OFAC Publishes Annual Report on Blocked Terrorist Assets
The Treasury Department's Office of Foreign Assets Control (OFAC) last week published its Sixteenth Annual "Report to the Congress on Assets in the United States of Terrorist Countries and International Terrorism Program Designees."
The report, which covers calendar year 2007, states that more than $402 million in assets relating to five designated state sponsors of terrorism have been identified by OFAC as located within U.S. jurisdiction. Of that amount, $315 million in assets are blocked pursuant to economic sanctions imposed by the U.S. and administered by OFAC. The remaining balance of $87 million in assets represents non-blocked assets of individuals and entities from Iran and Syria.
In addition, the report indicates that nearly $21 million in assets of terrorist organizations designated under the SDGT, SDT and FTO program have been blocked.
The data contained in the report is obtained from the annual blocked property reports that are required to be submitted annually to OFAC by financial institutions and other holders of blocked assets and property. The deadline for submitting the annual blocked property reports is September 30th of each year.