Joint Comprehensive Plan of Action (JCPOA)
On July 14, 2015, the P5+1 (China, France, Germany, Russia, United Kingdom, and United States), the European Union (EU), and Iran reached a Joint Comprehensive Plan of Action (JCPOA) or Iran Nuclear Deal, to ensure that Iran’s nuclear program will be exclusively peaceful. On October 18, 2015, the JCPOA Adoption Day was the day that parties to the JCPOA started taking actions to implement the terms of the Deal.
Today has been a historic today. January 16, 2016, is the promised “Implementation Day” of the Iran Nuclear Deal. Today, the International Atomic Energy Agency (IAEA) has verified that Iran has implemented its key nuclear-related provisions contained in the JCPOA, and John Kerry the US Secretary of State has confirmed the IAEA’s verification. As a result, the United States is today lifting nuclear-related sanctions on Iran, as described in the JCPOA.
Regarding reaching the Implementation Day, today the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued several documents effective January 16, 2016, including Guidance Relating to the Lifting of Certain Sanctions Pursuant to the Joint Comprehensive Plan of Action on Implementation Day , and,
very importantly, the list of Iranian institutions that have been removed from the OFAC blacklist Information regarding these changes to OFAC’s sanctions lists is available on OFAC’s Recent Actions website.
More to come,
Zaher Fallahi, Attorney At law, CPA, advises Persian-Americans with obtaining the Office of Foreign Assets Control (OFAC) licenses, resolving OFAC violations and OFAC voluntary disclosures, tax implication of sale of property in Iran and transfer of the related funds to the US. Tel: (310) 719-1040 (Los Angeles), (714) 546-4272 (Orange County), e-mail [email protected]