International payments under US Iran sanctions regulations

11 Sep 2012

HM Treasury has published (http://www.hm-treasury.gov.uk/d/fin_sanc_ofac_letter_to_hmt.pdf) a letter it has received from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC clarifies the way in which OFAC’s Iran sanctions previously applied to international payments. HM Treasury requested clarification, particularly in relation to the obligations of foreign banks operating in the United States before and after 2008 in respect of transactions involving Iranian counterparties.