OFAC Issues Second Biennnial Report on TSRA
The Treasury Department's Office of Foreign Assets Control (OFAC) has issued its second biennial report on the operation of the Trade Sanctions Reform Act (TSRA) during the period October 2002 through September 2004. The report notes that OFAC and the State Department have implemented specific measures in an effort to reduce license processing times from a high of 110 business days in the first quarter of 2003 to 27 business days in the third quarter of 2004. Despite this progress, OFAC still acknowledges that the "30-day extension of the nine-business day review period has become the rule rather than the exception as originally anticipated, and is taken for most cases."
OFAC's biennial TSRA report demonstrates the continued interest by U.S. exporters in obtaining TSRA licenses to export agricultural products, medicine and medical devices to embargoed countries. During the past two years, OFAC received 1480 license applications to export humanitarian products to Iran, Libya and Sudan (as of April 29, 2004, it is no longer necessary for exporters to obtain licenses under TSRA to export humanitarian products to Libya). The report indicates that between October 2002 and September 2004 OFAC received 731 license applications to export medical devices, 545 applications to export agricultural commodities and 204 applications to export medicines.
The report also states that 85 licenses were issued under the expedited review procedures for the export of agricultural commodities to authorized end-users that were implemented in 2003.
Finally, the report summarizes the comments that were submitted by the public concerning the effectiveness of the TSRA licensing procedures. The report notes that "OFAC will undertake a review of its licensing procedures to better meet the needs of license applicants" and that "all comments made will be considered in the process of this review."
The entire report can be viewed at the following site:
www.treas.gov/offices/enforcement/ofac/licensing/agmed/2ndbiennial.pdf
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