International Trade Today is a service of Warren Communications News.
Subscriber Login

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. 

to
articlessource documents
Refine Topic Search
Clear Terms

Search Primer

Multi-word term: Place inside quotes to ensure an exact match together (e.g. "forced labor").

Term list: Separate terms with spaces, not commas or semicolons to find either word (e.g. AD/CVD CBP).

Acronyms: Use all capital letters (e.g., ACE).

Required term: If a term must be included in any resulting articles, prefix it with a plus sign (e.g., tariffs +Canada).

Excluded term: If a term should be excluded from any articles being found, prefix it with a minus sign (e.g., FDA -alert).

Simplest form: Use the simplest form of a term (e.g. "metal" instead of "metals" or "entity list" instead of "entity listing" or "entity listed").

ING Bank to Pay $619 Million to Settle Liability for Sanctions Violations, OFAC Says
June 13, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department Office of Foreign Assets Control has a $619 million settlement with ING Bank to settle potential liability for apparent violations of U.S. sanctions, it said. That makes it the largest OFAC settlement of any kind to date, and resolves OFAC's investigation into ING Bank's intentional manipulation and deletion of information about U.S.-sanctioned parties in more than 20,000 financial and trade transactions routed through third-party banks located in the U.S. between 2002 and 2007, OFAC said.

BIS Denies Export Privileges for 10 Years for Aiding & Abetting Illegal Export to Iran
June 13, 2012 by Brian Feito|Exports

The Bureau of Industry and Security issued an order denying the export privileges of Mohammad Reza Vaghari (aka Mitch Vaghari) and a related person in Saamen Company, LLC until June 3, 2021 (10 years from the date of Vaghari’s conviction), and revoking all licenses issued pursuant to the Arms Export Control Act or the Export Administration Regulations. According to BIS, Vaghari was convicted on June 3, 2011 of, among other things, two counts of violating the International Emergency Economic Powers Act by willfully and knowingly aiding and abetting in the illegal export of ultrasonic liquid processors, stimulus isolators, and laboratory equipment to Iran via the United Arab Emirates without obtaining the required Office of Foreign Assets Control approval. Vaghari was sentenced to 33 months in prison followed by three years supervised release and a special assessment of $400

OFAC Blocks Assets of Syria International Islamic Bank
June 11, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department's Office of Foreign Assets Control released the name of 1 newly-designated entity whose property and interests in property are blocked pursuant to Executive Order 13382 of June 28, 2005. The action was effective on May 30, 2012.

OFAC Makes Changes to SDN List
May 25, 2012 by Mike Feazel|Treasury Dept.

The Office of Foreign Assets Control announced changes to its "Specially Designated Nationals" list. SDNs are (i) individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries or (ii) individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. The assets of listed SDNs are blocked and U.S. persons are generally prohibited from dealing with them.