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OFAC Removes Names from SDN List
January 28, 2013 by Dugie Standeford|Treasury Dept.

The Treasury Department's Office of Foreign Assets Control is removing the name of one individual whose property and interests in property are blocked pursuant to Executive Order 13448 involving blocking property and prohibiting certain transactions related to Burma from the list of Specially Designated Nationals and Blocked Persons, effective Jan. 24.

OFAC Reports on Licenses Issued and Processing Times
January 24, 2013 by Mike Feazel|Treasury Dept.

Treasury Department's Office of Foreign Assets Control released its Quarterly Report of Licensing Activities, covering activities undertaken by OFAC for the period from July through September 2012. Among other things, the report includes the number and types of licenses issued and the average time to process each license.

OFAC Settles with Dal-Tech Over RF Exports to Iran
January 18, 2013 by Mike Feazel|Treasury Dept.

Dal-Tech Devices of Boca Raton, Fla., dba Microwave Distributors, agreed to pay $10,000 to settle potential civil liability for apparent violations of the Iranian Transactions Regulations, said the Treasury Department's Office of Foreign Assets Control. OFAC said Dal-Tech's prior ownership and management apparently violated the ITR by making an unlicensed sale and export of radio frequency measurement devices valued at $3,226 to Austria with knowledge that the items were intended for transshipment to Iran.

OFAC Publishes Name of Blocked Entity Related to WMD Proliferators Sanctions
January 10, 2013 by Dugie Standeford|Treasury Dept.

The Office of Foreign Assets Control is issuing General License No. 7 under the Weapons of Mass Destruction Proliferators Sanctions Regulations, 31 C.F.R. Part 544, authorizing certain transactions related to the arrest, detention and judicial sale of the MV Amina (f.k.a. Shere, a.k.a Iran Tabas, IMO No. 9305192), which is a vessel on OFAC's Specially Designated Nationals and Blocked Persons list. The vessel is currently under arrest in Galle, Sri Lanka.

OFAC Issues Advisory on Use of Exchange Houses and Trading Companies to Evade Iran Sanctions
January 10, 2013 by Dugie Standeford|Treasury Dept.

As the international community increasingly bars or restricts Iranian financial institutions from accessing the international financial system, Iran is relying more heavily on third-country exchange houses and trading companies to move funds, the Treasury Department Office of Foreign Assets Control said in a Jan. 10 advisory. Those entities often lack their own U.S. correspondent accounts, relying on their banks' correspondent accounts to access the U.S. financial system. They're often located in jurisdictions considered high-risk for transactions implicating OFAC sanctions, and they appear to process primarily commercial transactions rather than personal ones, it said.