Iraqi Sanctions Regulations;
Authorization of Certain New
Transactions
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Interim final rule.
SUMMARY: The Office of Foreign Assets
Department of the Treasury is amending the Iraqi Sanctions Regulations, 31 CFR
part 575, to include a general license authorizing certain new transactions
Examples of newly-authorized transactions include investment by U.S. persons in Iraq, the importation of goods or services of Iraqi origin (with the exception of the cultural properties described in paragraph (b)(4)), travel related transactions involving Iraq, the transfer of funds to or from Iraq, and transactions related to transportation to or from Iraq. This authorization, however, does not eliminate the need to comply with other provisions of 31 CFR chapter V or with other applicable provisions of law, including any aviation, financial, or trade requirements of agencies other than OFAC. Such requirements include the International Traffic in Arms Regulations (22 CFR chapters 120–130) administered by the Department of State.
http://www.treas.gov/offices/enforcement/ofac/legal/regs/fr68_38188.pdf
An overview of the Executive Order 13350 and E.O.s 13315 and 13303
http://www.treas.gov/offices/enforcement/ofac/programs/iraq/iraq.pdf
FINANCIAL TRANSACTIONS - All financial transactions with Iraq are allowed except for those involving individuals and mentities appearing on OFAC's SDN list. This includes the opening of correspondent accounts for Iraqi financial institutions.
http://www.worldcompliance.com/OFAC-Office-of-Foreign-Assets-Control.html
OFFICE OF FOREIGN ASSETS CONTROL
OFAC Definition
OFAC is the acronym for the Office of Foreign Assets Control of the U.S. Department of the Treasury. It is responsible for administering and enforcing economic and trade sanctions against targeted foreign countries, terrorism sponsoring organizations and international narcotics traffickers, following U.S. foreign policy and national security objectives. OFAC acts under Presidential wartime and national emergency powers, as well as the authority granted through specific legislation to impose controls on transactions and freeze foreign assets under U.S. jurisdiction. Many of the sanctions are based on United Nations and other international mandates, which are multilateral in scope and involve close cooperation with allied governments.
The Office of Foreign Assets Control (OFAC) administers and oversees a series of laws that impose economic sanctions against hostile targets to further U.S. foreign policy and national security objectives. OFAC is responsible for promulgating, developing and administering the sanctions for the Treasury Department under eight federal statutes. All of the financial institution regulatory agencies cooperate in ensuring financial institution compliance with the OFAC Regulations.
OFAC laws and regulations promote national and international security by requiring asset freezing of: oppressive governments, international terrorists, narcotic traffickers and other specially designated persons. However, it is the OCC, FED, FDIC and OTS that examine a financial institution’s compliance with OFAC.
OFAC regulations for Financial Institutions
Financial institutions are required to monitor all transactions executed by or via them to identify those that involve any entity or person subject to OFAC regulations. In most situations, the institution should accept deposits and funds subject to OFAC regulations and freeze them (funds and accounts) so that the funds can’t be withdrawn (blocking). There are instances that require the institution to reject a transaction or funds rather than to accept and block them. Regulations vary according to the requirements imposed by
the 8 federal statutes and the specific sanctions.
Complying with OFAC regulations
All financial institutions conducting business in and with the United States as well as businesses operating in and with the United States that fall under U.S jurisdiction are subject to OFAC regulations.
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 575
Iraqi Sanctions Regulations;
Authorization of Certain New
Transactions
AGENCY: Office of Foreign Assets
Control, Treasury.
ACTION: Interim final rule.
Federal Register/ Vol. 68, No. 124 / Friday, June 27, 2003 / Rules and Regulations
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 596
Terrorism List Governments Sanctions
Regulations
AGENCY: Office of Foreign Assets
Control, Treasury.
ACTION: Final rule.
Federal Register/ Vol. 74, No. 94 / Monday, May 18, 2009 / Rules and Regulations
The initial removal was put into effect as an interim final rule on June 27, 2003. If Iraq had not been removed from this list, no one would have been able to buy dinar. It became a final ruling on May 18, 2009.
Authorization of Certain New
Transactions
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Interim final rule.
SUMMARY: The Office of Foreign Assets
Department of the Treasury is amending the Iraqi Sanctions Regulations, 31 CFR
part 575, to include a general license authorizing certain new transactions
Examples of newly-authorized transactions include investment by U.S. persons in Iraq, the importation of goods or services of Iraqi origin (with the exception of the cultural properties described in paragraph (b)(4)), travel related transactions involving Iraq, the transfer of funds to or from Iraq, and transactions related to transportation to or from Iraq. This authorization, however, does not eliminate the need to comply with other provisions of 31 CFR chapter V or with other applicable provisions of law, including any aviation, financial, or trade requirements of agencies other than OFAC. Such requirements include the International Traffic in Arms Regulations (22 CFR chapters 120–130) administered by the Department of State.
http://www.treas.gov/offices/enforcement/ofac/legal/regs/fr68_38188.pdf
An overview of the Executive Order 13350 and E.O.s 13315 and 13303
http://www.treas.gov/offices/enforcement/ofac/programs/iraq/iraq.pdf
FINANCIAL TRANSACTIONS - All financial transactions with Iraq are allowed except for those involving individuals and mentities appearing on OFAC's SDN list. This includes the opening of correspondent accounts for Iraqi financial institutions.
http://www.worldcompliance.com/OFAC-Office-of-Foreign-Assets-Control.html
OFFICE OF FOREIGN ASSETS CONTROL
OFAC Definition
OFAC is the acronym for the Office of Foreign Assets Control of the U.S. Department of the Treasury. It is responsible for administering and enforcing economic and trade sanctions against targeted foreign countries, terrorism sponsoring organizations and international narcotics traffickers, following U.S. foreign policy and national security objectives. OFAC acts under Presidential wartime and national emergency powers, as well as the authority granted through specific legislation to impose controls on transactions and freeze foreign assets under U.S. jurisdiction. Many of the sanctions are based on United Nations and other international mandates, which are multilateral in scope and involve close cooperation with allied governments.
The Office of Foreign Assets Control (OFAC) administers and oversees a series of laws that impose economic sanctions against hostile targets to further U.S. foreign policy and national security objectives. OFAC is responsible for promulgating, developing and administering the sanctions for the Treasury Department under eight federal statutes. All of the financial institution regulatory agencies cooperate in ensuring financial institution compliance with the OFAC Regulations.
OFAC laws and regulations promote national and international security by requiring asset freezing of: oppressive governments, international terrorists, narcotic traffickers and other specially designated persons. However, it is the OCC, FED, FDIC and OTS that examine a financial institution’s compliance with OFAC.
OFAC regulations for Financial Institutions
Financial institutions are required to monitor all transactions executed by or via them to identify those that involve any entity or person subject to OFAC regulations. In most situations, the institution should accept deposits and funds subject to OFAC regulations and freeze them (funds and accounts) so that the funds can’t be withdrawn (blocking). There are instances that require the institution to reject a transaction or funds rather than to accept and block them. Regulations vary according to the requirements imposed by
the 8 federal statutes and the specific sanctions.
Complying with OFAC regulations
All financial institutions conducting business in and with the United States as well as businesses operating in and with the United States that fall under U.S jurisdiction are subject to OFAC regulations.
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 575
Iraqi Sanctions Regulations;
Authorization of Certain New
Transactions
AGENCY: Office of Foreign Assets
Control, Treasury.
ACTION: Interim final rule.
Federal Register/ Vol. 68, No. 124 / Friday, June 27, 2003 / Rules and Regulations
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 596
Terrorism List Governments Sanctions
Regulations
AGENCY: Office of Foreign Assets
Control, Treasury.
ACTION: Final rule.
Federal Register/ Vol. 74, No. 94 / Monday, May 18, 2009 / Rules and Regulations
The initial removal was put into effect as an interim final rule on June 27, 2003. If Iraq had not been removed from this list, no one would have been able to buy dinar. It became a final ruling on May 18, 2009.