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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.

OFAC Amends, Expands Syrian Sanctions Regulations
April 9, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control (OFAC) is amending the Syrian Sanctions Regulations and reissuing them in their entirety through a final rule, effective April 10. OFAC is also incorporating new general licenses into the regulations and making other technical changes.

State Designates Ansar Bayt al-Maqdis a Foreign Terrorist Organization, Specially Designated Global Terrorist
April 9, 2014 by Brian Dabbs|Treasury Dept.

The Secretary of State, in consultation with the Attorney General and the Treasury Secretary, determined Ansar Bayt al-Maqdis to be a Foreign Terrorist Organization (here) and a Specially Designated Global Terrorist (here). The designations include prohibitions against knowingly providing, attempting or conspiring to provide material support or resources or engaging in transactions with this entity. The designations also freeze all property and interests of the entity in the U.S. or in the control of U.S. citizens.