Securities Law Updates | New Statutes, Regulations and Rules
September 2, 2010
Treasury Department Issues Iranian Financial Sanctions Regulations
Regulations to Implement Comprehensive Iran Sanctions, Accountability and Divestment Act
TG-829, 8/16/2010
The U.S. Department of the Treasury has issued the Iranian Financial Sanctions Regulations (“IFSR”) to implement subsections 104(c) and 104(d) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”).
CISADA requires the Secretary of the Treasury to issue regulations that prohibit, or impose strict conditions on, the opening or maintaining of a U.S. correspondent account or payable-through account for a foreign financial institution that the Secretary of the Treasury finds knowingly engages in the following activities:
Ø Facilitating the efforts of the Government of Iran (GOI) to acquire or develop weapons of mass destruction (WMD) or delivery systems…
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