrongly assume the money is simply lost.

How the Funds Were Released

Founding attorney Davy Karkason prepared and filed a specific license application with OFAC, documenting the underlying transaction, the parties involved, and the legal basis for authorization under the CACR. The application was followed by sustained engagement with OFAC — responding to the agency’s questions and supplementing the record — until the license was granted and the funds were released to the client.

What This Means if Your Funds Are Blocked

Banks block billions of dollars in transactions every year under U.S. sanctions programs administered by OFAC — involving Cuba, Russia, Iran, Venezuela, and other jurisdictions. A blocked wire is not necessarily a lost wire: with the right legal basis and a properly documented license application, blocked funds can be recovered. Timing matters, because blocked funds sit in interest-bearing accounts subject to annual reporting, and the record built at the application stage determines the outcome.

Our OFAC sanctions and licensing practice assists companies and individuals with specific license applications, blocked and rejected transactions, sanctions compliance, and BIS export control matters.

If your funds have been blocked under a U.S. sanctions program, contact our office for a confidential consultation or call 305.417.9866.

Past results do not guarantee a similar outcome. Every matter depends on its own facts and circumstances.

About the Author

As a lawyer and the founder of Transnational Matters, Davy Aaron Karkason represents numerous international companies and a wide variety of industries in Florida, the U.S., and abroad. He is dedicated to fighting against unjust expropriation and unfair treatment of any individual or entity involved in an international matter. Mr. Karason received his B.A. in Political Science & International Relations with a Minor in Criminal Justice from Nova Southeastern University. If you have any questions about this article you can contact Davy Karkason through our contact page.