Erdal Kuyumcu, the U.S. citizen and the CEO of the Woodside based Global Metallurgy, LLC, was penalized with a jail time for exporting to Iran, a metallic powder primarily composed of cobalt and nickel. Such metals are regulated by the U.S. Department of Commerce to combat nuclear proliferation and terrorism, thus exporting them without the […]

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Source: U.S. Department of the Treasury. OFAC is updating the List of Medical Devices Requiring Specific Authorization as identified in 31 C.F.R. § 560.530(a)(3)(ii) of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR), to update and clarify the scope of medical devices that are not authorized for exportation or reexportation pursuant to […]

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Webinar Intredex and Bingham Greenebaum Doll Present   OFAC Restrictions: Trade with Cuba, Iran, Balkans, Belarus, and Burma. What Restrictions Apply to Russia? Today and Tomorrow January 19, 2017 – Thursday 1:00 pm – 2:30 pm EST (12:00 pm CT, 11:00 am MT, 10:00 am PT)   Are You Aware of the Foreign Assets Control […]

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Source: U.S. Department of the Treasury-OFAC OFAC updated the Frequently Asked Questions Relating to the Lifting of Certain U.S. Sanctions Under the Joint Comprehensive Plan of Action, amending two FAQs related to Financial and Banking Measures (C.7 and C.15), amending one FAQ related to Foreign Entities Owned or Controlled by U.S. Persons (K.19), and adding three […]

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Source: The Wall Street Journal WASHINGTON—The Obama administration agreed to back the lifting of United Nations sanctions on two Iranian state banks blacklisted for financing Iran’s ballistic-missile program on the same day in January that Tehran released four American citizens from prison, according to U.S. officials and congressional staff briefed on the deliberations. The U.N. […]

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Source: U.S. Department of the Treasury – OFAC OFAC updated the Frequently Asked Questions Relating to the Lifting of Certain U.S. Sanctions Under the Joint Comprehensive Plan of Action, adding two FAQs related to Financial and Banking Measures (C.15 and C.16) and nine FAQs related to Foreign Entities Owned or Controlled by U.S. Persons (K.14 […]

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Source: The U.S. Department of Justice – Office of Public Affairs Ali Reza Parsa, 45, a Canadian-Iranian dual citizen and resident of Canada, was sentenced to three years in prison for his participation in a conspiracy to violate the International Emergency Economic Powers Act (IEEPA) and the Iranian Transactions and Sanctions Regulations (ITSR). The sentence […]

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Source: U.S. Department of Justice SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced today that a plea agreement and a felony Criminal Information charging a New Jersey man with conspiring to provide false statements related to illegally exporting goods to Iran have been filed in U.S. District Court in […]

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Source: World Politics Review South Korean President Park Geun-hye visited Iran earlier this month, pledging to forge ahead and establish a new era of relations with Tehran built on closer economic cooperation. During the three-day visit, Park and Iranian President Hassan Rouhani agreed to 30 joint economic projects, totaling more than $37.1 billion. The two […]

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Source: The Wall Street Journal As the U.S. encourages aircraft companies to seek licenses for exports to Iran, those companies face potential diversions of their product to the military and engagement with companies still under sanctions, exposing themselves to significant compliance risks, experts say. Those risks, in the months since the Iran nuclear deal was […]

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