OFAC sanctioned an international network of individuals and entities for involvement in the procurement of "critical" materials for Iran's nuclear program.
According to OFAC, the network used Chinese- and Belgian-based front companies to acquire materials controlled by the Nuclear Suppliers Group ("NSG"), which were then used in facilities owned by the Atomic Energy Organization of Iran. OFAC noted that the United Nations Security Council Resolution 2231 does allow certain NSG-controlled items to go to Iran, but that participants in this network did not comply with the Resolution.
All property and interests in property of these individuals and entities, as well as any entities owned 50 percent or more by them, that are in the United States or are in the possession or control of U.S. persons are now blocked and must be reported to OFAC. Additionally, OFAC regulations generally prohibit any dealings by U.S. persons, or within the United States, that involve these individuals and entities, their property or interests in property.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
[View Source]