OFAC FAQ (Current) # 160 - Executive Order 13599 (Blocking Property of the Government of Iran and Iranian Financial Institutions)

Date issued: Feb. 06 2012

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TURBOFAC Commentary (309 words)

Notes:

1) This FAQ predates the reissuance of the ITR as the ITSR, which incorporated the blocking provisions of EO 13599 at 560.211. Refer generally to comments to EO 13599 and 560.211.

2) See the ITSR for definitions/notes thereto of the terms "Iranian Financial Institution" (560.324) and "Government of Iran" (560.304).

3) Note that OFAC's diligence expectations concerning the identification of entities meeting the definition of "Government of Iran" extends beyond SDN Screening and application of the 50% rule. See Intesa Sanpaolo S.p.A. (2013).

4) The description of the meaning of the [IRAN] SDN identifier is out of date.

"NOTE 1 TO PARAGRAPHS (a) THROUGH (c) OF §560.211:...