The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has initiated a sanctions modernization effort by removing 76 outdated entries from its Specially Designated Nationals and Blocked Persons (SDN) List.
This action, part of a broader initiative, aims to ensure U.S. sanctions remain targeted, effective, and aligned with national security priorities. Secretary of the Treasury Scott Bessent recently highlighted this effort at the No Money For Terror conference in Paris, emphasizing that sanctions are not intended to be a “forever tool.”
The removed entries include deceased individuals, decommissioned vessels, and persons from defunct illicit financial networks. OFAC conducted an interagency vetting process for each removal to safeguard U.S. foreign policy and national security interests.
With annual new listings increasing from 880 in 2017 to over 3,000 in 2024, Treasury seeks to alleviate the burden on businesses screening low-risk matches. This modernization will allow for a greater focus on high-risk, sophisticated sanctions evasion schemes. Treasury is committed to reviewing programs that do not deliver measurable outcomes or no longer support U.S. national security priorities, ensuring sanctions achieve clear economic and national security impact.