JCPOA Implementation FAQ C-16 - Financial and Banking Measures

Date issued: Jun. 08 2016

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TURBOFAC Commentary (722 words)

Notes:

1) Superseded/archived FAQ.

Other than JCPOA Implementation FAQ K-20 (see comments thereto), this appears to be the only publicly available statement on OFAC’s website concerning its view on the distinction between a blanket recusal policy vis-à-vis a case-by-case abstention. The FAQ has cross-programmatic implications given consistent application of "facilitation/indirect dealing" across programs.

Unlike JCPOA Implementation FAQ K-20, this FAQ addresses U.S. persons with roles in entities including those not subject to the ITSR at all, not even as a result of 560.215. OFAC suggests that abstentions by U.S. persons can, depending on the facts, "constitute prohibited facilitation and/or export of services under the ITSR." It is not clear how OFAC would differentiate between situations constituting facilitation, and those...