UANI

"On Aug. 21, 2003, Banca Intessa blocked a transaction for an unknown amount from China Precision Machinery Import Export to a second party. But a few months later, the bank was given an OFAC license to release China Precision Machinery's funds to the other party in the transaction. This, despite the fact that the Chinese government-owned company had been sanctioned multiple times for providing sensitive technology to Iran and other countries under the Treasury Department's weapons of mass destruction sanctions program. OFAC declined to say how much money was released back to a company the United States has called a 'serial proliferator,' citing the objections of a different party to the transaction, presumably Banca Intesa. Within months of granting the license, OFAC again penalized China Precision Machinery under its weapons of mass destruction program, this time based on 'credible information' that it and other companies had been transferring goods to Iran that could be used to 'make a "material contribution" to weapons of mass destruction or cruise missile or ballistic missile systems.' OFAC's director, Adam J. Szubin, said that at the time the license was granted to Banca Intesa, the agency did not have the authority to keep the funds blocked; firms sanctioned under the weapons of mass destruction sanctions regime face narrower penalties, such as losing United States government contracts and losing the ability to export their products into the United States. He said the amount in this case was small - under $10,000. And he noted that it was not until several years later, with the levying of additional, tougher sanctions against the Chinese company, that OFAC received the authority to order its funds frozen." (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)

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"ABAN Commercial & Industrial Ltd. had accounts at the Rome branch of Iran's government-owned Bank Sepah, records show. Bank Sepah has longstanding ties to Banca Intesa, although no evidence has surfaced to date showing that Banca Intesa facilitated illegal acquisitions of sensitive materials by ABAN, people with knowledge of the matter said." (The Wall Street Journal, "Fresh Clues of Iranian Nuclear Intrigue," 1/16/09)