Most of this guidance is specific in nature. For example, under E.O. See Section 560.530(a)(2)(i). This site uses cookies. As with the issuance of General License 8 and FAQ 823 earlier this year, which clarify that payments from Iran (which generally involve the CBI) for the sale of authorized food, medicine, or medical devices would not be subject to the primary or secondary sanctions applicable to the CBI, the new FAQs clarify that E.O. This creates a "primary sanctions" risk by generally prohibiting US persons from transacting with such Sanctioned Persons unless otherwise authorised by OFAC. 13902 and which is a prerequisite finding before OFAC may impose the applicable secondary sanctions. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. By Aaron Nicodemus2021-03-16T16:34:00+00:00. For additional details, visit the Iran Sanctions page on the OFAC website. [09-10-02] The Office of Foreign Assets Control administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. 13902 also authorizes the Treasury Secretary via OFAC to sanction non-U.S. financial institutions that facilitate “significant” financial transactions involving those sectors. An Ohio-based manufacturer will pay $216,464 for apparent U.S. sanctions violations that occurred when its European trade partners re-exported its products to Iran. Numerous accounts indicate that sanctions have hindered Iran’s ability to finance the purchase of medical equipment, even though U.S. sanctions do not apply to What types of activity are prohibited by Iran’s country-based sanctions? OFAC Announces Additional Iran Sanctions and General Licenses October 30, 2020 Within the past week, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced additional sanctions with respect to Iran, in furtherance of the United States’ maximum pressure campaign against the Iranian regime. OFAC administers a number of different sanctions programs. General guidance on the Iran sanctions can be found in the Sanctions Brochures section at the top of this page. Now that OFAC has clarified these terms, non-U.S. companies that were previously hesitant to supply materials to Iran to help with its fight against COVID-19 should consider whether the new FAQs allow them to do so. UniControl self-reported the violations, took quick and decisive actions to end the relationship with the trade partners involved in the violations, cooperated with the investigation, and had no history of previous violations. This authorization is made pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000 . These FAQs define the construction, mining, manufacturing, and textile sectors of the Iranian economy and clarify that OFAC will not view sales of humanitarian, safety, and sanitation-related goods/services to persons in Iran who are not Specially Designated Nationals (“SDNs”) as operating in these sectors or transacting in goods or services used in connection with these sectors. OFAC’s new FAQs define these sectors and other key terms, and they clarify that OFAC will not view sales of humanitarian, safety, and sanitation-related goods/services to persons in Iran who are not SDNs as operating in these sectors or transacting in goods or services used in connection with these sectors. The Department of the Treasury’s Office of Foreign Assets Control designated more than a dozen new sanctions aimed to impact the revenue production of the Iranian metals sector. 13902; (f) whether the provision of the goods or services involved deceptive practices; and the catchall, (g) other relevant factors that the Secretary of the Treasury deems relevant. National Security, CFIUS, FARA, Sanctions + Export Controls. On May 8, 2018, the United States reimposed the nuclear-related secondary sanctions on Iran with a 90 or 180-day wind-down period. OFAC likely issued the new FAQs to ensure that scenarios like this do not prevent Iran from acquiring the supplies it needs to fight the pandemic. FAQ 831 defines what OFAC considers to be the construction, mining, manufacturing, and textiles sectors of the Iranian economy: FAQ 832 clarifies which transactions may be subject to secondary sanctions under E.O. Other secondary sanctions remain in place and the current sanctions on Iran … IRAN SANCTIONS OVERVIEW Background The Department of Treasury, Office of Foreign Assets Control (OFAC) broadly regulates and restricts transactions with embargoed countries, including certain academic collaborations and exchange of research materials and equipment. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. According to the 2016 court documents, Power Acoustikallegedly sent a shipment to Iran in 2008. Keep up with the latest legal and industry insights, news, and events from MoFo. Fuller avoids fine in OFAC Iran sanctions probe, OFAC targets Iran metals sector with new sanctions, U.K. sanctions body signals tougher enforcement with new guidance, ​OFAC crypto crackdown: Coinbase disclosures under review, Baker Hughes facing sanctions-related SEC probe. The new FAQs also define key terms, including those that OFAC will use when determining whether to impose secondary sanctions involving the construction, mining, manufacturing, and textiles sectors of the Iranian economy. Fuller said in a regulatory filing it received a “cautionary letter” from the Office of Foreign Assets Control concerning possible economic sanctions dealings in Iran. Fuller said in a regulatory filing it received a “cautionary letter” from the Office of Foreign Assets Control concerning possible economic sanctions dealings in Iran. These include the following: Goods or services used in connection with the construction sector of the Iranian economy: Goods or services used in connection with the mining sector of the Iranian economy: Goods or services used in connection with the manufacturing sector of the Iranian economy: Goods or services used in connection with the textiles sector of the Iranian economy: FAQ 833 starts by restating the definition of “knowingly” from the Iranian Financial Sanctions Regulations – a person has actual knowledge or should have known of the conduct in question – which is the same definition used in E.O. Executive Order 13846 information: IMPORT SANCTIONS. In the Iran sanctions program, there are currently secondary sanctions applicable to transactions involving many Iranian persons listed on OFAC’s List of Specially Designated Nationals and Blocked Persons (“SDN List”), the Iranian energy, shipping, and automotive sectors, and even the Central Bank of Iran (“CBI”), among others. All rights reserved. Revised guidance by the U.K. Office of Financial Sanctions Implementation suggests the agency might be strengthening its current enforcement stance as it pertains to breaches of financial sanctions. Baker Hughes is being investigated by the SEC related to “books and records and internal controls regarding sales of its products and services in projects impacted by U.S. sanctions.”, Special report: Compliance, infosec & battling cyber-threats, How will Biden administration impact compliance, e-Book: AML: New U.S. regulation to start the year off, e-Book: A blueprint for COVID-19: Getting back to the office, e-Book: The Benefits of Centralizing and Automating Entity Management. H.B. Read our policy. OFAC Director Andrea Gacki dishes advice on mitigating sanctions risk, H.B. The new FAQs continue OFAC’s recent efforts to ensure that U.S. sanctions against Iran do not prevent Iranian companies and individuals from obtaining medical supplies and safety equipment necessary to fight the COVID-19 epidemic or endanger Iranian workers. OFAC's decision to impose additional sanctions on the Iranian financial sector represents an intensified effort to prevent non-U.S. persons from engaging in trade with Iran. It stands to reason that OFAC would review transactional significance consistently and is therefore likely to apply some combination of the factors above and those used to determine transactional significance in other contexts to determine transactional significance under E.O. 13902, OFAC could have sanctioned a firm that exported to textile companies in Iran the fabric necessary to manufacture masks and other protective equipment used in the fight against COVID-19, because fabric is not a medicine or medical device. Guidance on the Sale of Food, Agricultural Commodities, Medicine, and Medical Devices by Non-U.S. 13902 raised a number of questions about which types of companies and transactions OFAC included in those sectors and which goods and services counted as “significant” or were “used in connection” with those sectors. On November 5, 2018, the U.S. fully re-imposed sanctions on Iran that were lifted or waived under the Joint Comprehensive Plan of Action (JCPOA). This also calls into question the extent of the “facilitation” reach. 13902 mean that OFAC may sanction non-U.S. individuals and entities if they operate in or knowingly engage in a “significant” transaction for the sale or supply to or from Iran of “significant” goods or services “used in connection with” the Iranian construction, mining, manufacturing, or textiles sectors. Interviewee: Virtually all transactions with Iran are prohibited. CFR ; prev | next. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. On February 11, 2011, OFAC issued the Iranian Human Rights … Coinbase disclosed certain of its transactions are “under review” by the Office of Foreign Assets Control for potential violations of U.S. sanctions laws. Up to now, discussions about sanctions have focused on tools and services that enable ordinary people to communicate with … Obtained over 100 specific OFAC licenses for individuals and entities Defended federally prosecuted clients throughout the United States in matters relating to US sanctions law Provided expert counsel and served as expert witnesses on civil and criminal cases relating to U.S. sanctions law OFAC Director Andrea Gacki shares insights about her organization’s latest sanctions enforcement priorities, its expectations of sanctions compliance programs, and how to mitigate sanctions risk. Remediation: UniControl severed its relationship with two European trade partners when it disclosed the violations to OFAC and attempted to claw back two shipments headed to Iran. The FAQ then provides a broad set of factors that OFAC may consider when determining whether to view goods or services used in connection with one of the sectors of the Iranian economy above as “significant.” These factors – similar to “significance” definitions elsewhere within OFAC’s regulations – include (a) the value and number of goods or value and frequency of services; (b) the nature of the good or services, including their type, complexity, and commercial purpose; (c) the level of awareness of management and whether the provision of goods or services is part of a pattern of conduct; (d) the involvement of designated persons in transactions involving goods and services defined in FAQ 832; (e) the impact of the provision of goods or services on the objectives of E.O. As always, our seasoned sanctions team at MoFo is happy to help. OFAC’s General License D1 exempts the sale of personal communications tools and services from U.S. sanctions on Iran, in recognition of how important these tools are to access to information and freedom of expression in countries with repressive governments. Iran has reported more cases and more deaths from the illness than any other country in the region. 13902. Adhesive manufacturing company H.B. On August 16, 2010, OFAC issued the Iranian Financial Sanctions Regulations, 31 CFR part 561 (75 FR 49836, August 16, 2010) (IFSR) to implement provisions of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Pub. U.S. sanctions against Iran include both types of sanctions but stand out in the scope and number of secondary (or “extraterritorial”) sanctions threatened against non-U.S. parties that do business with Iran. While the fine in the case could have exceeded $5 million, OFAC said there were several mitigating circumstances. A 2014 contract between UniControl and one of its European trade partners explicitly included Iran as part of the authorized sales territory. Adhesive manufacturing company H.B. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. According to OFAC, UniControl sent 21 shipments of air pressure switches worth $687,189 to several European trade partners from 2013-17 but failed to prevent those partners from re-exporting the switches to Iran. L. 111-195) (22 U.S.C. 13902, it will not view “persons in Iran manufacturing medicines, medical devices, or products used for sanitation, hygiene, medical care, medical safety, and manufacturing safety, including soap, hand sanitizer, ventilators, respirators, personal hygiene products, diapers, infant and childcare items, personal protective equipment, and manufacturing safety systems, solely for use in Iran and not for export from Iran” as operating in the manufacturing sector of the Iranian economy (meaning that dealings with such persons would not subject others to potential secondary sanctions). 5 (a) (iv); alt. US embassy siege. U.S. sanctions are often categorized into “primary” sanctions (which apply to U.S. persons or transactions with a U.S. nexus and carry potential monetary penalties for violations) and “secondary” sanctions (which apply to non-U.S. persons for transactions outside the United States and which threaten sanctions against foreign persons for sanctionable conduct, including engaging in certain business involving Iran). JPOA Sanctions Relief for Gold. UniControl, a manufacturer of process controls and instrumentation, agreed to pay the fine as part of a settlement announced Monday by the Office of Foreign Assets Control (OFAC). There were other red flags as well, including its trade partner rebuffing offers to ship UniControl products to end users to overcome delays; interest in UniControl products by Iranian buyers at several trade shows, including at least one meeting between company sales staff and Iranian representatives; and a 2017 request by a trade partner to remove the “Made in USA” labels from the switches the partner intended to sell to Iranian customers.
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