OFAC Regulatory Provisions - 31 CFR § 560.427 - Exportation, reexportation, sale or supply of financial services to Iran or the Government of Iran.

Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.

Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).

Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category). Please contact [email protected] or [email protected] with any questions on search results and efficiency.

Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.

TURBOFAC Commentary (534 words)

Notes:

1) This provision is unique to the , but as an interpretation of the scope of what constitutes a "financial service" of which the export would be prohibited by an ordinary -based export ban, the provision has presumptive cross-programmatic applicability. The provisions cross-referencing the ITSR-specific banking provisions (e.g. 560.516 and 560.320) are not of cross-programmatic relevance.

2) This provision was issued shortly after the U.S. government's loss in United States v. Banki, 685 F.3d 99 (2nd Cir. 2011), where the 2nd Circuit Court of Appeals ruled that the version of the in force at the relevant time was insufficiently clear on whether the use of hawalas and other informal remittance...

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31 CFR § 560.427 - Exportation, reexportation, sale or supply of financial services to Iran or the Government of Iran.

TURBOFAC Commentary (534 words)