Treasury Lifts Sanctions
on China Great Wall,
G.W. Aerospace
The Treasury Department has announced that it has removed China Great
Wall Industry Corporation and its U.S. subsidiary, G.W. Aerospace, from the
list of Specially Designated Nationals (SDNs).
China Great Wall Industry Corporation (CGWIC) was designated on June 13,
2006, pursuant to Executive Order 13382, for providing material support to
Iran’s missile program.
G.W. Aerospace, which is located in Torrance, California, was designated
for being owned or controlled by CGWIC.
As these companies have implemented a rigorous and thorough compliance
program to prevent future dealings with Iran, they no longer meet the criteria
for designation pursuant to E.O. 13382.
(E.O. 13382, signed by the President on June 28, 2005, authorizes the
U.S. Treasury to freeze the assets of proliferators of weapons of mass
destruction and their supporters and to isolate them from the U.S. financial
and commercial systems. Designations under E.O. 13382 prohibit all transactions
between the designees and any U.S. person, and freeze any assets the designees
may have under U.S. jurisdiction.
According to government sources, these companies are not currently
designated under any other Treasury sanctions programs. (See ITT’s Online
Archives or 07/27/06, (Ref: 06072720), for BP summary of Treasury’s 2006 designation
of these companies under E.O. 13382.)
Treasury press release (HP-1042, dated 06/19/08), available at http://www.treas.gov/press/releases/hp1042.htm
OFAC notice, listing identifying information on entities being
removed (dated 06/19/08) available
at http://www.treas.gov/offices/enforcement/ofac/actions/20080619.shtml
Published in ITT on June 23, 2008 | [Ref: 08062316] |
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