International Trade Law News

The Treasury Department today announced that Richard Newcomb, the longtime director of the Treasury Department's Office of Foreign Assets Control (OFAC), will leave government service on October 1, 2004. Mr. Newcomb, who has served as OFAC's director for more than 17 years plans to work for a law firm. The Treasury Department has indicated that it will announce OFAC's acting director on October 1st.

The following is the statement issued today by the Secretary of the Treasury on Mr. Newcomb's departure:

"Director Newcomb has brought strong leadership and great distinction
to the Treasury Department's Office of Foreign Assets Control (OFAC),
where he has served as director for over 17 years. Under Rick's
leadership, OFAC has been pivotal in administering and enforcing
economic sanctions against rogue nations and targeted individuals - a
crucial economic and foreign policy weapon in our arsenal against
terrorism, terrorist financing, drug kingpins, narcotic traffickers
and their support networks and those who threaten the security of the
United States and international community."

"During his tenure, OFAC has played a significant role within the U.S.
Government and the international community in demonstrating that
economic sanctions can be very effective as a tool of international
diplomacy. Moreover, the methodologies and strategies for sanctions
implementation and targeting developed under his leadership and
supervision are among the principal tools used today to wage the war
on terrorism and terrorist financing. This is an extraordinary
accomplishment and a major contribution to national security."

"Rick has dedicated much of his life to serving the U.S. Government,
and I praise him for that service. His leadership and accomplishment
exemplifies the highest standards of public service in terms of
quality, efficiency and results. He has attracted to OFAC a group of
highly talented and dedicated public servants who serve the American
people well every day. His colleagues and I wish him the best in his
future endeavors and he departs with the sincere gratitude and best
wishes of all of us here at Treasury."