What is OFAC?

In keeping therewith, FAQ 833 provides that OFAC will rely on the definition of “knowingly” as used in the Iranian Financial Sanctions Regulations at Regarding the definition of “significantly,” OFAC has adopted its usual interpretation of the term as it applies elsewhere (sometimes with minor variations) in the Iran sanctions program and in the Russia/Ukraine sanctions program. These questions gained a sense of urgency in March, after Iran became one of the epicenters of the COVID-19 outbreak. 13902 expanded U.S. secondary sanctions to threaten those who engage in transactions involving the construction, mining, manufacturing, and textiles sectors of the Iranian economy. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our ©1996-2020 Morrison & Foerster LLP.

On June 5, 2020, the Department of the Treasury’s Office of Foreign Assets Control issued new Frequently Asked Questions 830 - 833, in order to clarify the provisions in Executive Order 13902 entitled, Imposing Sanctions With Respect to Additional Sectors of Iran.According to E.O.
On June 5, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) published four The FAQs reconfirm that Iranian manufacturers of medicines, medical devices, or products used solely in Iran for sanitation, hygiene, medical care, medical safety, and manufacturing safety (including soap, hand sanitizer, ventilators, respirators, personal hygiene products, diapers, infant and childcare items, personal protective equipment, and manufacturing safety systems) will not be targeted under EO 13902 as operating in the manufacturing sector of the Iranian economy. OFAC’s new FAQs define these sectors and other key terms, and they clarify that OFAC will not view sales of humanitarian, safety, and sanitation-related goods/services to persons in Iran who are not SDNs as operating in these sectors or transacting in goods or services used in connection with these sectors. These lists are not exhaustive, and OFAC expects to issue regulations that will formally define each of the terms. On June 5, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“U.S. 11/27/19: OFAC issued new and updated FAQs in relation to its Iran sanctions. OFAC also published two new FAQs, numbers 691 and 692, that attempt to explain OFAC’s enforcement of Iranian sanctions in connection with bunkering of vessels at non-Iranian ports. 303. On June 5, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued four new frequently asked questions (“FAQs”) that define key terms used in secondary sanctions added to the Iran sanctions program earlier this year. She also advises clients on the extra-territorial application of trade compliance-related regulations in cross-border transactions. She also has advised clients on national security reviews of foreign investment administered by the Committee on Foreign Investment in the United States (CFIUS), including CFIUS-related due diligence, risk assessment, and representation before the CFIUS agencies.Ms. FAQ 691 addresses bunkering non-Iranian vessels carrying Iranian-sourced cargo at a non-Iranian port. On June 5, 2020, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published four new Frequently Asked Questions (“FAQs”) related to Executive Order 13902 (“EO 13902”) that may be particularly insightful for those companies that still do business involving Iran.

What is OFAC? Interviewee: Virtually all transactions with Iran are prohibited.

2020-01-13T17:24:00Z.

What types of activity are prohibited by Iran’s country-based sanctions? OFAC designates new sanctions against Iran’s metals industry. Enter the message to be sent FAQ 303 and 804 were both updated. All rights reserved.Keep up with the latest legal and industry insights, news, and events from MoFo The U.S. Department of Treasury, Office of Foreign Asset Controls (OFAC) administers U.S. sanctions against Iran, Cuba, North Korea, and various other countries.