Iranian OFAC, Revocation of JCPOA-Related General Licenses; Amendment of the Iranian Transactions and Sanctions Regulations; Publication of Updated FAQs
Revocation of JCPOA-Related General Licenses; Amendment of the Iranian Transactions and Sanctions Regulations; Publication of Updated FAQs
June 27, 2018
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has revoked Iran-related General Licenses H and I, which were issued in connection with the Joint Comprehensive Plan of Action (JCPOA).
OFAC also amended the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR), in order to narrow the scope of the general licenses authorizing the importation into the United States of, and dealings in, Iranian-origin carpets and foodstuffs, as well as related letters of credit and brokering services, to the wind down of such activities through August 6, 2018 and to issue two new general licenses authorizing the wind down, through August 6, 2018, of transactions previously authorized under General License I, and the wind down, through November 4, 2018, of transactions previously authorized under General License H. The amendment of the ITSR is effective today.
OFAC has also updated Frequently Asked Questions (FAQs) 4.3, 4.4, and 4.5 from its FAQs Regarding the Re-Imposition of Sanctions Pursuant to the May 8, 2018 NSPM Relating to the JCPOA.
These actions are in furtherance of the President’s May 8, 2018 decision to withdraw from the JCPOA and to begin re-imposing the U.S. nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following a wind-down period.
Archival versions of General Licenses H and I will remain available on OFAC’s website to assist persons in determining which activities were not sanctionable or prohibited while those authorizations were in effect and how best to wind down such activity.
Please note, The above re-imposed sanctions do not affect the following:
(a) Receipt of gift from Iran;
(b) Sale of property in Iran and transfer of net proceeds to the US; and,
(c) Receipt of inheritance from Iran. For additional information, visit us at https://www.zflegal.com/services/the-us-treasury-office-of-foreign-assets-control-ofac/
Zaher Fallahi, Iranian OFAC Sanctions Attorney, CPA, advises clients with respect to sale of property in Iran and transfer of the related funds to the US in conformity with the OFAC Regulations and the US tax laws. He California Attorney and Washington DE Attorney and practices as Orange County OFAC Attorney and Los Angeles Iranian OFAC Attorney in California. We have successfully assisted many clients with their legal and tax implication of Iranian OFAC transactions
You can contact us at:
(310) 719-1040 (Los Angeles)
(714) 546-4272 (Orange County)
Iranian OFAC Website : https://www.zflegal.com/services/the-us-treasury-office-of-foreign-assets-control-ofac/