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OFAC publishes final rule for IFSR amendments

The final rule implements sections 503 and 504 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (aka “TRA”), which affects the Iranian Financial Sanctions Regulations (“IFSR”) and the National Defense Authorization Act of 2012 (“NDAA”). Bottom line on the significant changes: Foreign banks can be sanctioned […]

OFAC issues General License No. 16 for Syria

The new General License permits services, including funds transfers, to the National Coalition of Syrian Revolutionary and Opposition Forces (i.e. the rebels opposing the Al-Assad government). Mr. Watchlist will get a link to that up on the Licenses page, but for now, I’ll provide one here. Links: OFAC press release […]

March 14, 2013 OFAC Updates to Iranian sanctions

OFAC today sanctioned the following: One individual sanctioned under the Iran Sanctions Act: CAMBIS, Dimitris (a.k.a. KAMPIS, Dimitrios Alexandros; a.k.a. KLIMT, Gustav); DOB 14 Oct 1963 (individual) [IRAN] [ISA]. A number of entities, including some related to shipping: ASIA ENERGY GENERAL TRADING (LLC), Suite 703, Twin Tower, Baniyas Street, Deira, […]

More OFAC North Korean NPWMD Designations

Four more individuals, one more entity: CHU, Kyu-Chang (a.k.a. CHU, Kyu-Ch’ang; a.k.a. JU, Kyu-Chang); DOB 25 Nov 1928; POB Hamju County, South Hamgyong Province, Democratic People’s Republic of Korea (individual) [NPWMD]. O, Kuk-Ryol (a.k.a. O, Ku’k-ryo’l); DOB 07 Jan 1930; POB Onso’ng County, North Hamgyo’ng Province, Democratic People’s Republic of […]

March 7, 2013: OFAC Non-proliferations sanctions update

On Thursday, OFAC sanctioned 3 individuals involved with or faciitating North Korea’s nuclear weapons program: KO, Ch’o’l-Chae, Dalian, China; nationality Korea, North; Deputy Representative, KOMID (individual) [NPWMD]. MUN, Cho’ng-Ch’o’l, C/O Tanchon Commercial Bank, Saemaeul 1-Dong, Pyongchon District, Pyongyang, Korea, North; nationality Korea, North; Tanchon Commercial Bank Representative (individual) [NPWMD]. YO’N, […]

OFAC Enforcement Action: EGL, Inc.

Another day, another fine… EGL, Inc. provided freight forwarding services to Cuba between 2005 and 2008 in violation of the Cuban Assets Control Regulation (CACR), and 10 times to Iran in 2008 in violation of what is now called the Iranian Transactions and Sanctions Regulations (ITSR). The company self-disclosed the […]

Changes to OFAC Burma sanctions

Two changes on Friday to the OFAC Burma sanctions. First, two branches of Ayeyarwady Bank were added to the sanctions list (including their SWIFT BIC): AYEYARWADY BANK (a.k.a. AYEYARWADDY BANK LTD; a.k.a. IRRAWADDY BANK), Block (111-112), Asint Myint Zay, Zabu Thiri Township, Nay Pyi Taw, Burma; No. 1 Ywama Curve, […]