OFAC Issues Quarterly Report of TSRA Licensing Activities

On October 15, 2009, the U.S. Treasury's Office of Foreign Assets Control (OFAC) issued its quarterly report of licensing activities pursuant to Section 906(b) of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA) covering licensing activities undertaken by OFAC from April to June 2009. 

The report sets forth the number of license applications, licenses issued, license amendments issues, and applications denied by agricultural commodities, medicine, or medical devices categories, as well as by country (i.e., Iran or Sudan). The average processing time was as follows:

    ·    Denial Letters - 116 days
    ·    Licenses - 60 days
    ·    Return Without Action (RWA) Letters - 16 days

    ·    Overall - 49 days