Iran Sanctions imposed by US Government

Iran sanctions were imposed by government of United States due to Islamic revolution. Under these sanctions all US based business companies and individuals are forbid to deal any business with Iran. Under these sanctions there are bans on aviation companies of Iran, nuclear, missile, investments in oil, gas and petrochemicals, refines petroleum products, shipping and certain military exports to Iran, business dealings with Iranian Republican Guard Corps. Also, US based business companies or individuals are not allowed to make any financial transactions with Iran. They cannot deal in banking and insurance transaction such as transfer money to Iran. There numerous nations and multinational entities impose sanctions against Iran. Iran is listed in SDN list (Specially Designated Nationals list) which is regularly maintained and published by OFAC, The Office of Foreign Assets Control. This list contains names of countries providing support for acts of international terrorism repeatedly. It includes name of terrorist organizations, individual terrorists and state sponsors of terrorism such as Iran and North Korea that are abandoned to do business and financial deals with all US based companies. Sometimes, people, individuals, groups or companies are wrongly listed in SDN list. In such case, they need to take prompt action to get their name removed from the list. The types of cases and matters related to OFAC or Iran sanctions are complicated and very typical. It requires hiring experienced attorney or lawyer who has extensive knowledge to deal with such matters.

OFAC for Iranian Sanctions

Financial and business dealing sanctions for business companies are administered and managed in US, by The Office of Foreign Assets Control. It is also well recognized as the full form of OFAC. It is an organization functioning in US which is a subdivision of the US treasury. These mandatory rules and sanctions are obligatory for Business Company which is basically functioning from US.  These types of foreign policies and sanctions are meant particularly in favour of countrywide safety and security goals which are intended to protect the nation from terrorism related acts. Some of the nations which are under terrorism attack, such organizations and persons including Iran and North Korea come under these categories. This governmental organization in US maintains and publishes a record on customary basis which includes each and every such states, organizations and persons that supports or directly and indirectly related to these violence actions. This record is commonly identified as OFAC Special Designated Nationals list or OFAC SDN list.

Under these strict rules and sanctions items such as nuclear, projectile and firm military weapons are prohibited for export to Iran. Other than these investments in oil, gas and petrochemicals and their exports are also not approved for dealings or are prohibited. In such cases when a business company needs assistance related to these matters, Ferrari & Associates, P.C. is the answer for them. It is a law firm which provide assistance to the customers concerning such matters related to US financial system or Iran Sanctions.

Importance of OFAC!

There has been a lot of noise regarding OFAC and many people got confused with the relevance and importance of it. Well, actually it is an abbreviation of United States Department of Treasury Office of Foreign Assets Control. This is a special agency that facilitates the implementation of strict regulations against activities that are considered against the civil law or country. Activities like drug trafficking, propagations of weapons, terrorism and anti-social activities and other similar acts that may harm the peace and harmony and can harm people’s life and health. These regulations restrict the organizations to get associated with any entities or organizations that are directly or indirectly related to such acts.  It has the rights to put charges and can stop the activities by imposing laws of the United States. Apart from this OFAC is very powerful to have many economic sanctions.

Although there are many powers said to be with OFAC and it looks very powerful on paper, the implementation is quite difficult due to the complexity of understanding and interpretation. There are many incidents when organizations do not even know that there are some acts that can get trapped under OFAC, although they appear innocent superficially. Sometimes it is realized after regulatory action taken by the law. There can be cases where only financial liability is imposed, but in a few cases major actions like suspending the activities temporarily or permanently can be imposed. As a consequence they are not able to take proactive measures to safeguard the interest of their business and thus face many challenges financially and legally!