On January 19, 2012, the Office of Foreign Assets Control added four individuals and four entities to its "Specially Designated Nationals" list, that have been identified as pursuant to the Foreign Narcotics Kingpin Designation Act. 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.
The Office of Foreign Assets Control will be holding a Financial Industry Symposium on March 20, 2012 in Washington, D.C. to dialog and exchange views and information on current and emerging U.S. economic sanctions regulations. OFAC has now published more information on this symposium, and notes that registration for this free event will close on Friday, January 20, 2012. OFAC's new information and link to registration page available here.
The State Department announced that on January 12, 2012, Secretary of State Clinton imposed sanctions on three companies under the Iran Sanctions Act (ISA), as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act (CISADA), for conducting business with Iran’s energy sector. These three firms are Zhuhai Zhenrong Company (Zhenrong), Kuo Oil (S) Pte. Ltd. (Kuo), and FAL Oil Company Limited (FAL). According to a recently updated OFAC list of companies sanctioned under ISA as amended by CISADA, these three firms join three others whose sanctions involve a prohibition on U.S. financial institutions making certain loans or credits to the firms.
On January 10, 2012, the Office of Foreign Assets Control removed 64 persons (38 entities and 26 individuals) from 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.
On January 10, 2012, the Office of Foreign Assets Control added three individuals to its "Specially Designated Nationals" list, that have been identified as having ties to Sinaloa Cartel leader Joaquin Guzman Loera (a.k.a. Chapo Guzman), as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act. 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.
The Office of Foreign Assets Control has issued a final rule, effective January 12, 2012, that creates a new Part 590 in 31 CFR to carry out the purposes of Executive Order 13581, "Blocking Property of Transnational Criminal Organizations," which blocks property in the U.S. or in the possession or control of U.S. persons in which the TCOs1 have an interest, and prohibits U.S. persons from engaging in transactions with such TCOs.
On January 5, 2012, the Office of Foreign Assets Control added Al-Qa'ida Kurdish Battalions (a.k.a. Kurdistan Battalion of Islamic State in Iraq; a.k.a. Kurdistan Brigade of Al-Qaeda in Iraq; a.k.a. Kurdistan Brigades; a.k.a. "AQKB"), Iran; Iraq [SDGT] 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.
On December 29, 2011, the Office of Foreign Assets Control designated Lebanese-Colombian nationals Jorge Fadlallah Cheaitelly and Mohamad Zouheir El Khansa as Specially Designated Narcotics Traffickers (SDNTs) due to their significant role in international money laundering activities involving drug trafficking proceeds. OFAC also designated nine other individuals and 28 entities in Colombia, Panama, Lebanon, and Hong Kong with ties to Cheaitelly and El Khansa. This action, taken pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), prohibits U.S. persons from conducting financial or commercial transactions with these entities and individuals and freezes any assets the designees may have under U.S. jurisdiction.
The Office of Foreign Assets Controls has posted enforcement information for December 20, 2011 concerning a civil penalty of $13,500 assessed against Lanier Marine Liquidators of Dawsonville, Georgia, to settle allegations of violations of the Sudanese Sanctions Regulations (31 CFR Part 538) occurring between March 2005 and March 2006. OFAC alleged that LML entered into contracts to sell boats and boat parts to an individual in Sudan, and attempted to export a boat and boat parts to Sudan valued at $30,460.
The Office of Foreign Assets Control has issued a December 21, 2011 updated list of all currently authorized Carrier Service Providers, Travel Service Providers, and Remittance Forwarders for Cuba.