OFAC Updates Rules for Transactions with Iran
The Treasury Department Office of Foreign Assets Control made some minor changes to the Iranian Transactions Regulations, 31 C.F.R. part 560, and provided some additional guidance on transactions with Iran, following enactment of new legislation in August. Among other things,…
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it changed the name to the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (the "ITSR"), and amended the renamed ITSR to implement Executive Order 13599 (other than section 11) and sections 1245(c) and (d)(1)(B) of the National Defense Authorization Act for Fiscal Year 2012. These new regulations block the Government of Iran and all Iranian financial institutions and add numerous new sections to the ITSR, including prohibitions, definitions, interpretations, and licensing provisions. Also, a few general licenses that had been included in the Iranian Transactions Regulations have now been removed, OFAC said. OFAC also published a Statement of Licensing Procedure on Support of Human Rights-, Humanitarian-, and Democracy-Related Activities with Respect to Iran (here). The statement reflects procedures established pursuant to the Iran Threat Reduction and Syria Human Rights Act of 2012. OFAC provided a list of frequently asked questions pertaining to the ITSR and the Statement of Licensing Procedure (here). OFAC also published a list of the basic medical supplies that are eligible for export or reexport to Iran, subject to restrictions, under a new general license set forth in the ITSR (here). And it removed General License A and General License B to reflect the changes set forth in the ITSR.