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Revisions to Iran Sanctions Toughen Restrictions on U.S. Remitters, Exporters
By Colby Adams
printNew U.S. Treasury Department banking restrictions designed to hamstring Iran's nuclear program will curtail personal remittances and the ability to receive payments for licensed exports to the country, say analysts. On Oct. 22, the department's Office of Foreign Assets Control (OFAC) significantly revised the Iranian Transactions Regulations (ITR) to comply with a White House executive order issued in February as well as banking restrictions mandated by a defense budget bill adopted in December. The restrictions, for the first time, define third-party money services businesses (MSBs) that operate on behalf of Iran as blacklisted financial institutions, even in cases when the...
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