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What Do OFAC Rules Mean?

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OFAC is the abbreviation for the Office of Foreign Asset Control, US Department of Treasury. In pursuit of sanctions against Iran, US government has set up rules and regulations in reference to limitations of money transfers between US and Iran.

Enforcement of such rules are done in collaboration by
OFAC Agents, Federal Bureau of Investigation, Secret Service and other Relevant Agencies in Joint Task Force. The important point in all those rules and regulations is that OFAC licensing must be relevant to specific and traceable funds and the transfer of those funds.

Unless a general license or permit is available or determined based on facts, a specific license must be requested for any funds larger than $100. Violation of OFAC rules, whether you know the law or not, would implement criminal charges against you. Ignorance of law is not a defense. Ask a detailed oriented, knowledgeable lawyer on Iran OFAC regulations before transferring funds from Iran or doing economic activities in Iran.

This is an immigration blog. It is not intended to be used as legal advise.

For further information please contact the law offices of attorney Ramona Kennedy.

Ramona Kennedy (Attorney) received her Jurisprudence Doctorate in America and is a licensed attorney in California (USA). Ramona Kennedy is a member of American Immigration Lawyers Association (AILA). Ramona Kennedy is fluent in English and Farsi (reading & writing) & speaks Azeri Turkish.

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