Office of Foreign Assets Control or OFAC is that US
agency which is responsible for Iranian sanctions. This agency is also
accountable for restricting a company’s business with an Iranian company based
upon the bylaws set thereby. With this, anybody wishing to transfer money to Iran can do so only when abides by the governing
laws.
Consequently, operations of many organizations
having business ties with Iran are under threat because of the restriction to
exchange anything, whether goods or funds. Implication can be so severe that criminal
charges may be imposable over culprit along with penalization. When an
individual, is non US resident and / or originates from somewhere outside,
operates a business in US, he or she has to follow the US economic sanction
program laws.
In addition, the OFAC rules strictly deny anyone
wishing to sell their property so as to raise fund and bring in the money. Beyond
being considered under the receipt or transfer
money to Iran act, the same rule is extended to transport or purchase of
any kind or by any means. However, the agency has felt it imperative to clarify
every single rule so make the US residents about the entities involved. In the
process, OFAC release the Specially Designated Nationals list which comprises
the names of all the entities tagged with terrorism provoking nations, and much
more.
Erich Ferrari of Ferrari and Associates, P.C. has
come with a practice guide in this respect to discuss US economic sanction
program in elaboration.
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