The war on terror is coming to a mall near you. No, really, –I mean it. Sell a tasty Cinnabon treat or t-shirt to someone on the list and you’re in violation. Worse, have a middle name that might possibly resemble even a nickname of someone on the list and a nice red flag accompanies your credit report and in turn the man in the fancy suit turns down your mortgage. Apply for a car loan and the process repeats. What’s more you might never be told why you are being turned down.
According to a recent article in the Washington Post, the nightmare law stems from an executive order signed shortly after Sept. 11, 2001, by President Bush that makes it illegal to do business with anyone on The Office of Foreign Asset Control’s list. And the list works about as well as the government’s “no-fly” list “partial matches” and all. The fines and penalties are so stiff (up to $10 million and 10 to 30 years in prison) that businesses are turning down obviously legitimate applicants out of fear.
“The law is ridiculous,” said Tom Hudson, a lawyer in Hanover, Md., who advises car dealers to use the list to avoid penalties. “It prohibits anyone from doing business with anyone who’s on the list. It does not have a minimum dollar amount. . . . The local deli, if it sells a sandwich to someone whose name appears on the list, has violated the law.“
I couldn’t agree more.
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