The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on August 16 issued a final rule covering financial regulations on Iran. These new regulations (the “Financial Regulations”) are based on laws outlined in the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), signed into law by President Obama on July 1 following the passage of United Nations Security Council Resolution 1929, which called on heightened limitations on trade with Iran. The Financial Regulations are provided in the new Part 561 of Title 31 of the U.S. Code of Federal Regulations (CFR) and are separate from the Iran Transactions Regulations (the “ITR”) contained in 31 CFR Part 560.
I released a to my clients and prospective clients regarding the new OFAC Financial Regulations on Iran. Click here to download .