How To Observe International Criminal Justice Day From Business Perspective
International Criminal Justice Day reminds us of the significance of justice, accountability, and the rule of law in our society. This commemorative day extends beyond the confines of the legal world even though it was traditionally associated with legal institutions and international tribunals.
Businesses play a vital role in upholding these principles. Their active participation in observing International Criminal Justice Day can profoundly impact promoting justice and combating serious crimes.
In this blog, we will explore how businesses can observe International Criminal Justice Day from a unique perspective, focusing on implementing tools like OFAC Search in the fight against criminal activity.
What is International Criminal Justice Day?
International Criminal Justice Day is being celebrated every year on July 17th. It is a worldwide occasion that tackles severe crimes and advocating for justice on an international scale.
It serves as a poignant reminder of the necessity to deliver justice to victims of war crimes, crimes against humanity, genocide, and other egregious violations of international law.
Additionally, it emphasizes the role of international collaboration in combating these crimes and ensuring that those responsible are held accountable.
Where Did International Criminal Justice Come From?
The International Criminal Justice Day can be attributed to the founding of the International Criminal Court (ICC) on July 17th, 1998. The ICC is a permanent global tribunal entrusted with prosecuting individuals accountable for the gravest international offenses.
This significant day was designated to commemorate the adoption of the Rome Statute — the treaty that laid the groundwork for establishing the ICC and served as its foundation.
Why is it Important to Observe This Day?
The observance of International Criminal Justice holds immense significance, not only in general justice but also in the business world. Businesses are integral parts of society. By actively promoting justice and accountability, businesses can contribute to a safer and more just world as a whole.
Upholding ethical standards, respecting human rights, and ensuring compliance with international law aligns businesses with societal values and enhances their reputation.
How to Observe This Day in Business?
One effective way businesses can observe International Criminal Justice Day is by implementing compliance tools such as OFAC Search.
You might be asking, what is OFAC? Well, The Office of Foreign Assets Control (OFAC) is an agency of the U.S. Department of the Treasury that administers and enforces economic and trade sanctions.
OFAC maintains a list of individuals and entities subject to sanctions due to their wide-scale participation in crimes. Sanctioned individuals may be engaged in terrorism, narcotics trafficking, or other illicit activities.
5 Businesses That Should Implement OFAC Search API
While it’s recommended for businesses across the board to utilize this tool, there are particular industries that should prioritize this. They need OFAC Search API due to the risk factors associated with their businesses.
Let’s explore these five key sectors to understand why integrating OFAC search into their compliance efforts is important.
1. Financial Institutions and Banks
Financial institutions and banks play a crucial role in facilitating global financial transactions and managing large sums of money. These institutions need to carry out OFAC searches to maintain the soundness of this intricate system and mitigate legal liabilities.
Through screening customers, accounts, and transactions against the OFAC sanctions lists, financial institutions can detect and prevent any association with individuals or entities subject to sanctions. This approach ensures the establishment of a secure and compliant economic environment.
2. Goods Exporters and Importers
Maintaining strict compliance is important for businesses dealing with international trade, including exporters and importers. Navigating the regulatory landscape is crucial for these companies to safeguard their trade transactions and ensure uninterrupted business operations.
To protect their commercial interests and uphold ethical trade practices, exporters and importers can employ OFAC searches.
This search enables businesses involved in foreign trading to identify and avoid transactions that contravene the sanctions imposed by OFAC. It allows businesses the chance to safeguard their business reputation and promote responsible trade practices.
3. Tech & Telecommunications
The world that grows more interconnected each day, driven by advancements in technology and telecommunications. That’s why businesses operating in these sectors must remain vigilant about the risks linked to sensitive technologies and restricted countries.
Companies in the technology and telecommunications sector must prioritize the screening. They should start with their customers (Know Your Customer – KYC), partners, and transactions. This is to guarantee that they do not inadvertently engage in risky or fraudulent activities with bad actors.
4. Insurance Companies
Insurance companies also have a vital responsibility in upholding OFAC compliance. As facilitators of risk management and financial protection, insurance companies must implement robust measures to screen policyholders, beneficiaries, and claims against the OFAC sanctions lists.
This process enables insurance companies to maintain the trust of their clients, comply with regulatory requirements, and contribute to the broader objective of international criminal justice.
5. Travel & Tourism
The travel and tourism industry operates within a unique framework of compliance. Airlines, travel agents, and other organizations in this sector bear the responsibility of promoting safe and responsible travel by adhering to established standards.
For businesses in the travel and tourism industry, implementing OFAC Search is crucial to ensure compliance with restrictions on travel to specific countries and transactions involving individuals listed on the sanctions lists.
By conducting thorough OFAC searches, businesses under this umbrella can identify potential violations and take the necessary measures to combat subjects involved in high-end crimes.
This process not only safeguards the interests of travelers but also helps global organizations with their goals to stop illicit crimes.
Why is OFAC Implementation Important in Business?
As time has progressed, the responsibilities and jurisdiction of OFAC have grown, resulting in the emergence of OFAC search as a necessary compliance measure.
With the ever-changing global landscape, the OFAC search process continues to evolve, incorporating updates and enhancements to maintain its efficacy.
The implementation of OFAC search is beneficial not only for businesses but for the entire nation. Here are the compelling reasons why OFAC search is an essential requirement for businesses, especially high-risk ones:
1. Protect National Security and Foreign Policy
Maintaining national security and adhering to foreign policy objectives are primary considerations in implementing OFAC search.
Conducting OFAC screenings in business operations can actively contribute to safeguarding national security by preventing the flow of funds to individuals, entities, or countries involved in activities that threaten the interests of the United States.
This collective effort ensures that transactions align with national security priorities and supports the broader objective of protecting the nation’s well-being.
2. Combat Illicit Financial Activities & Terrorism Financing
The objective of OFAC search extends to combating illicit financial activities and financing terrorism. Businesses have a role to play in preventing such involvement in illegal activities.
Through implementing OFAC search, businesses actively contribute to deterring and disrupting illegal financial activities, ultimately aiming to safeguard the well-being of societies worldwide.
3. Avoid Penalties & Strengthen Social Responsibility
OFAC primarily enforces economic and trade sanctions imposed by the U.S. government, and its goal is to prevent transactions with individuals or entities engaged in activities that threaten national security or pose a risk to global stability.
In general, businesses are responsible for conducting due diligence and implementing measures to prevent engagement with individuals involved in criminal activities. It makes sense since part of the compliance process in high-risk industries is to adhere to the Know-Your-Customer (KYC) policies.
Searchbug’s OFAC Search API
Under the USA Patriot Act, all businesses operating in the United States should adhere to OFAC compliance regulations. This entails conducting comprehensive checks against the OFAC and Specially Designated Nationals (SDN) lists and consulting various databases, including those of the FBI, Interpol, and others, to identify countries, individuals, and groups associated with terrorism and narcotics trafficking.
This stringent requirement ensures businesses remain vigilant to combat illicit activities and maintain a secure business environment.
For compliance, Searchbug’s OFAC Search API lets businesses screen individuals in real time by implementing API keys in their websites, programs, apps, or internal screening platforms.
There’s a multitude of information you can retrieve by using Searchbug’s OFAC Search tool. The results typically include:
- Full name & aliases
- Date and place of birth
- Race
- Language spoken
- Nationality
- Passport details
- National ID
- Body marks
- Eye and hair color
- Weight and height
The information provided is sourced from 24 different entities across the globe, which reduces the risk of overlooking sanctioned individuals involved in dangerous activities. Moreover, it lets you know why they’re on the list. It also reports their offenses, if there are arrest warrants against them, and the people or organizations they are associated with.
Conclusion
There you have it! This is a friendly reminder for businesses to recognize the importance of observing International Criminal Justice Day and actively engage in efforts to promote justice, accountability, and the rule of law.
With OFAC Search, businesses in the operating in high-risk sectors can uphold compliance, contribute to national security, combat illicit activities, and strengthen social responsibility.
As you strive to implement effective OFAC Search in your business operations, partnering with Searchbug for your OFAC Search API needs gives you peace of mind by providing a reliable and comprehensive solution.
Searchbug’s OFAC Search API allows you to screen individuals in real-time, integrating seamlessly into your internal systems. You can efficiently retrieve critical information about individuals, including their offenses, arrest warrants, and connections to other individuals or organizations.
Together, let’s make a difference and observe International Criminal Justice Day by actively promoting justice & accountability in business. Don’t hesitate to contact our team today!
