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OFAC Should Provide Guidance on Iraq Sanctions, Designation Process, Say Consultants
By Brian Orsak
printA federal executive order mandating that financial institutions freeze the property of individuals and entities that threaten Iraqi stability is overly vague, say consultants. The order, issued by President Bush on July 17, requires U.S. financial institutions to block, or freeze, the transactions of people or organizations that commit or "pose a significant risk of committing" a violent act intended to undermine Iraqi stability. The order is far too broad, says Bruce Fein, a principal with the Washington, D.C.-based government affair consultant, the Lichfield Group. Because the order allows the Treasury Department to sanction anyone who may undermine Iraqi stability...
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