On 27 June, OFAC released its Sixth Biennial Report of Licensing Activities Pursuant to Section 906 of the Trade Sanctions Reform and Export Enhancement Act of 2000 (“TSRA”). The TSRA governs licence applications for the export of agricultural commodities, medicine and medical devices to Iran and Sudan. OFAC’s report details licensing activities between October 2010 and September 2012, covering 3191 licence applications: an 11.6% increase over the previous biennial reporting period. On average, OFAC found that the average processing time for issuing licences had increased slightly to 93 business days for a licence issuance and 75 business days for a licensing determination.
OFAC attributed the increased processing time to the complexity, volume and length of licence applications, noting that the majority of licence applications involve the export of medical devices to Iran. OFAC also found that the protracted scrutiny of other reviewing agencies continued to affect processing times of licence applications.
Separately, on 25 June, OFAC published the 2013 Terrorist Assets Report, its 22nd annual report to Congress on assets in the US relating to terrorist countries and international terrorism programme designees. OFAC reported that as of 31 December 2013, financial assets blocked pursuant to its terrorism sanctions programmes totalled $22,200,117 and that real and tangible property held by designated organisations in the US had also been blocked. The report also covers the nature and extent of assets held in the US that have been blocked because they relate to countries designated as state sponsors of terrorism, which list includes, Cuba, Iran, Sudan and Syria. The value of such blocked funds in 2013, exclusive of blocked real and tangible property, was approximately $2.3 billion.