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OFAC Amends Syrian Sanctions Regulations to Implement Executive Orders
May 1, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department's Office of Foreign Assets Control (OFAC) is amending the Syrian Sanctions Regulations to implement a series of applicable executive orders issued from 2006 to 2012. OFAC is also updating certain provisions of the regulations, making other technical changes and reissuing the regulations in their entirety.

ATF Creates New Form for Firearm Importer 'Marking Variance' Requests
May 1, 2014 by Brian Feito|Treasury Dept.

The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) announced on April 29 the creation of a new form to streamline requests from firearm manufacturers and importers for marking variances. Generally, firearms must be marked with specific identifying information, but ATF can allow a “marking variance” if the manufacturer or importer shows that the alternative form of identification “is reasonable and will not hinder the effective administration of the law,” says ATF. According to the agency, new ATF Form 3311.4 simplifies the process for asking for a marking variance by specifically requesting information required to process a request, “thus eliminating delays caused when a request omits needed information.”

OFAC Penalizes CWT B.V. for Travel Services Violations of Cuba Sanctions
April 18, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control (OFAC) settled a potential civil liability case with CWT B.V. for alleged violations of the Cuban Assets Control Regulations. OFAC penalized the company $5,990,490 for travel services infractions that took place from 2006 to 2012. The infractions also violated the Trading With the Enemy Act, according to OFAC.

Treasury Says China Currency Progress Reversed; Still Not Currency Manipulator
April 17, 2014 by Brian Feito|Treasury Dept.

The Treasury Department again declined to declare China a currency manipulator, despite finding continued undervaluation of the renmenbi (RMB), in its latest semiannual report on international exchange rates and their effect on trade. The RMB appreciated during 2013 on a trade-weighted basis, but not as fast or by as much as is needed, said Treasury, and “large-scale intervention resumed.” During 2014, however, the RMB exchange rate has reversed direction, depreciating by 2.68 percent in the year to date, it said.