Iran Sanctions Act of 1996, as Amended, 50 U.S.C. § 1701 note, SEC 6. Description of Sanctions

Date issued: Dec. 15 2016

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TURBOFAC Commentary (471 words)

Consolidated Notes on the Iran Sanctions Act of 1996 (as amended)

1) The Iran Sanctions Act of 1996 (ISA) is one of the six "self-containing," OFAC-administered pieces of Iran-related secondary sanctions legislation. [1] It was substantially amended in 2010 by CISADA, and in 2012 by the TRA. Several of the sanctions in section 5(a) of the ISA overlap substantially with others, most of which were imposed subsequent to the ISA versions. Section 5(a)(3) of the ISA, for example, contains a debt sanction that is made effectively redundant by a sanction similar, but broader in scope, at Sec. 213 of the TRA. In addition, IFCA Sec. 1244(d)(2) (for FFIs) and IFCA Sec. 1244(d)(1)(A) (for everybody else) call for mandatory ISA...