Financial Institution Letters Foreign Assets Control Act
March 23, 2004
CHIEF EXECUTIVE OFFICER (also of interest to BSA Compliance Officer)
Specially Designated Nationals and Blocked Persons,
and Amended Iraqi General Licenses
The Department of the Treasury's Office of Foreign Assets Control has: provided a partial list of entities of the former Iraq Government that may conduct business per United Nations Security Council Resolution; amended the list of Specially Designated Nationals and Blocked Persons; and amended General Licenses with respect to Iraq.
On March 18, 2004, the Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a bulletin that included multiple actions. The first action, as required under paragraph 23(a) of the United Nations Security Council Resolution 1483, required OFAC to provide a listing (Attachment A) of former government of Iraq state bodies, corporations, and agencies which allows for business to be conducted after August 29, 2003, per Executive Order 13315. The Iraqi State Enterprise for Foodstuffs Trading continues to be prohibited from conducting business as it is identified as a Specially Designated National (SDN).
The bulletin also lists various amendments to the SDN list (Attachment B), as well as the amended General License 575.533 and General License number one (Attachment C) with regard to Iraq. The listings of Iraqi state bodies, corporations and agencies; the changes to the SDN list; and the amended licenses are attached.
OFAC has asked that we distribute this information to all FDIC-supervised institutions so records can be checked for accounts that are required to be blocked. OFAC information also may be found on the Internet at http://www.treas.gov/offices/enforcement/ofac/.
Please distribute this information to the appropriate personnel in your institution. For further information about Executive Orders, the list of blocked accounts or the procedures to block accounts, please call OFAC's Compliance Programs Division at 1-800-540-6322.
Distribution: FDIC-Supervised Banks (Commercial and Savings)
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).