Treasury/OFAC Lifts Sanctions on China Great Wall Industry Corporation

June 19, 2008 Washington - The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) today removed the China Great Wall Industry Corporation (CGWIC), and its U.S. subsidiary, G.W. Aerospace, from the list of Specially Designated Nationals. CGWIC, a Chinese entity, was designated on June 13, 2006, pursuant to Executive Order 13382, for providing material support to Iran's missile program. G.W.Aerospace, which is located in Torrance, California, was designated for being owned or controlled by CGWIC.

"Removing China Great Wall Industry Corporation from our sanctions list marks a great success for our counter-proliferation sanctions program,"said OFAC Director Adam J. Szubin.
"A company that once supported Iran's missile program has implemented a rigorous and thorough compliance program to prevent future dealings with Iran."
OFAC has determined that CGWIC and its U.S. subsidiary no longer meet the criteria for designation pursuant to E.O. 13382.

E.O. 13382, signed by the President on June 28, 2005, authorizes the U.S. Treasury to freeze the assets of proliferators of weapons of mass destruction and their supporters and to isolate them from the U.S.financial and commercial systems. Designations under E.O. 13382 prohibit all transactions between the designees and any U.S. person, and freeze any assets the designees may have under U.S. jurisdiction.

Since the President issued E.O. 13382 and identified eight entities in the Annex to the Order, a total of 49 entities and 12 individuals have been designated as proliferators of WMD or for supporting WMD proliferators.

Specifically, the Treasury Department has designated:
* 34 entities and 11 individuals tied to Iranian proliferation activity;
* Nine entities and one individual tied to North Korean proliferation activity;
* Three entities tied to Syrian proliferation activity.

Additionally, the State Department has designated three Iranian entities under E.O. 13382.
Identifying information on entities being removed:
* CHINA GREAT WALL INDUSTRY CORPORATION (a.k.a. CGWIC; a.k.a.ZHONGGUO CHANGCHENG GONGYE ZONGGONGSI), No. 30 Haidian Nanlu, Beijing, China; Moscow, Russia; and all other locations worldwide
* G.W. AEROSPACE, INC. (a.k.a. GREAT WALL AEROSPACE, INC.),21515 Hawthorne Blvd., Suite 670, Torrance, CA 90503; California Corporate Number C1458237 (United States)