Iranian Transactions and Sanctions Regulations
What happened
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is adopting a final rule to amend the Iranian Transactions and Sanctions Regulations. This amendment implements specific provisions from an Iran-related Executive order issued on January 10, 2020. It also revises an existing definition and exemption, and incorporates two exemptions from that same January 10, 2020 Executive order. The policy was signed by Donald Trump.
Why it matters
This action updates the legal framework for sanctions against Iran, directly affecting how individuals and entities conduct financial and other transactions related to Iran. By incorporating new provisions and exemptions, it clarifies the scope of permitted and prohibited activities under US law. This ensures that the sanctions regime aligns with the President's executive order.
Who it affects
- ›Individuals and entities engaged in Iranian transactions
- ›U.S. persons involved in foreign assets control
- ›Businesses impacted by Iran-related sanctions
- ›Organizations needing OFAC exemptions
The receipts are official. The summary is ours.
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