Wednesday, August 11, 2010

Treasury Publishes Names of 21 Entities Determined to be “Government of Iran”

(World Trade Interactive)

The Treasury Department’s Office of Foreign Assets Control has published the names of 21 entities it has determined to be the “government of Iran,” as that term is defined in the Iranian Transactions Regulations.

The ITR, in implementing executive orders imposing comprehensive trade and financial sanctions on Iran, prohibit various transactions, including those with the government of Iran. As defined in the ITR, that term includes (a) the state and the government of Iran, as well as any political subdivision, agency or instrumentality thereof, (b) any entity owned or controlled directly or indirectly by the foregoing, and (c) any person to the extent that such person is or has been, or to the extent that there is reasonable cause to believe that such person is or has been, acting or purporting to act directly or indirectly on behalf of any of the foregoing. OFAC is now publishing the names of 21 additional persons it has determined to fall within this definition, and the names of these persons will be added to Appendix A to Part 560 of the ITR at a later date. Read more here.