Office of Foreign Assets Control Iran Sanctions

News & Analysis as of

International Arbitration Newsletter - July 2016

Privy Council clarifies the nature of arbitration clauses, but uncertainties about the clauses’ effect still remain. “Non-exclusive” arbitration clauses provide that disputes “may” be referred to arbitration (rather than...more

Sanctions Updates: Iran, Myanmar (Burma) and Cuba

With the rise of OFAC Sanctions enforcement and compliance issues, companies have to devote significant resources to following changes in OFAC Sanctions. Over the last few years, the US government has significantly altered...more

Tokyo Dispute Resolution and Crisis Management Newsletter - June 2016

Dispute-Management - Best Practices in Construction Projects - Introduction - What do you do when an unforeseen event threatens to increase the costs or time necessary to complete a major construction project?...more

OFAC issues clarifying FAQs for Iran sanctions regulation

On June 8, 2016, US the Office of Foreign Assets Control (OFAC) issued several new frequently asked questions (FAQs) that provide further guidance regarding activities authorized by General License H (GLH), and address how to...more

Financial Services Weekly News - June 2016 #3

Regulatory Developments - OFAC Updates Frequently Asked Questions Regarding Lifting Sanctions on Iran - On June 8, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) updated its...more

US Issues Additional Guidance Regarding Iran Sanctions Relief

On June 8, 2016, the US further clarified the scope of the sanctions relief provided to Iran as of January 16, 2016 (known as "Implementation Day") under the Joint Comprehensive Plan of Action (JCPOA). The Department of the...more

Flying the Too-Friendly Skies? Europe Opens Routes for Sanctioned Iran Airline

On June 20, 2016, you will be able to take a non-stop flight from Tehran to Paris . . . but you probably shouldn’t. According to its website, the Iranian airline Mahan Air will add the City of Lights to the list of...more

Opening Iranian Skies: OFAC Issues General License I to Jumpstart the Commercial Aviation Industry, and Iran Tests its Ballistic...

The sanctions stranglehold on Iran is loosening as the Obama Administration continues to chip away at restrictions on the commercial passenger aircraft industry. Pursuant to the phased enactment of the Joint Comprehensive...more

Sanctions Round Up First Quarter 2016

OFAC amends the Cuban Assets Control Regulations to ease Cuban sanctions in response to President Obama’s policy changes announced on December 17, 2014. These revisions have major implications for the banking and financial...more

Violation of OFAC Reporting Requirements: “No Harm, No Foul”? No Way!

A recent enforcement action by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) against MasterCard International Incorporated (“MasterCard”) stands as a reminder of the importance of strictly...more

OFAC Issues New General License for Some Aircraft Negotiations with Iran (IRB No. 551)

On March 24, 2016, the Office of Foreign Assets Control (“OFAC”) published Iran General License I which is designed to permit U.S. persons seeking to sell civil passenger aircraft and parts to Iran to negotiate executory...more

Epsilon Case Highlights the Need for Sanctions Due Diligence on Resellers

As global companies begin to reenter the Iranian market, a decision issued by the U.S. District Court for the District of Columbia is an important reminder that resellers and distributors can generate liability for U.S....more

Iran Sanctions Eased, But Restrictions Remain

Canadian companies with U.S. operations must keep alert to developments in U.S. sanctions laws. Such sanctions apply to any entity organized under the laws of a U.S. jurisdiction (regardless of foreign ownership of such...more

Iran Sanctions Eased, But Restrictions Remain

The United States recently lifted certain sanctions against the Islamic Republic of Iran, but the general prohibition on exporting to Iran remains in place. Specifically, on January 16, 2016 (commonly known as...more

Tokyo Dispute Resolution and Crisis Management Newsletter - February 2016

Implementation Day Arrives: Sanctions on Iran are Lifted - Status update on the effect to US and EU Sanctions - Implementation Day – the day the International Atomic Energy Agency (“IAEA”) announced that Iran had...more

Despite the Fanfare, Iranian Sanctions Remain Largely in Place

To read many of the media reports, the United States has withdrawn sanctions on Iran and Iran is now open for business. Contrary to such reports, the United States sanctions on Iran remain substantially unchanged. ...more

Overview of US and EU “Implementation Day” Guidelines on Iran Sanctions Relief

This overview describes the status of US and EU sanctions following the first round of nuclear-related sanctions relief that occurred on “Implementation Day” under the Joint Comprehensive Plan of Action (JCPOA) concluded with...more

Business Opportunities in Iran for US Automotive Manufacturers through non-US Subsidiaries

Implementation Day for the Iranian JCPOA - January 16, 2016 marked Implementation Day for the Joint Comprehensive Plan of Action (JCPOA), as the US Secretary of State confirmed that the International Atomic Energy Agency...more

Changes to Iran Sanctions Provide a Few Business Opportunities, but Many Hurdles

On January 16, 2016, the International Atomic Energy Agency verified that Iran had implemented nuclear reforms negotiated among the United States, the European Union and Iran, a milestone in the agreement referred to as the...more

Red Notice Newsletter - January 2016

ANTICORRUPTION DEVELOPMENTS - Convicted Printing Company Ordered to Pay £2.2 Million - On January 8, 2016, the Serious Fraud Office (SFO) announced that Smith & Ouzman Ltd, a U.K. security printing company, was...more

“Implementation Day” Marks Lifting of Certain Nuclear-Related “Secondary” Sanctions on Iran by the United States in Accordance...

On January 16, 2016, the International Atomic Energy Agency (“IAEA”) verified that the Islamic Republic of Iran (“Iran”) had satisfied its commitments under the Joint Comprehensive Plan of Action (“JCPOA”), which was entered...more

Moving Forward with Iran: An Update on U.S. Business Interests and the Iran Nuclear Settlement

The world reached a critical milestone on January 16, which was “Implementation Day” for the Joint Comprehensive Plan of Action (JCPOA) regarding Iran’s nuclear development program. The JCPOA is the agreement approved on...more

‘Implementation Day’: Key Aspects of US and EU Implementation of Iran Sanctions Relief

On January 16, 2016, the International Atomic Energy Agency verified that Iran had complied with the nuclear-related technical aspects of the Joint Comprehensive Plan of Action it had to complete before the first phase of...more

Sanctions Against Iran Are Lifted

On January 16, 2016, the United States and European nations lifted oil and financial sanctions that have been imposed against Iran since 1979. These actions signal what is being called “Implementation Day” which refers to the...more

Implementation Day and the Lifting of Sanctions Against Iran

On January 16, 2016, the International Atomic Energy Agency confirmed that Iran had fulfilled its initial nuclear-related obligations under the Joint Comprehensive Plan of Action (JCPOA) that had been reached in July between...more

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