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Iraq Added to Treasury List of Boycotting Countries
September 7, 2012 by Brian Feito|Treasury Dept.

The Department of the Treasury on Aug. 13 added Iraq to its list of countries which require or may require participation in, or cooperation with, an international boycott. The current list now includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, the United Arab Emirates, and Yemen.

OFAC Sticks to Original $402,000 Penalty for Exports to Iran
August 23, 2012 by Mike Feazel|Treasury Dept.

The Office of Foreign Assets Control said GR-Duratech Texas, Inc. is liable for a penalty of $402,000 for engaging in transactions related to goods for export, reexport, sale or supply to Iran and services of Iranian origin, and its facilitation of a foreign person's export of goods to Iran, according to a letter from OFAC Director Adam Szubin. GR-Duratech had said a penalty that large would put it out of business.

OFAC Releases New Licenses Implementing Eased Burma Sanctions
August 9, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department's Office of Foreign Assets Control is publishing General License No. 16 and General License No. 17 issued under the Burma sanctions program on July 11, 2012, it said in a Federal Register notice scheduled for Aug. 10. General License No. 16 authorizes the export or reexport of financial services to Burma, subject to limitations. No. 17 authorizes new investment in Burma, subject to limitations and requirements. The transactions authorized by this License No. 16 include the activities formerly authorized by License No. 14-C and License No. 15. The new licenses are to implement the government's recent decision to ease sanctions on Burma (see ITT's Online Archives 12071205).