The Federal No-Sell List; prohibitions on Auto Dealers via the Patriot Act

[rambone]

Anybody come across this before? Somebody tipped me off to this and I have been doing a little homework. Apparently you have to comply with the Patriot Act to buy a car (and other things).


According to PatriotDealer.com:

Auto dealers are required by law to review the Treasury Department's Office of Foreign Assets Control (OFAC) list, which includes the names of individuals, organizations and countries against which the U.S. has imposed sanctions. Dealerships must review this list prior to entering into any sales or finance contract with an individual, business entity, charitable organization--anyone.

George W. Bush created a Federal No-Sell List with Executive Order 13224: Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism.

Transactions are Federally prohibited with people who are on this list. The list is maintained by the U.S. Department of the Treasury, Office of Foreign Assets Control.


Here is the most recent edition (2/6/2012) of the list. At 520 pages long, the No-Sell List looks comparable in size and format to a phonebook.
Specially Designated Nationals and Blocked Persons | OFAC



Here's a document prepared by a law firm regarding compliance with terrorism laws for car dealers.
Dealership's Compliance with the USA PATRIOT Act, Its Implementing Regulations, and Other Anti-Terrorism Measures

 

[CBR1000rr]

I sold cars in 2005 and never heard of such a document. I know that auto dealers (as well as banks) have to contact the government for any cash transactions more than $9,999. Additionally, they are required to contact the government for cash transactions under this amount of they have concern as to the origin of the funds.

 

[rambone]

I know that auto dealers (as well as banks) have to contact the government for any cash transactions more than $9,999. Additionally, they are required to contact the government for cash transactions under this amount of they have concern as to the origin of the funds.

I remember the $10K restriction on cash sales. What a bunch of bull.

I was hoping someone would know more about this OFAC list. It was news to me.

 

[ray d]

The Patriot act like anyone who voted for it needs to go.

 

[Classic]

^^^^^ Couldn't agree more.^^^^^