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OFAC Releases New Licenses Implementing Eased Burma Sanctions
August 9, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department's Office of Foreign Assets Control is publishing General License No. 16 and General License No. 17 issued under the Burma sanctions program on July 11, 2012, it said in a Federal Register notice scheduled for Aug. 10. General License No. 16 authorizes the export or reexport of financial services to Burma, subject to limitations. No. 17 authorizes new investment in Burma, subject to limitations and requirements. The transactions authorized by this License No. 16 include the activities formerly authorized by License No. 14-C and License No. 15. The new licenses are to implement the government's recent decision to ease sanctions on Burma (see ITT's Online Archives 12071205).

OFAC Publishes Circular on Cuban Assets
July 27, 2012 by Mike Feazel|Treasury Dept.

Treasury's Office of Foreign Assets Control published Circular 2012 (here) which lays out the Cuba Service Provider Program pursuant to the Cuban Assets Control Regulations, covering Carrier and Travel Service Providers and Remittance Forwarders.

OFAC Removes Names from SDN List
July 23, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department's Office of Foreign Assets Control is removing the names of 1 individual and 2 entities whose property and interests in property are blocked pursuant to Executive Order 13315 involving former Iraqi regime officials from the list of Specially Designated Nationals and Blocked Persons, effective July 17, 2012.

OFAC Warns of Improperly Flagged Iranian Ships
July 20, 2012 by Mike Feazel|Treasury Dept.

The Islamic Republic of Iran Shipping Lines (IRISL) has recently been operating vessels despite their flags having been revoked, Treasury's Office of Foreign Assets Control said in a special advisory July 19. It said international sanctions, and IRISL's efforts to evade them, have led to increased vigilance by the maritime industry and prompted an increasing number of countries to revoke or refuse to issue a flag to vessels in which IRISL or its affiliates have an interest.