Global Knowledge®

With new Iran sanctions taking effect September 29, the Treasury Department’s Office of Foreign Assets Control (OFAC) has published a document providing guidance on the import prohibitions concerning Iranian-origin goods and services, which are a result of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010.  As described in 31 CFR Part 560 of the bill, no one will be allowed to import commercial goods originating from Iran.  As a result, OFAC cannot authorize general or specific licenses for the importation of such goods on or after September 29, 2010.  According to World Trade\INTERACTIVE, “the general license in section 560.534 of the Iran Transaction Regulations will therefore be eliminated by Sept. 29 and any such goods for commercial importation into the U.S. must be entered for consumption before that date.”

The Treasury Department states that the Office of Foreign Assets Control announced an $860,000 settlement with Agar Corporation, Inc. (ACI), an oil field equipment company.  ACI participated in the unlicensed export of oil and gas production equipment for use in Sudan, which is in violation of the Sudanese Sanctions Regulations.

What You Don’t Know CAN Hurt You

Export Control Basics for Brokers, Forwarders and 3PLs

Sandler, Travis & Rosbenberg, P.A. is hosting a webinar that will provide you with an overview of the various agencies in charge of controlling exports from the United States (BIS, OFAC, CBP, etc.).  As you are well aware, export enforcement has been stepped up – with increasing penalties for those who don’t follow the rules.  The webinar will be on June 3, from 1-2 pm.  It will be hosted by Peggy Chaplin Louie, who assists clients with both import and export regulation compliance and international shipping issues.  Follow this link to register.  (The cost is $75, but I think it’s well worth it.)

The Office of Foreign Assets Control is publishing the names of two newly-designated Pakistan nationals whose property and interests in property are blocked pursuant to Executive Order 13224, “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism.”  OFAC is publishing the names of thirteen Colombian individuals whose property and interests in property have been unblocked pursuant to Executive Order 12978, “Blocking Assets and Prohibiting Transactions With Significant Narcotics Traffickers.”

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has targeted senior leadership of the Kongra-Gel, designating them as significant foreign narcotics traffickers.  Pursuant to the Kingpin Act, this designation freezes any assets the three designees may have under US jurisdiction and prohibits US persons from conducting financial or commercial transactions with these individuals.