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OFAC Creates New List of Prohibited Iran and Syria Sanctions Evaders
February 7, 2014 by Brian Feito|Treasury Dept.

The Office of Foreign Assets Control is creating a new list of people and companies that have evaded economic and financial sanctions imposed on Iran and Syria. The Foreign Sanctions Evaders List, announced on Feb. 6, comprises foreign persons sanctioned under Executive Order 13608 of May 2012 (“Prohibiting Certain Transactions With and Suspending Entry into the United States of Foreign Sanctions Evaders With Respect to Iran and Syria”) (see 12050203). Dealings between U.S. persons and persons on the new “FSE” list are generally prohibited, as are transactions “through” the U.S., without authorization from OFAC, it said.

OFAC Authorizes Transaction for Blocked MV SININ
February 5, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department Office of Foreign Assets Control on Feb. 3 authorized all transactions related to the arrest, detention, and judicial sale of the MV SININ, identified by OFAC as blocked property in January and currently arrested in Zhoushan, China. This authorization expires on Feb. 28, 2015.

OFAC Adds Individuals to SDN List
February 5, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control (OFAC) added the following individuals to the Specially Designated Nationals (SDN) list on Feb. 5:

OFAC Settles Case with Moscow Bank Over Iran Financial Transfers
January 27, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control (OFAC) settled a potential civil liability case on Jan. 27 with Joint-Stock Commercial Bank “Bank of Moscow” for $9,492,525 over alleged violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations and Executive Order 13382. OFAC said Bank of Moscow committed 69 violations of the executive order (here) aimed at freezing the assets of weapons proliferators, and did not voluntarily self-disclose the alleged violations. OFAC determined, however, the alleged violations constitute a non-egregious case. From 2008 to 2009, Bank of Moscow allegedly transferred funds to or through the U.S. on behalf of an Iran-affiliated financial institution.

OFAC Settles Potential Civil Liability Case with Clearstream Over Iran Sanctions Violations
January 24, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control (OFAC) settled a potential civil liability case with Clearstream Banking, S.A., for $151,902,000 over apparent violations of U.S. sanctions against Iran, the department said on Jan. 23. From December 2007 to June 2008 Clearstream maintained an account at a U.S financial institution through which the Central Bank of Iran (CBI) kept a beneficial ownership interest in U.S.-held securities, and performed certain associated services on behalf of the CBI. In February 2008, Clearstream also transferred securities entitlements to the CBI via a European commercial bank custody account. The apparent violations were not voluntarily disclosed to OFAC, said the department. Clearstream waived the right to legally object to the financial settlement and other aspects of the agreement.

OFAC Publishes Guidance on Iran Sanctions Relief
January 21, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control (OFAC) published on Jan. 20 guidance for Iran sanctions relief in order to implement the joint plan of action (JPOA), brokered between Iran and P5+1 countries on Nov. 24, 2013. The sanctions relief will take place from Jan. 20 to July 20, and the U.S. retains the right to scale back the relief in the event of JPOA violation. With the exception of certain civil aviation and humanitarian activities, the sanctions relief does not apply to U.S. persons or foreign entities owned or controlled by U.S. persons that are otherwise subject to the Iranian Transactions and Sanctions Regulations. or other related U.S. sanctions law. The relief does not involve persons on the OFAC Specially Designated Nationals and Blocked Persons lists, unless otherwise noted, OFAC said. The relief lifts sanctions in the following areas:

OFAC Adds Entities to SDN List
January 14, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control (OFAC) added entities to the Specially Designated Nationals (SDN) list on Jan. 10. The State Department also designated on Jan. 10 the following entities as separate Foreign Terrorist Organizations and Specially Designated Global Terrorists (see 14011015).

OFAC Adds Individuals and Entities to SDN List
January 13, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control (OFAC) added individuals and entities to the Specially Designated Nationals (SDN) list on Jan. 10. The State Department also designated on Jan. 10 the following individuals as Specially Designated Global Terrorists and the following entities as separate Foreign Terrorist Organizations and Specially Designated Global Terrorist entities (see 14011015).