The Treasury Department’s Office of Foreign Affairs Control (OFAC) authorized certain transactions related to a Specially Designated Nationals and Blocked Persons list vessel, MV Dianthe, currently under arrest in Mundra, India, according to an Oct. 30 OFAC statement. Such transactions include, but are not limited to, bidding on the purchase of the vessel, paying deposits and providing financing, insurance, or funding in connection with the purchase. In furtherance of the arrest, detention, and judicial sale of the vessel, vessel management service, port agency services, purchasing of bunkers, repairing or modifying the Vessel for commercial use, providing crewing, and hiring surveyors to inspect the vessel are also authorized. This authorization expires on Nov. 14, 2014.

The Treasury Department’s Office of Foreign Assets Control (OFAC) added individuals and entities to the Specially Designated Nationals (SDN) list on Oct. 30.

The Treasury Department’s Office of Foreign Assets Control (OFAC) added individuals and entities to the Specially Designated Nationals (SDN) list on Oct. 29.

The Ameron International Corporation settled a civil liability case with the Treasury Department’s Office of Foreign Assets Control (OFAC) over alleged violations of the Iranian Transactions and Sanctions Regulations and Cuban Assets Control Regulations, agreeing to pay $434,700, OFAC said on Oct. 24. OFAC determined that Ameron did not voluntarily self-disclose to OFAC indirect dealings with Iranian and Cuban interests that occurred from 2005 to 2006. The apparent violations constitute a non-egregious case, OFAC said.

The Treasury Department’s Office of Foreign Assets Control (OFAC) announced on Oct. 21 the assessment of a $1.5 million penalty against UAE-based investment, advising and trading company, Alma Investment, for violating the Iranian Transactions and Sanctions Regulations. The company did not voluntarily self-disclose at least six electronic funds transfers, totaling $103,283, processed through financial institutions located in the United States for the benefit of persons in Iran, OFAC determined. Alma did not have an OFAC compliance program, nor did it cooperate with OFAC during the investigation, said OFAC.

The Treasury Department’s Office of Foreign Assets Control (OFAC) added an individual and entity to the Specially Designated Nationals (SDN) list on Oct. 7.

Debt default will disrupt markets and damage private-sector confidence and growth, the Department of Treasury said in an Oct. 3 report released to the public. The report corroborates some testimony delivered to the Senate Budget Committee on Sept. 24 (see 13092501). The Federal Reserve is expected to default by Oct. 17, should Congress fail to pass legislation raising the debt limit. “In the event that a debt limit impasse were to lead to a default, it could have a catastrophic effect on not just financial markets but also on job creation, consumer spending and economic growth -- with many private-sector analysts believing that it would lead to events of the magnitude of late 2008 or worse, and the result then was a recession more severe than any seen since the Great Depression,” the report said. Congressional Democrats dismissed gestures to tie the debt ceiling debate with current efforts to push appropriations legislation required to re-open the federal government (see 13100316).

The following additions have been made to the Office of Foreign Assets Control's Specially Designated Nationals (SDN) list:

The Treasury Department’s Office of Foreign Assets Control (OFAC) assessed a $750,000 penalty on Finans Kiymetli Madenler Turizm Otomotiv Gida Tekstil San. Ve Tic for violating the Iranian Transactions and Sanctions Regulations, according to a Sept. 26 release. In 2012, Finans originated at least three electronic funds transfers, totaling $257,808, that processed through financial institutions located in the U.S. for the benefit of the government of Iran or persons in Iran, OFAC said. The Treasury blocked two of those transactions. Finans is a Turkey-based trading company.

The Treasury Department’s Office of Foreign Assets Control (OFAC) added individuals and made changes to the Specially Designated Nationals (SDN) list on Sept. 24.