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Treasury Releases Current Boycott List
November 15, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department released a current list of countries which require or may require participation in, or cooperation with, an international boycott as defined by the Internal Revenue Code. The list includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen.

OFAC Publishes Near-Final Rules on Yemen Transactions
November 13, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department Office of Foreign Assets Control issued regulations implementing the May 16 executive order on "Blocking Property of Persons Threatening the Peace, Security, or Stability of Yemen," but said it intends to supplement them with a more comprehensive set of regulations in the future. The new rules were effective Nov. 9. (See ITT's Online Archives 12051708). Sec. 552.101 was published in abbreviated form to provide immediate guidance to the public, OFAC said. OFAC said a more-comprehensive set of regulations may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy. Further information: 202-622-2490.

OFAC Updates Rules for Transactions with Iran
October 24, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department Office of Foreign Assets Control made some minor changes to the Iranian Transactions Regulations, 31 C.F.R. part 560, and provided some additional guidance on transactions with Iran, following enactment of new legislation in August. Among other things, it changed the name to the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (the "ITSR"), and amended the renamed ITSR to implement Executive Order 13599 (other than section 11) and sections 1245(c) and (d)(1)(B) of the National Defense Authorization Act for Fiscal Year 2012. These new regulations block the Government of Iran and all Iranian financial institutions and add numerous new sections to the ITSR, including prohibitions, definitions, interpretations, and licensing provisions. Also, a few general licenses that had been included in the Iranian Transactions Regulations have now been removed, OFAC said. OFAC also published a Statement of Licensing Procedure on Support of Human Rights-, Humanitarian-, and Democracy-Related Activities with Respect to Iran (here). The statement reflects procedures established pursuant to the Iran Threat Reduction and Syria Human Rights Act of 2012. OFAC provided a list of frequently asked questions pertaining to the ITSR and the Statement of Licensing Procedure (here). OFAC also published a list of the basic medical supplies that are eligible for export or reexport to Iran, subject to restrictions, under a new general license set forth in the ITSR (here). And it removed General License A and General License B to reflect the changes set forth in the ITSR.

OFAC Issues Data Delivery Standards
October 22, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department Office of Foreign Assets Control issued its Data Delivery Standards, describing the technical requirements for the preferred format in which to submit electronic document productions, including self-disclosures, administrative subpoena responses, and other documents or reports. It said producing documents in an electronic format is not required, but it prefers to receive information on digital media instead of hardcopy if the number of pages exceeds 500. The document said OFAC uses Concordance v10.012 and Concordance Image v5.09. General instructions include:

Ga. Medical Supply Company Settles OFAC Charges Involving Iran
October 19, 2012 by Mike Feazel|Treasury Dept.

Medical supply company Brasseler USA of Savannah, Ga., agreed to pay $18,900 to settle potential civil liability for alleged violations of the Iranian Transactions Regulations from 2006 to 2009, said the Treasury Department Office of Foreign Assets Control. OFAC alleged that Brasseler exported goods or services to a person in a third country with knowledge or reason to know they were intended for transshipment to Iran, without authorization from OFAC. OFAC said Brasseler's conduct demonstrated reckless disregard for U.S. sanctions requirements, involved a pattern of concealment, and Brasseler did not have a compliance program in place.