SECTION OVERVIEW AND POLICIES

On September 23, 2001, President Bush issued Executive Order #13224, "Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism." This order prohibits New York State Business Units from doing business with terrorists and terrorist organizations.

The Office of Foreign Assets Control within the US Department of Treasury administers this Executive Order. This office maintains the list of terrorists and terrorist organizations identified in the President's Executive Order.

The Office of Foreign Assets Control has directed its rules particularly to banking institutions and securities/investment houses. However, Business Units should ensure no payment of state funds are issued to those individuals or organizations identified in the Executive Order.

Process and Document Preparation:

With the implementation of the Statewide Financial System (SFS), vendors managed through the SFS Vendor File go through a Specially Designated Nationals validation as part of the New York State Vendor Registration process. However, Business Units who make payments using sole custody funds or through the use of a Single payment vendor ID within SFS must have proper controls in place to identify and prevent payment to entities on the Specially Designated Nationals and Blocked Persons List on the Office of Foreign Assets Control’s website.

Should you identify any request for payments to any of these individuals or organizations, you must immediately notify the Bureau of State Expenditures at 518-402-4104.

Guide to Financial Operations

REV. 06/20/2012