HM Treasury + OFAC – HM Treasury publishes clarification of how the Office of Foreign Assets Control’s (“OFAC”) Iran sanctions regulations apply to foreign banks operating in the US (13 August) – On 13 August 2012, HM Treasury published a letter (dated 8 August 2012) that it had received from the US Department of the Treasury relating to OFAC’s Iran sanctions regulations. The letter responds to a request by HM Treasury for clarification about the sanctions regulations as they apply to international payments, in particular on the obligations of foreign banks operating in the US before and after 2008 in respect of transactions involving Iranian counterparties.

The letter is available here. http://www.hm-treasury.gov.uk/d/fin_sanc_ofac_letter_to_hmt.pdf