The Office of Foreign Assets Control has issued a notice detailing the May and August 2011 State Department sanctions against seven firms that OFAC is responsible for implementing. The seven companies were determined to have engaged in sanctionable activities related to Iran’s petroleum sector under Section 5(a) of the Iran Sanctions Act (ISA), as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act (CISADA) of 2010.
The Office of Foreign Assets Control has announced civil penalties of $15,000 for a Minnesota company and $5,400 for an Alabama company for separate violations of the Iran Transaction Regulations. OFAC determined that both companies did not voluntarily disclose these matters to OFAC and that the apparent violations constituted non-egregious cases. Civil penalties for both companies were lower than the base penalty for the alleged violations.
On November 3, 2011, the Office of Foreign Assets Control removed one container vessel from its "Specially Designated Nationals" List. The removed vessel is Mekong Spirit container ship, Cyprus flag (Hafiz Darya Shipping Company) [NPWMD]. In addition, changes have been made to the entry for the Islamic Republic of Iran Shipping Lines (aka IRI Shipping Lines, aka IRISL, aka IRISL Group) (Tehran, Iran)[NPWMD]. 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 November 1, 2011, the Office of Foreign Assets Control has added one individual and removed another from its "Specially Designated Nationals" List. Mali Khan (aka Madi Khan) of Afghanistan [SDGT] has been added and Shamil Salmanovich Basayev of Russia [SDGT] has been removed. 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 sanctioned a key Sinaloa Cartel lieutenant, Martin Guadencio Avendano Ojeda, his two brothers, Hector Manuel and Sergio Avendano Ojeda, and two companies, Autos Mini, a car dealership in Ensenada, Baja California owned by Martin Guadencio Avendano Ojeda, and Autodromo Culiacan, an auto race track located in Culiacan, Sinaloa owned by Martin and his brother Hector Manuel Avendano. As a result of these designations, U.S. persons are prohibited from engaging in transactions with the designees and any assets they may have under U.S. jurisdiction are frozen.
On October 27, 2011, the Office of Foreign Assets Control made a number of 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.
The Treasury Department's Office of Foreign Assets Control has assessed a penalty of $7,000 on Zurigo Trading Inc. for violating the Iranian Transactions Regulations by attempting to export goods to Iran on behalf of its foreign customer.
The Office of Foreign Assets Control states that it received a total of 472 applications requesting authorization to export agricultural commodities, medicine, and medical devices to Iran and Sudan under the one-year specific licensing regime of the Trade Sanctions Reform and Export Enhancement Act (TSRA) in the second quarter of fiscal year 2011 (January - March 2011). See notice for further statistics.
The Office of Foreign Assets Control has released a frequently asked question regarding the central bank of South Sudan. The former Bank of Southern Sudan, sometimes referred to as the Bank of South Sudan, has been established as the new central bank of the Republic of South Sudan. It is no longer a subsidiary of or linked to the Bank of Sudan, and no longer considered to be the Government of Sudan under the Sudanese Sanctions Regulations, 31 CFR Part 538.
On October 19, 2011, the Office of Foreign Assets Control removed three companies and three individuals from its "Specially Designated Nationals" List. SDNs are (i) individuals or companies owned or controlled by, or acting for or on behalf of, targeted countries or (ii) individuals, groups, or 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.