2008/07/20
By: Danielle McClellan
After having its assets frozen by the US for over 2 years, China Great Wall Industry Corp. (CGWIC) has been removed from the Specially Designated Nationals list. The company and its US subsidiary, G.W. Aerospace were added to the list on June 13, 2006 after the Treasury Department sanctioned the company for providing missile guidance technology to Iranian programs.
The Chinese government owned company had all of its funds held in US banks frozen and all property blocked. At the time of the freeze, CGWIC argued that the sanction was, “the action to give US companies an advantage over the Chinese.” The company strongly demanded that the US government make correction to its wrong action days after the being added to the SDN list.
A few years later, the company whistles another tune, after feeling the wrath of the sanction the company began extensive training and communications regarding non-proliferation issues, and enhanced their internal control processes to ensure they are not involved in any dealings with proliferation risk countries. Because of their strong approach to become compliant, the sanction will be lifted. OFAC director Adam J. Szubin, explained, “A company that once supported Iran’s missile program has implemented a rigorous and thorough compliance program to prevent future dealings with Iran, [CGWIC] marks a great success for our counter-proliferation sanctions program.”
It is noted that the department will continue to monitor the company’s actions.
More information: