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OFAC

The Treasury Department's Office of Foreign Assets Control (OFAC) administers and enforces various economic and trade sanctions programs. It sanctions people and entities by adding them to the Specially Designated Nationals List, and it maintains several other restricted party lists, including the Non-SDN Chinese Military-Industrial Complex Companies List, which includes entities subject to certain investment restrictions. 

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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The Islamic Republic of Iran Shipping Lines (IRISL) has recently been operating vessels despite their flags having been revoked, Treasury's Office of Foreign Assets Control said in a special advisory July 19.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.

Iranian National Faces 20 Years for Exports of Industrial Parts & Goods to Iran
July 13, 2012 by Brian Feito|Penalties and Courts

The Department of Justice reported the unsealing of charges against Saeed Talebi, an Iranian national arrested July 12 in connection with a scheme to illegally export from the United States to Iran parts and goods designed for use in industrial operations. According to the indictment, on numerous occasions throughout 2011, Talebi and others worked to ship industrial parts and goods from United States-based firms to Dubai, acting through a company identified in the Indictment as “Company-1.” These items were then to be sent to various petrochemical companies located in Iran without the required OFAC export license, DOJ said. In the course of this scheme, Talebi also caused money to be wired to the United States, including over $300,000 sent to a bank account in Manhattan.

State Dept. Issues Fact Sheet on Burma
July 12, 2012 by Mike Feazel|State Department

The U.S. remains concerned about human rights, corruption, and the role of the military in Burma, so the new U.S. policy on that country "is carefully calibrated and aimed at supporting democratic reform and reconciliation efforts while aiding in the development of an economic and business environment that provides benefits to all Burma's people, according to the fact sheet issued July 11 by a State Department spokesman.

Wash. Company Agrees to Pay $1.3 Million to Settle OFAC Violations
July 11, 2012 by Mike Feazel|Penalties and Courts

Great Western Malting Co. of Vancouver, Wash., agreed to pay $1,347,750 to settle apparent violations of the Cuban Assets Control Regulations, said the Treasury Department's Office of Foreign Assets Control. The apparent violations occurred between August 2006 and March 2009, when Great Western performed back-office functions for the sales by a foreign affiliate of non-U.S. origin barley malt to Cuba. OFAC said the apparent violations constitute a non-egregious case. It did say that Great Western did not have an adequate OFAC compliance program in place at the time of the violations and some of the violations involved transactions with Specially Designated Nationals (SDNs) in Cuba. But it said Great Western has no history of prior OFAC violations, substantially cooperated with OFAC, and, if the subject goods had been shipped from the U.S., they would have been eligible for an OFAC license.