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Airline Tied to China, Singapore Removed from OFAC Sanction List

By Evan Thomas

A Chinese airline company accused of supplying missile technology to Iran was removed from a U.S. Treasury Department list of sanctioned entities, allowing U.S. banks to do business with the company. Great Wall Airlines, jointly owned by the Chinese government and Singapore-owned Temasek Holdings, was removed from the Office of Foreign Assets Control's Specially Designated Nationals and Blocked Persons list on Dec. 12, the Federal Deposit Insurance Corp. said in a statement. OFAC enforces economic sanctions against targeted foreign countries, terrorists, drug traffickers, and weapons of mass destruction proliferators. The agency's rules generally prohibit U.S. financial institutions from doing business...

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