The Treasury Department said it froze the assets of the Syria International Islamic Bank, pursuant to Executive Order (E.O.) 13382, for acting for or on behalf of the Commercial Bank of Syria and providing services to the Syrian Lebanese Commercial Bank, both of which are subject to U.S. and international sanctions. SIIB actions have Syria’s largest commercial bank to circumvent sanctions against it by the U.S., the EU and the Arab League, Treasury said.
The Treasury Department Financial Crimes Enforcement Network is proposing to put restrictions on a bank in Belarus that it accuses of being involved in money laundering. The proposed restrictions for the bank, JSC CredexBank, involve provision 1 on recordkeeping and reporting of certain financial transactions; and provision 5, a prohibition or conditions on the opening or maintaining of correspondent or payable through accounts.
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.
Genesis Asset Managers agreed to pay $112,500 to settle potential civil liability for an apparent violation of the Iranian Transactions Regulations, 31 C.F.R. part 560, about August 1, 2007, said the Treasury Department Office of Foreign Assets Control.
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.
The Treasury Department Office of Foreign Assets Control updated its Comprehensive Guidelines for License Applications to Engage in Travel-Related Transactions Involving Cuba. The update reflects changes made to the licensing criteria, and primarily deals with the section on educational exchanges not involving academic study pursuant to a degree program (31 CFR Part 515, Section 515.565(b)(2)). The Application Guidelines are intended to help persons who wish to travel to Cuba to make their own determinations on whether their activities are authorized by a general license (in which case no specific license from OFAC is needed), or their activities could be authorized by a specific license from OFAC (in which case an application is required). The new guidelines are here.