“US Blocks Billions In Iran Assets in 2012”

May 30, 2013

The Wall Street Journal on May 29, 2013 released the following:

By Samuel Rubenfeld

“The U.S. Treasury’s Office of Foreign Assets Control said Tuesday in a report it issues annually that Washington’s sharply increased sanctions on Iran have led to nearly $2 billion dollars in blocked terrorist assets.

The Terrorist Assets Report, which is prepared by OFAC and delivered each year to key congressional committees, provides cumulative figures of the blocked assets of listed state sponsors of terrorism as well as entities or groups placed under sanctions.

More than $2.4 billion in assets relating to the U.S.-listed state sponsors of terrorism were identified by OFAC as of 2012, and sanctions blocked about $2.3 million of that.

Stepped-up sanctions on Iran led to the U.S. blocking more than $1.9 billion in Iranian assets as of Dec. 31, 2012, an increase of almost 3,500% over the $55.4 million figure posted at the end of 2011.

In a footnote, the report explains that “certain assets” noted in the 2011 edition of the report — but not included in the tabulation — were added to the main table under an executive order imposed in February 2012.

“These assets are subject to litigation and have been restrained by court order,” the footnote said.

The report said other countries listed as state sponsors of terrorism — Cuba, Sudan and Syria — had smaller changes in the amount of assets blocked by the U.S. An additional $8 million of Cuban assets were blocked during 2012, while only $4.7 million more Sudanese assets were blocked and $400,000 of Syrian assets were blocked.

Another $125 million in assets were listed separately as non-blocked assets of individuals and entities based in Iran and Syria, the report said.

OFAC also said in the report that the U.S. blocked a total of $21.8 million in assets tied to specially designated global terrorists, terrorists threatening the Middle East peace process and foreign terrorist organizations, up $717,000 since the end of 2011.

Some new groups’ names were added to the list in 2012, while a key one was removed.

Lashkar-E Jhangvi, Lashkar-Y Tayyiba and the Rajah Solaiman Movement were added to the Terrorist Assets Report because assets that appeared to link to them were blocked during the past year. Nevertheless, those assets seem negligible: The three groups combined had less than $12,000 blocked in 2012.

Meanwhile, Iranian group Mujahadeen-E Khalq, or MEK, was taken off the list for the 2012 report because the U.S. State Department removed them from its list of foreign terror organizations in September of that year.

The full Terrorist Assets Report is available here.”

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Douglas McNabb – McNabb Associates, P.C.’s
OFAC SDN Removal Videos:

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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 Defense, OFAC SDN Sanctions Removal, International Criminal Court Defense, and US Seizure of Non-Resident, Foreign-Owned Assets. Because we have experience dealing with INTERPOL, our firm understands the inter-relationship that INTERPOL’s “Red Notice” brings to this equation.

The author of this blog is Douglas C. McNabb. Please feel free to contact him directly at mcnabb@mcnabbassociates.com or at one of the offices listed above.

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Zim diamond groups added to US ‘sanctions’ list

December 13, 2011

SW Radio Africa on December 12, 2011 released the following:

“By Alex Bell

The US has added two diamond mining firms operating at Chiadzwa to its list of targeted sanctions, which remain in place against Robert Mugabe and key figures and companies of his regime.

The US Treasury’s Office of Foreign Assets Control (OFAC) updated its ‘specially designated nationals list’ to include Mbada Diamonds and Marange Resources, which are both joint venture groups with the State-owned Zimbabwe Mining Development Corporation (ZMDC). The ZMDC is already on the ‘sanctions’ list, meaning legally no US company or individual is allowed to do business with it.

This update of the sanctions list follows the recent decision by the diamond trade watchdog group, the Kimberley Process (KP), to give diamond exports from Chiadzwa the green light, despite reports of human rights abuses there. There are also claims that the proceeds from diamond sales could be used to shore up the Mugabe regime, with top ZANU PF officials said to be the primary beneficiaries of the mining firms.

These concerns had originally left the KP deadlocked for more than two years over how to deal with Zimbabwe, which came under pressure to fall in line with the minimum standards of the industry. But despite these standards still not being met, the KP has since appeared to bow to pressure from Zim supporters by allowing trade to resume.

It is for this reason that international rights group Global Witness, last week pulled out of the civil society wing of the KP. The group said last Monday that the KP’s “refusal to evolve and address the clear links between diamonds, violence and tyranny has rendered it increasingly outdated.””

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Douglas McNabb – McNabb Associates, P.C.’s
OFAC SDN Removal Videos:

OFAC Litigation – SDN List Removal

OFAC SDN List Removal

OFAC SDN Removal Attorneys

————————————————————–

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 McNabb. Please feel free to contact him directly at mcnabb@mcnabbassociates.com or at one of the offices listed above.