What is an OFAC license?

What is an OFAC license?

A license is an authorization from OFAC to engage in a transaction that otherwise would be prohibited (e.g. release of blocked funds). Read more information about OFAC licenses.

Is Iran on the OFAC list?

The Office of Foreign Assets Control (OFAC) does not maintain a specific list of countries that U.S. persons cannot do business with. Here’s why: U.S. sanctions programs vary in scope. Some are broad-based and oriented geographically (i.e. Cuba, Iran).

Who is subject to OFAC requirements?

All U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S incorporated entities and their foreign branches.

Is Iran OFAC sanctions?

OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Iran. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license.

How do you apply for an OFAC license?

Process of Applying for a Specific License with OFAC It is an application process that is filed either online or via mail through a letter to OFAC. The process is substantially similar to preparing a request for interpretive guidance, where someone gathers the information regarding the proposed transaction first.

Which are OFAC countries?

Currently, sanctioned countries include the Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe.

Is Iran a sanctioned country?

On 21 February 2020, Iran was placed on the FATF blacklist. The UN arms embargo on Iran expired on 18 October 2020, as agreed in Iran’s 2015 nuclear deal, allowing Iran to import foreign military equipment.

Can U.S. do business with Iran?

In August 2018, the Trump administration reimposed sanctions and warned that anyone doing business with Iran will not be able to do business with the United States.

Who does not need to comply with OFAC regulations?

This includes non-U.S. exporters, nongovernmental organizations, international organizations, and foreign financial institutions, as well as other non-U.S. persons engaging in certain activities to respond to the COVID-19 pandemic.

Is Iran sanctioned by usa?

Currently, US sanctions against Iran include an embargo on dealings with the country by the U.S., and a ban on selling aircraft and repair parts to Iranian aviation companies.

Is Iran still a sanctioned country?

Are OFAC specific licenses public?

When OFAC grants specific licenses, it does not make them public. If someone has an interest in learning what specific licenses OFAC has granted, that person has to file a Freedom of Information Act (FOIA) request, a notoriously slow-moving process.