Iranian Transactions Regulations
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) published a final rule in the Federal Register on October 22, 2012, changing the heading of the Iranian Transactions Regulations, 31 C.F.R. part 560, to the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (the “ITSR”), and amending 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.