Case No. IA-2012-299441-1

Date issued: Jun. 21 2013

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TURBOFAC Commentary (675 words)

Notes:

1) Guidance clarifies that no license is required for activities undertaken by residents of Iran while they have visa applications pending, but prior to receiving a U.S. visa and relocating to the United States. OFAC further clarifies that "in the United States" for the purposes of 560.314 means physically in the United States, not only having received a visa. (Contrast B Whale Corporation (2017), clarifying that "within the United States" is not necessarily limited only to physical presence for non-U.S. corporate persons).

2) The licensing policy articulated appears aimed at allowing an Iranian coming to the U.S. to maintain pre-existing investments in Iran, but only under conditions so onerous that they are essentially frozen absent a specific license from OFAC.

3) Note Common to Case No. IA-15877, Case No. IA-2012-299441-1, Case No. IA-2013-303511 and Case No. IA-2012-(Chicagoland Foreign Investment...