The Department of Commerce’s Bureau of Industry and Security (BIS) announced this week that it will again extend the temporary general license it issued in May 2019 (see Trump and Trade Update of May 21, 2019 and August 19, 2019) that partially continued the availability of exports under the Export Administration Regulations (EAR) for
TH-International-Trade
OFAC Announces New Method for Permissible Humanitarian Trade with Iran
Posted on
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a new “humanitarian mechanism” to ensure transparency in humanitarian trade with Iran. According to OFAC, this mechanism “will help the international community perform enhanced due diligence on humanitarian trade to ensure that funds associated with permissible trade in support of the Iranian…
Treasury’s Financial Crimes Enforcement Network (FinCEN) Issues Final Rule Concerning Iran Money Laundering Concerns
Posted on
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a long-awaited final rule prohibiting the opening or maintaining of correspondent accounts in the United States for, or on behalf of, Iranian financial institutions, and the use of foreign financial institutions’ correspondent accounts at covered U.S. financial institutions to process transactions involving Iranian…