On October 25, 2007, the U.S. Department of Treasury and the U.S. Department of State, acting pursuant to Executive Orders 13224 and 13382, announced the designation of Iranian individuals and entities that support the proliferation of weapons of mass destruction (WMD) and terrorist activities. Included among the designated entities are several major Iranian financial institutions, including Bank Melli, Bank Mellat and Bank Saderat, as well as the Islamic Revolutionary Guard Corps and other entities. As a consequence, the assets of these entities held by U.S. persons have been blocked and transactions by U.S. persons with these entities have been prohibited.