The Department of the Treasury Office of Foreign Assets Control (OFAC) earlier this week issued its Calendar Year 2009 Eighteenth Annual Report to the Congress on Assets in the United States of Terrorist Countries and International Terrorism Program Designess (Terrorism Assets Report). It’s a 34 page report and rather than drone on about its findings, I would just like to acknowledge some of its key points:

1. Implementation of terrorism related sanctions programs has led to the blocking of approximately $19 million of assets in which there exists an interest of an international terrorist organization or related party.

2. Over $560 million worth of assets relating to four state sponsors of terrorism have been identified as being in the United States. $287 million of these assets belong to individuals and entities in Iran and Syria.

3.  OFAC does not conduct valuations of tangible property or appraisals of real property until the property is sold or to be auctioned.

The entire report can be found here

As you will notice a substantial amount of the funds are in someway related to Iran or the government of Iran. This once again highlights the importance of U.S. economic sanctions pertaining to Iran. Those engaged in business whcih they feel might somehow involve Iran or Iranian entities should contact an OFAC attorney to help determine if there are any potential violations they are exposing themselves to.

The author of this blog is Erich Ferrari, an attorney specializing in OFAC litigation. If you have any questions please contact him at 202-280-6370 at 202-351-6161 or ferrari@ferrari-legal.com.