OFAC ADDS 3 INDIVIDUALS AND 11 ENTITIES TO SANCTIONS LISTS

On 3 September, OFAC announced that it had added 11 entities to its SDN List, plus 3 individuals connected to certain of those entities.  6 of the “front companies” in various jurisdictions are said to be entities based in Iran, UAE, and China and linked to Triliance Petrochemical Co. Ltd (which was itself designated in January).  The other 5 entities are said to have been knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.  The 3 individuals named, 2 Chinese and 1 Iranian national, are to be principal executive officers of these sanctioned entities.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20200903

https://home.treasury.gov/news/press-releases/sm1114

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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