The U.S. Department of the Treasury on April 16, 2012 released the following:
The Office of Foreign Assets Control continues to streamline and modernize the OFAC licensing process. This stage of the modernization effort will be reflected in the documents the Licensing Division generates and sends to license applicants and other correspondents.
Please be aware that the numbering system used by the Licensing Division has been changed and is being reflected in new licenses, denial letters, and other correspondence issued after March 26, 2012. As was previously the case, the new numbering will begin with alphabetical characters designating the sanctions program — e.g., CU, IA, or SU. The new numbers will be followed by (1) the calendar year, (2) a unique six-digit number, and (3) a final number denoting original or amendment. For example, a new license issued pursuant to the Cuban Assets Control Regulations (31 C.F.R. Part 515) would bear a number styled as License No. CU-2012-XXXXXX-1, while a license issued pursuant to the Iranian Transactions Regulations (31 C.F.R. Part 560) would appear as License No. IA-2012-XXXXXX-1.
For the time being, the old licensing case numbering system will not disappear completely. An amended version of a license that was originally issued prior to March 26, 2012, will continue to follow the original license case number system, i.e., alphabetical characters for the sanctions program followed by the existing license number and an alphabetical character, as in the past.
We make this announcement to inform you of the continuing developments underway to streamline and modernize the OFAC work process. Frequent applicants and financial institutions are sure to notice the new numbers soon.”
Douglas McNabb – McNabb Associates, P.C.’s
OFAC SDN Removal Videos:
To find additional global criminal news, please read The Global Criminal Defense Daily.
Douglas McNabb and other members of the U.S. law firm practice and write and/or report extensively on matters involving Federal Criminal Defense, INTERPOL Red Notice Removal, International Extradition and OFAC SDN Sanctions Removal.
The author of this blog is Douglas C. McNabb. Please feel free to contact him directly at email@example.com or at one of the offices listed above.