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Case No. IA-2019-359841-1
[ ]
Abermay Ltd
12A06 13th Floor, HDS Tower
Plot FS
Jumeirah Lakes Towers (JLT)
Dubai
United Arab Emirates
Dear Mr. [ ]:
This responds to your request for interpretive guidance dated March 15, 2019 to the Office of Foreign Assets Control (OFAC), regarding the receipt of payment of fees from your clients in connection with the provision of intellectual property (IP) services in Iran.
The Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (the “ITSR”), generally prohibit the importation into the United States of any goods or services of Iranian origin or owned or controlled by the Government of Iran. ITSR, § 560.201. The ITSR also generally prohibit the exportation, reexportation, sale, or supply of any goods, technology, or services, directly or indirectly, from...
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1) Abermay Ltd. is a small/one-person UK-incorporated entity (abermay.co.uk) that specializes in "intellectual property management & consulting". This request for guidance appears aimed solely at receiving confirmation that U.S. banks can be involved in payments related to certain Iran-related IP transactions.
OFAC's guidance recounts 560.509(a) of the ITSR, "authorizing" a variety of IP-related transactions without anything specifying that those transactions must have a U.S. nexus, and 560.516, which is the GL for funds transfers "ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license..."
OFAC appears to confirm in its conclusion that U.S. banks may be involved in the "receipt of payment of fees from [UK entity's] clients in connection with the provision of intellectual property...