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Case No. IA [REDACTED] (Patton Boggs LLP)
Patton Boggs LLP
Attorneys at Law
2550 M Street, NW
Washington, DC 20037-1350
Attn:
Dear Mr.[ ]
This responds to your letter of September 29, 2010, and additional correspondence dated October 22, 2010 (collectively, the "Application"), to the Office of Foreign Assets Control ("OFAC"), on behalf of the [ ] (the "[ ]"), seeking confirmation from OFAC that certain transactions in furtherance of applications submitted by prospective Iranian investors for permanent residency in the United States through the EB-5 visa investment program do not violate OFAC regulations. Specifically, we understand from information provided in the Application that the United States Citizenship and Immigration Services has denied the Form I-526 immigrant petition submitted by the [ ] on behalf of its client [ ] due, in part, to...
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1) Guidance articulates the "extinction of interest" principle, which, as of 5-5-23 is not otherwise found on OFAC's website (at least as it relates specifically to funds). OFAC considers that, so long as funds at an SDN bank first come to rest at a non-SDN bank as a result of a transaction otherwise outside the scope of OFAC's jurisdiction, those funds can then be sent to the U.S. via a separate transfer without OFAC considering the second leg of the transaction being either i) an "indirect" dealing in property in which the SDN bank has an interest, ii) a transaction "related to" the services of that SDN bank, or iii) dealing in property in which the SDN bank has an ongoing "interest."
Note that all three of those concepts are, in other situations, interpreted in an extremely broad manner.