Case No. IA-2012-298985-1

Date issued: Jan. 08 2013

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TURBOFAC Commentary (68 words)

Notes:

1) OFAC considers "loans" (as opposed to "gifts") even from immediate family members to fall outside of the scope of the general license for personal remittances, even where the loans are non-commercial in nature.

2) See "General Note on Remittances; Guidance Letters Concerning Personal Remittances (System Ed. Note)" for a summary of notable points common to the majority of the guidance letters dealing with the subject.