OFAC Issues Quarterly TSRA Licensing Report
Today the Treasury Department's Office of Foreign Assets Control (OAFC) issued its most recent quarterly report of export licenses related to agricultural commodities, medicine and medical devices to Iran and Sudan under the Trade Sanctions Reform and Enhancement Act of 200 (commonly known as TSRA).
OFAC's report for the period October through December 2007 indicates that the average licensing time increased to 80 business days and that OFAC issued 100 licenses during the quarter. During the previous quarter (July-September 2007) OFAC issued 183 licenses with an average turnaround time of 70 business days.
By contrast, during the October-December 2005 quarter, OFAC issued 233 licenses with an average turnaround time of only 24.5 business days.