New Iranian Sanctions: Understanding the Final Rules

The Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued final rule on December 26, 2012, amending the Iranian Transactions and Sanctions Regulations (ITSR). The amendments focused on the implementation of section 218 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”) and sections of Executive Order 13622 of July 30, 2012, and Executive Order 13628 of October 9, 2012.

Aside prohibiting firms from establishing and maintaining business with the Government of Iran or any person subject to the jurisdiction of the Government of Iran, the final rule also clarifies how sanctions will be implemented, what the prohibited transactions are, penalties involved in non-compliance and other significant issues.

In light with these changes, US companies and any foreign entities owned or controlled by U.S. persons, must remain vigilant in terms of compliance or risk costly penalties both civil and criminal.

This webcast will discuss substantive provisions of the final rule on New Iranian Sanctions. The discussion will include guidance with respect to best practices to effectively comply with the new rules and help avoid the many pitfalls.

For more information, please visit the Knowledge Congress Webcast Series website.