OFAC Revises Definition of "Iranian Accounts" in its Sanctions Regulations
The Office of Foreign Assets Control has issued a final rule, effective July 23, 2009, which amends the Iranian Transactions Regulations to revise the definition of the term "Iranian accounts."
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Existing 31 CFR 560.320 of the ITR defines the term Iranian accounts to mean "accounts of persons located in Iran or of the Government of Iran maintained on the books of either a United States depository institution or a United States registered broker or dealer in securities."
OFAC is revising 560.320 to clarify the definition by substituting the new phrase ''persons who are ordinarily resident in Iran, except when such persons are not located in Iran'' for the phrase ''persons located in Iran.''
In addition to revising the definition of Iranian accounts in 560.320, OFAC is making certain conforming changes to 560.517 and 560.532-560.535.
Pistachios. For example, conforming changes are made to 560.534 regarding documentary collection and related payments for the importation of Iranian-origin pistachios.
OFAC Assistant Director for Compliance Outreach & Implementation (202) 622-2490
OFAC Assistant Director for Licensing (202) 622-2480
OFAC Assistant Director for Policy (202) 622-4855
OFAC Chief Counsel (202) 622-2410
OFAC final rule (FR Pub 07/23/09) available at http://edocket.access.gpo.gov/2009/pdf/E9-17558.pdf